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The short answer
NQR is the national QR code payment scheme run by NIBSS under the CBN's QR framework. A customer scans the shop's code with their bank app, approves, and the money is pushed from their bank to the merchant's bank. Merchants get a code through a participating bank; NIBSS says onboarding costs the merchant nothing, but current transaction charges are set by the bank and should be checked with it.
QR payments let a customer pay without a card, without a POS terminal and without typing the shop's account number. For small shops, the attraction is that a printed code costs little to display and works even when the POS network is slow. Here is how NQR works, how to get one and what to ask your bank.
What NQR is
In an article published on 23 March 2021, NIBSS (the Nigeria Inter-Bank Settlement System) describes NQR as its QR payment solution under the CBN's QR framework of January 2021. The process it sets out is:
- The merchant displays a QR code linked to its bank account.
- The customer scans the code with their bank's mobile app or a supported app.
- The payer's bank authorises the payment.
- The payer's bank pushes the funds to the merchant's bank, which credits the merchant.
NIBSS distinguishes static codes (one printed code for all payments, where the customer enters the amount) and dynamic codes (generated for a specific amount at checkout). Static codes suit market stalls and small shops; dynamic codes suit tills and online checkouts because the amount cannot be mistyped.
Techeconomy reported on 7 February 2025 that NIBSS upgraded NQR, adding instant reversals for failed payments, a single session ID for each transaction, and person-to-person and personal QR codes, with new pricing from 1 March 2025. The report did not state the new rates.
How a shop gets an NQR code
NIBSS says NQR is deployed through deposit money banks, so the starting point is your own bank. Steps commonly involve:
- Ask your bank whether it offers NQR merchant codes, and whether it needs a business account or accepts a personal one.
- Complete the merchant onboarding form with your business details and the account the code should pay into.
- Receive the static code (as a sticker or printable file) or access to generate dynamic codes in the bank's merchant app.
- Test it with a small payment from a different bank's app before relying on it.
Display the code where the customer can scan it without reaching over the counter, and keep a spare copy. If you print a static code, check the account name that appears on the customer's screen when they scan: it should match your business name exactly, so customers can see they are paying the right shop. Tell staff never to accept a code a customer offers to 'scan for you'.
NIBSS states there is zero onboarding cost to the merchant. That refers to joining the scheme; your bank may still apply its own account charges.
Settlement and confirming payment
Because the payer's bank pushes the money, the merchant's bank receives a credit much like an inter-bank transfer. Do not hand over goods on the strength of the customer's screen alone. Confirm that the credit has arrived in your own app or by alert. The single session ID introduced in the 2025 upgrade, as reported, helps match a disputed payment between the two banks.
Charges to check
NIBSS has said NQR offers lower transaction fees than some other channels but its 2021 article gives no figures, and the 2025 pricing change was reported without rates. Before you rely on NQR, ask your bank in writing:
| Question | Why it matters |
|---|---|
| What is the charge per NQR payment, and is it a percentage, flat fee or capped? | Sets your cost per sale |
| Who pays it: merchant or customer? | Affects your pricing |
| Is there a monthly or set-up fee for the merchant profile? | NIBSS says onboarding is free, but bank charges may differ |
| How fast is the credit, and how are failed payments reversed? | Affects when you release goods |
| Can I get dynamic codes and a transaction report? | Needed for reconciliation |
Stamp duty may also apply to the customer's payment. Techeconomy reported on 1 January 2026 that a ₦50 stamp duty applies to electronic transfers of ₦10,000 or more, borne by the sender. Whether a particular QR payment is treated as such a transfer is for the banks to confirm.
Worked example
Example only, using a made-up bank charge of 0.5%. A shop takes 40 NQR payments in a day totalling ₦300,000. At 0.5% the charge would be ₦1,500 (₦300,000 × 0.5%). Replace 0.5% with your bank's actual rate to see your real cost.
Where QR fits with other ways to get paid
- QR: low hardware cost, good for in-person sales; customer needs a supporting bank app and data.
- Transfer to account details: universal, but slower at a busy counter and easier to fake with a doctored screenshot; see fake payment checklist for vendors.
- POS: takes cards, needs a terminal and network.
- Payment links: for remote sales; see payment links for a Nigerian business.
Where Pryme fits
NQR codes are not among the Pryme features confirmed for this article. For remote and invoiced sales, a Pryme Business Account offers bank-transfer checkout free of charge, and virtual accounts. Our guide on how to get paid in Nigeria compares the routes.
Questions people ask
What is NQR in Nigeria?
NQR is the national QR code payment scheme run by NIBSS under the CBN's QR framework of January 2021. A customer scans a merchant's code in their bank app and their bank pushes the money to the merchant's bank.
How do I get an NQR code for my shop?
Through your bank. NIBSS says NQR is deployed by deposit money banks. Ask your bank for merchant onboarding, complete its form and test the code with a small payment.
How much does NQR cost a merchant?
NIBSS says onboarding is free for merchants. Transaction pricing changed from 1 March 2025, but the rates were not published in the reports we checked, so ask your bank for its current charge in writing.
Is a QR payment confirmed immediately?
The payer's bank pushes the funds, so the credit should arrive quickly, but always confirm it in your own account before releasing goods.
Sources
- NIBSS: How NQR will lower transaction fees across price bands (23 Mar 2021) · accessed Oct 2026
- Techeconomy: NIBSS enhances NQR payment system (7 Feb 2025) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 Jan 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.