Banks embrace NQR at ‘Ounje Eko’ discount markets

Banks available at the ‘Ounje Eko’ discount markets, an initiative of the Lagos State government have increasingly warmed to NQR payment solutions.

The NQR payment solution is powered by the Nigeria Inter-Bank Settlement System to enhance convenience and accessibility for customers.

The Ounje Eko discount market was initiated by the Lagos State Government to provide discounted food prices across the state.

To reduce reliance on cash, the government mandated a cashless policy, which initially resulted in some challenges for customers.

However, it was revealed that the adoption of modern payment solutions, particularly NQR has revolutionised the payment experience at the various locations.

 The According while visiting the markets noted that customers who needed to pay for goods were able to do so seamlessly.

They simply logged into their Mobile Banking APPs, navigated to an NQR menu and scanned the QR codes provided at the payment points to conclude the transaction. This eliminated the need for physical cash or relying solely on the limited number of POS terminals.

Speaking to one of the supervisors at the market, she emphasised NQR’s pivotal role in facilitating transactions and reducing congestion, thereby contributing significantly to the success of the discount market initiative.

Several banks have embraced the NQR payment solution, by integrating it into their mobile apps to offer customers a seamless payment experience.

Some of the banks identified at the market locations were Access Bank, First Bank, Stanbic IBTC, Zenith Bank, UBA, Union Bank, Providus Bank, FCMB, Keystone Bank, Sterling Bank, Globus Bank, Wema Bank, Titan Trust Bank, Polaris Bank, Signature Bank, Jaiz Bank, Lotus Bank and VFD

Recent data from NIBSS showed that the value of NQR payments stood at N64.18bn in March 2024.