Following consultation with various stakeholders on ways to enhance the flexibility offered by the use of Quick Response (QR) codes in payments, the Central Bank of Nigeria (CBN) has reviewed section 3.4 of the framework and henceforth directs that implementation of QR codes for payments in Nigeria shall be based on either merchant-presented or consumer-presented modes.
In furtherance of its efforts to promote the deployment of innovative products in the Nigerian payments system, the CBN issued the framework for QR Code payments in Nigeria in January 2021.
The apex bank said it will continue to monitor industry developments and issue further guidance as may be appropriate.
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Similarly, the CBN released the fifth Volume of its rule book, which is a compendium of policies and regulations issued by the Bank.
A notice from the bank, on Tuesday, said it follows the fourth and both cover policies and regulations for the three-year period of 1st January 2019 to 31st December 2021.
It is invaluable reference material to stakeholders to enhance ease of access to the policies and guidelines of the Bank.
According to the bank, it provides new and revised policies, rules, circulars, guidelines and regulations that were released during the period to guide the operations and compliance of banks and other financial institutions, as well as the expectations of other stakeholders, both locally and internationally.
“It is pertinent to note that within this period, 2019 – 2021, both the Nigerian and global economies were affected by the impact of the coronavirus, Covid-19, pandemic.
“The impact in 2020 was most severe, necessitating various measures by governments, including central banks across the world. The Central Bank of Nigeria was not left out in these efforts that spilt over into 2022.
“It is pleasure, therefore, that I introduce this fifth edition of the CBN Rule Book to the banking community and members of the general public. The Bank will sustain this effort and ensure all available channels of information dissemination are utilised for the benefit of the general public,” the rule book signed by Godwin Emefiele, CBN governor stated.
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