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On 13 January 2021, the Central Bank of Nigeria (the “CBN”) issued a framework for Quick Response (QR) code payments in Nigeria (the “QR Framework”). The QR Framework was issued in line with the CBN’s mandates to (a) ensure the safety and stability of the Nigerian Financial System; (b) promote the use and adoption of electronic payments, and (c) foster innovation in the payments system in Nigeria.

What are QR codes?

Basically, a QR code works in the same way as a barcode at the supermarket or a restaurant. QR codes consist of a number of black squares and dots which represent certain information that can instantly be read using a QR code scanner (most smartphones come with inbuilt scanners). With respect to digital payments, the information contained in the QR codes can include merchants’ details, transaction details, etc. For example, upon scanning the QR code, it either opens a payment link in the code, confirms payment, or does any other operation as specified.

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