Nigeria’s central bank unveils sandbox and QR guidelines

Both initiatives should help foster innovation within the payment space

central-bank-of-nigeria

The Central Bank of Nigeria (CBN) released new guidelines for quick response code (QR) payments and a regulatory sandbox on January 13.

Both sets of guidelines aim to foster innovation within the payments services sector, either through competition or the adoption of new technology.

The sandbox will provide firms with a central bank-supervised environment to test new financial products and services. The new QR code framework will promote the use of electronic payments, the central bank says.

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ACI Worldwide powers 26 domestic and pan-regional real-time payments schemes across six continents, including 10 central infrastructures, providing solutions to central banks, participant banks, fintechs and other payment service providers

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