Browsing: Dr. Adesola Adeduntan

For the shareholders of the Nigerian banking behemoth, First Bank of Nigeria Limited, it is a season of celebration and a period to shower praises on the board and management of the bank for successfully working its way back into the reckoning, after a long period of operational challenges mostly blamed on rising cases of non-performing loans.

The central bank’s involvement in FirstBank is essentially about playing the role of the regulator. CBN’s intervention has been in the best interest of the bank’s stakeholders and its performance; aimed at restoring confidence in the bank as well as to reassure the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system.

The NQR is an innovative payment option implemented for all financial service providers and designed to promote quick and fast transactions by scanning the code on one’s mobile device. Also, the initiative reduces cost(s) for merchants and banks in delivering instant value for person to business (P2B) and person to person (P2P) transactions by simply scanning to pay. Unlike other QR schemes, the NQR is implemented with reduced charges that is cheaper for merchants.