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Prologue Startups are young companies that are founded to develop a unique product or service and bring it to the market. In recent years on the African Continent, several startups have been making positive impact in their communities leading to several countries enacting or planning to implement a Startup Act. So, a pertinent question is, should Nigeria jump on the 'Startup Act bandwagon'? In this article, we will examine this question by; understanding what Startup Acts are, exploring  the reasons why countries are trying to implement this peculiar legislation, and explore  alternative pa...

Chief Risk Officer, Nigeria Inter-Bank Settlement System, (NIBSS), Temidayo Adekanye, (left); Executive Director, Business Development, NIBSS, Christabel Onyejekwe; Managing Director/Chief Executive Officer, NIBSS, Premier Oiwoh and Deputy Managing Director, NIBSS, Niyi Ajao, at the official launch of the Nigeria Quick Response (NQR) payment solution powered by NIBSS in Lagos. Nigeria Inter-Bank Settlement System Plc (NIBSS) has launched an innovative payment platform, New Quick Response (NQR) code, to promote digital transaction and enhance consumer payment experience while driving growth fo...

The Central Bank of Nigeria (CBN) has asked Deposit Money Banks (DMBs) to begin implementation of scan-to-pay system.

Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of the NQR payment solution; an innovative payment platform implemented on behalf of all financial service providers. The New Quick Response code solution offers a robust platform that delivers instant value for P2B and P2P transactions by simply scanning to pay. It is a solution that will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption. This Payment Solution designed to be “low cost” for merchants would see shoppers scan a QR code generate...

INTRODUCTION On 13 th January 2021, the Central Bank of Nigeria (CBN) released two regulations: the Framework for Regulatory Sandbox Operations ("Sandbox Framework") and the Framework for Quick Response (QR) Code Payments in Nigeria ("QR Code Framework"). The CBN stated that the frameworks are aimed at strengthening the payment systems space and the development of other disruptive technologies relating to financial services in Nigeria. We will briefly consider the frameworks and their potential impact for the financial technology (fintech) industry in Nigeria. The Sandbox Framework Owing to t...