Nigeria's financial scene evolving fast. Digital payments demand rising . Recent Lagos meeting saw Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) and Nigeria Inter-Bank Settlement System (NIBSS) discuss collaboration,improvements to payment systems .
ACAMB President Jide Sipe stressed need for unified platform for banks to tackle key issues . Recent system failures exposed major communication gaps. “We need space for banks to share ideas,ask questions on industry growth,” Sipe said. He suggested a stakeholders’ conference to boost crisis communication,ensure public narratives are fact-based.
In response,NIBSS Managing Director Premier Oiwoh reaffirmed commitment to a resilient,inclusive digital payments setup . Since 2019,NIBSS has focused on fairness,trust,system durability . “Customers want quick,accurate payments,” Oiwoh noted,pointing to solid payment systems' role in revenue growth,better customer experiences.
Oiwoh praised NIBSS Instant Payment (NIP) platform,calling it cornerstone of Nigeria’s digital payments evolution. Launched over a decade ago,NIP was one of first account-based instant transfer systems globally . Its success led to National Payment Stack (NPS), improving transaction speed,effectiveness across Nigeria's financial network.
NPS supports secure,real-time payments,cross-border transactions,expanding financial inclusion in Nigeria,Africa. System ranks among world's top payment infrastructures,rivaling India's Unified Payment Interface (UPI). “Proud this came from Nigeria,” he said.
Besides efficiency,NIBSS focuses on financial security,fighting fraud. Oiwoh mentioned collaborations with law enforcement,resulting in arrests for financial crimes. He emphasized building public trust in digital systems,improving bank interoperability.
Key meeting focus: push for Nigeria Quick Response (NQR) code system adoption. This contactless payment aims to simplify transactions,reduce costs. Oiwoh urged banks to promote NQR system,calling it secure,effective for customers to pay merchants by scanning code with banking app. “No big cost to set up merchant infrastructure,” he explained,businesses just need to display code.
With perks like instant settlement,lower fees,NQR system poised to attract merchants,consumers. United Bank for Africa (UBA) already onboarding merchants to NQR,letting customers pay by scanning QR codes without physical debit cards.
Dialogue between ACAMB,NIBSS shows shift in Nigeria’s banking sector,where fast,secure payment systems are top priority. ACAMB believes expanding QR code use,enhancing digital infrastructure essential to cutting cash reliance,improving customer experience . Founded in 1996,ACAMB keeps pushing for ethical practices,boosting confidence in Nigeria’s financial system…
