20th January 2021
The CBN Framework For Quick Response(QR) Code Payments In Nigeria
From in-store shopping to online payments and more, the use of Quick Response (QR) Code as a means of payment has become more prevalent and accepted in Nigeria. The increased adoption became even more prominent in the wake of the covid-19 pandemic – particularly because of the need to deter less hygienic payment methods and increase the adoption of contactless payments.
In response to this increasing use, the Central Bank of Nigeria has issued the Framework for Quick Response (QR) Code Payments in Nigeria 2021 (‘’the Framework”).
The Framework provides regulatory guidance for the operation of QR Code payment services in Nigeria including safety standards and risk management requirements that participants within the Fintech ecosystem must adhere to.
In this newsletter, we highlight key provisions of the Framework.
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