CBN unveils framework for regulatory sandbox operations
Central Bank of Nigeria (CBN) has expressed its commitment to ensure the safety and stability of the Nigerian Financial System, promote the use and adoption of electronic payments as well as foster innovation in the payments system.
This was contained in a Framework for Quick Response (QR) Code Payments in Nigeria released by the apex bank.
The Quick Response (QR) Codes are a kind of matrix barcode representing information presented as square grids, made up of black squares against a contrasting background, that can be scanned by imaging device, processed, and transmitted by appropriate technology.
The CBN explained that the codes can be used to present, capture, and transmit payments information across payments infrastructure.
According to the apex bank, the technology further enables the mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises.
The CBN noted that the framework provides regulatory guidance for the operation of QR Code payment services in Nigeria, as well as aims to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria.
