ACAMB Urges Banks to Enhance Digital Payment Adoption
The Association of Corporate Communications and Marketing Professionals in Banking (ACAMB) has called on financial institutions to accelerate the use of digital payment channels, including QR code payments. This appeal follows a courtesy visit to the Nigeria Interbank Settlement System (NIBSS) PLC in Lagos, which brought together key executives from both organizations.
Shared Commitment to Strengthening Payment Infrastructure
During the meeting, both ACAMB and NIBSS leaders expressed mutual concerns regarding the necessity for a unified approach in communicating about service disruptions. They emphasized the importance of enhancing the industry’s payment rails to better serve consumers.
Creating a Platform for Collaborative Growth
Leadership from ACAMB, led by Chairman Jide Saipe, expressed the association’s interest in establishing a forum where banks can come together to discuss sector developments and address challenges. Saipe indicated that such a platform would allow for open dialogue among institutions regarding effective strategies for industry growth and innovation.
Improving Communication During Service Interruptions
Chairman Saipe highlighted recent instances of system downtime as critical moments that tested industry communications. He stressed the importance of developing accurate narratives during such events to avoid misinformation and suggested convening a meeting where corporate communications directors could engage directly with NIBSS representatives.
NIBSS Emphasizes Commitment to Financial Inclusion
NIBSS Managing Director and CEO Prime Oyiwoh reiterated the organization’s dedication to building reliable digital payment infrastructure as a cornerstone of economic inclusion. He outlined how a functional payment system is essential for optimizing revenue retention, enhancing customer experience, and fostering overall economic growth.
Pioneering Solutions for Enhanced Transaction Efficiency
Since joining NIBSS in May 2019, Oyiwoh has made industry fairness and trust in digital payments priorities. He highlighted NIBSS Instant Payments (NIP) as a landmark initiative in Nigeria’s financial landscape, as it represents the country’s first account-based instant remittance system, established to enhance transaction efficiency and secure real-time payments.
Advocating for Innovative Payment Solutions
Oyiwoh further urged banks to consider implementing additional innovative payment methods, such as the Nigeria Quick Response (NQR) code. This secure, account-based payment solution enables customers to easily make mobile transactions by scanning a displayed QR code. He noted that NQR offers numerous advantages, including instant payments, real-time transaction alerts, and significantly reduced processing fees.
Empowering Merchants and Enhancing the Consumer Experience
According to Oyiwoh, the NQR system requires minimal investment for businesses, as they only need to display a code for transactions to occur. This simplicity streamlines the payment process, resulting in fewer disputes and chargebacks, while also supporting the broader industry shift toward faster, contactless payments. ACAMB has encouraged banks to expedite the adoption of this technology within the financial services sector.
ACAMB’s Role in Shaping the Financial Sector
Established in 1996, ACAMB is committed to serving as the voice of reputation, advocacy, and professional standards within the banking industry. The organization aims to restore public confidence and ethics in the financial sector as it strengthens its position within Nigeria and across Sub-Saharan Africa.
