ACAMB Visits NIBSS, Calls for Wider Use of QR Codes and Stronger Payment Systems

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has asked banks to adopt more digital payment options, including QR code payments. This call came after a courtesy visit to the Nigeria Inter-Bank Settlement System (NIBSS) Plc in Lagos.

During the visit, leaders from both organizations discussed the need for better payment systems. They agreed it is important for the industry to work together and communicate clearly during service interruptions.

Jide Sipe, President of ACAMB, led the delegation. He said the association wants banks to have a platform where they can discuss the sector together. This will help share important updates with the public quickly and accurately.

"We want to make sure there is a space where banks engage, share ideas, and ask relevant questions about how to grow the industry as well as manage its challenges," Mr Sipe said.

The association’s President mentioned that ACAMB has met with various stakeholders, including the Chartered Institute of Bankers of Nigeria (CIBN). They are looking for ways to improve collaboration and engagement within the sector.

Mr Sipe pointed out that recent system downtimes showed how the industry communicates. He wants the information during these incidents to come from accurate sources, not rumors. He proposed a conference where corporate communication heads can connect directly with NIBSS.

NIBSS Managing Director and CEO, Premier Oiwoh, responded by saying that reliable digital payment systems are key for economic inclusion. "That is why one of the key ingredients that shape our philosophy at NIBSS is our commitment to financial inclusion. Seamless and effective payment has always been at the core of what we do," he said. He added that having a functional payment system helps improve revenue security, customer experiences, and speeds up business processes, leading to economic growth.

Mr Oiwoh said that since he joined NIBSS in May 2019, the organization has focused on fairness and trust in digital payments. They track transaction speed to prevent crashes and shift loads to keep services running. "As we all know, customers expect payments to be fast, accurate, and flexible," he remarked.

He also described NIBSS Instant Payment (NIP) as a major part of their work. It was Nigeria’s first instant transfer system based on bank accounts. According to NIBSS, it was the first of its kind in the world when it launched about 15 years ago.

Mr Oiwoh connected this system to the National Payment Stack (NPS) created by NIBSS. He said it reduces transaction times and increases efficiency. The NPS “enables secure, real-time payments, cross-border transactions, and financial inclusion across Nigeria and Africa,” giving banks and customers reliable ways to transfer money.

He mentioned that NPS is now one of the best payment systems globally, even compared to India’s Unified Payment Interface (UPI). Its performance is unmatched, and they are proud it originated from Nigeria.

Mr Oiwoh also talked about NIBSS's other roles. These include creating innovative solutions to improve interoperability among banks, building trust in digital payment platforms, and helping reduce fraud. He noted that they have had success in this area, leading to arrests with the help of law enforcement.

He highlighted the need for banks to use other payment methods like the NQR (Nigeria Quick Response) code. This is a secure, account-based payment option designed by NIBSS to make mobile transactions easier and reduce costs. Customers can transfer money by scanning a merchant's QR code with their banking app. Some benefits include instant settlement, instant notifications, no onboarding costs, and lower transaction fees.

Mr Oiwoh said, "there is absolutely no huge cost to acquire or set up the merchant infrastructure, businesses only need to print or display the code. Both the buyer and the seller get immediate transaction alerts, allowing for real-time payment verification. Most importantly, there are fewer disputes & chargebacks. The inherent benefits point to an efficient system that further engenders ease for all."

The discussions highlighted a shift in the industry toward faster and contactless payments. ACAMB encouraged banks to increase the use of NIBSS NQR-powered QR payments. This allows customers to pay by scanning a code instead of using cash. Mr Oiwoh noted that United Bank for Africa (UBA) Plc was among the first to adopt NQR for its POS merchants, allowing customers without cards to simply scan to pay.

Founded in 1996, ACAMB aims to be the voice of the industry on reputation, advocacy, and professional standards. The association is committed to restoring ethics and public confidence in the financial sector as it grows within Nigeria and across Africa.