FIRSTBANK PARTNERS NIBSS TO DRIVE DIGITAL PAYMENT CONVENIENCE WITH NIGERIA QUICK RESPONSE (NQR)
Nigeria’s top and leading financial inclusion services provider, First Bank of Nigeria Limited, has announced a partnership with the Nigeria Inter-Bank Settlement System plc (NIBSS) on the recently launched Nigeria Quick Response (NQR) Payment Solution.
The NQR is an innovative payment option that has been deployed by all financial service providers and is intended to promote quick and fast transactions by scanning a code on a mobile device. Also, the initiative reduces cost(s) for merchants and banks in delivering instant value for a person to business (P2B) and person to person (P2P) transactions by simply scanning to pay. Unlike other QR schemes, the NQR is implemented with reduced charges that is cheaper for merchants.
The initiative is available on the Bank’s payment infrastructure because the NQR code can be used to make payments via the FirstMobile App. It is also available to merchants to help them with their business operations. The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacies, ride-hailing/taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online (Instagram) businesses amongst many others.
To use the service, open the FirstMobile App and select QR payment from the menu. Afterwards, choose NIBSS as your payment provider, then scan the NQR barcode of the merchant. Thereafter, the amount is inputted, followed by PIN validation to generate an instant confirmation of the transaction successfully. On the other hand, merchants are to visit any FirstBank branch closest to them for service enrolment.
Speaking about the initiative, Dr. Adesola Adeduntan, CEO of FirstBank, stated, “we are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) that has been instrumental in easing and promoting payment convenience through the use of mobile phones.” At FirstBank, we recognize the indelible role that technology plays in promoting businesses across diverse frontiers, and we remain committed to reinventing our technology infrastructure to meet global standards while staying true to our mantra of always putting You, our customers, First.
For over 127 years, First Bank of Nigeria Limited (FirstBank) has been the top bank in West Africa and the foremost provider of financial inclusion services in Nigeria.
FirstBank serves its over 30 million customers by providing a full range of retail and corporate financial services through its over 750 business locations and 130,620 banking agents spread across 99% of Nigeria’s 774 Local Government Areas. FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal, and a Representative Office in Beijing give the bank an international presence.
The bank has been helpful in promoting digital payment in the country, and it is the first bank in the country to have issued over 10 million cards. FirstBank’s cashless transaction push includes over 10 million people using its USSD Quick Banking service via the nationally recognized *894# Banking code, as well as over 4.5 million people using the FirstMobile platform.
Since its founding in 1894, FirstBank has consistently focused on the principles of solid corporate governance, strong liquidity, optimized risk management, and leadership in developing relationships with customers. The Bank has played a vital role in the Federal Government’s privatization and commercialization plans over the years, leading the financing of private investment in infrastructure development in the Nigerian economy. With its global reach, FirstBank offers prospective investors an internationally competitive world-class brand and a reliable financial partner for exploring the immense commercial opportunities accessible in Nigeria.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put our customers, partners, and stakeholders at the center of our business, even as we standardize customer experience and excellence in financial solutions across Sub-Saharan Africa, in line with our brand vision “To be the partner of first choice in building your future.” Our brand commitment is to constantly provide the ultimate “gold standard” of quality and value. This pledge is based on our core principles of passion, cooperation, and people, and it is designed to put You First in every way.