Convenience and accessibility have become the focus for banks operating within the ‘Ounje Eko’ discount markets, an initiative spearheaded by the Lagos State government. The popular NQR payment solution, powered by the Nigeria Inter-Bank Settlement System, is gaining traction among customers.
In a bid to offer discounted food prices across the state, the Lagos State Government commenced the Ounje Eko discount market. Initially met with some challenges due to the government’s cashless policy, the market has since seen a remarkable shift in payment experiences thanks to modern solutions like NQR.
A recent visit by NewsNow to the markets highlighted the seamless payment process that customers now enjoy. By simply accessing their Mobile Banking APPs and scanning the provided QR codes at payment points, customers can efficiently complete transactions without the need for physical cash or relying solely on a limited number of POS terminals.
One supervisor at the market praised the pivotal role NQR plays in streamlining transactions and reducing congestion, ultimately contributing to the success of the discount market initiative.
Numerous banks have embraced the NQR payment solution by integrating it into their mobile apps, thus delivering a hassle-free payment experience to customers. Notable banks included in the market locations are Access Bank, First Bank, Stanbic IBTC, Zenith Bank, UBA, Union Bank, Providus Bank, FCMB, Keystone Bank, Sterling Bank, Globus Bank, Wema Bank, Titan Trust Bank, Polaris Bank, Signature Bank, Jaiz Bank, Lotus Bank, and VFD.
According to recent data from NIBSS, NQR payments totaled N64.18bn in March 2024, indicating the growing popularity and adoption of this modern payment solution.