The Central Bank of Nigeria has announced a significant adjustment to the Quick Response (QR) Code Framework. Allowing the usage of QR codes for payments in Nigeria to be either merchant-present or consumer-presented.
This was disclosed in a recent circular released by the Central Bank of Nigeria (CBN) signed by Musa l. Jimoh, Director, Payments System Management Department.
Prior to this change, the implementation of QR Code for payments in Nigeria was only based on the Merchant-presented mode.
The CBN added, “following consultation with various stakeholders on ways to enhance the flexibility offered by the use of QR codes in payments. It hereby reviews section 3.4 of the Framework and henceforth directs that implementation of QR code for payments in Nigeria shall be based on either merchant-presented or consumer-presented modes.”
The CBN stated that it would continue to monitor industry developments and issue further guidance as may be appropriate.