News
Revving Up Service Delivery with NQR Feature on ALAT

The onboarding of the New Quick Response (NQR) feature unto ALAT, Wema Bank’s digital banking platform, underscores how technology innovations continue to impact service delivery and contributions of banks in Nigeria to the National Financial Inclusion Strategy.
The Central Bank of Nigeria (CBN), in continuation of implementation of National Financial Inclusion Strategy (NFIS), and other macroeconomic initiatives of the Federal Government geared towards accelerating national economic growth, approved the Framework for Quick Response (QR) Code payments in Nigeria, in January 2021.
Principal objective of the framework was to promote the use and adoption of electronic payments, foster innovation in payments system, and strengthen institutional framework for economic and financial industry stability in the country.
In addition to detailing the regulatory guidance, the aims of the framework include ensuring the adoption of appropriate QR Code standards for safe and efficient payments services in Nigeria. Participants approved for the implementation of QR Code payments include merchants, customers, issuers including banks, money market operators and other financial institutions, as well as payment service providers.
For banks, the guidelines also permit them the use of any other QR Code Standard provided, it meets the prescribed security requirements, demonstrate interoperability with other existing implementation in the industry and/or offer cost benefits to end users (merchants and customers).
By increasing their investment in Information and Communication Technology (ICT) infrastructure and capacity building for digital teams, banks in Nigeria are among the leading positive change agents that are widening access to financial services for the unbanked and underserved to be onboarded unto the financial inclusion bucket.
In Nigeria, QR payments system in particular is increasingly becoming more popular, because they offer wide range applicability. QR codes help businesses create customer engagements and sustain relationships. They are simple and easy to set up at no cost. QR codes enable users to receive payments from more than one customer at once.
Transactions can be initiated from start to finish without you having to be there so, users can free up their time to do other things. QR codes help bridge the gap between face-to-face and digital by allowing customers to pay with their preferred digital wallets.
Also, QR payments help merchants or businesses to work with brands to streamline their payments offerings across all channels – online, in-app and in-store and to scale their operations domestically and cross-border. They also drive smartphone penetration, financial inclusion and cashless economy.
In further demonstration of its commitment to consistently stay at the forefront of deploying digital technology to make service delivery more convenient, faster and better for the customers, ALAT, Nigeria’s leading digital banking platform, recently increased its offerings with the inclusion of the new quick response (NQR) code-based payments and collections solution to boost convenient and safe financial transactions.
With the NQR feature on ALAT, existing customers and non-customers can now enjoy code-based payment and collections solution that provides fast, easy, secure, reliable, contactless and account-based options to receive and pay for goods and services.
Merchants, business owners and individuals by displaying the QR Codes generated on ALAT, can henceforth receive payments at their locations for goods and services.
All that a customer needs to do is to select the NQR option on their bank’s mobile application and scan the displayed NQR Codes to make payment to the merchant. The merchants/business owners and payers get instant notification of payment made.
The benefits of the NQR on ALAT include simplicity of use, easy setup, zero cost of acquisition, and a seamless merchant onboarding process. Other benefits are super-fast deployment, instant payment and settlement, and fast and secured payment.
On the level of transaction that can be done using the new feature, transaction limits are determined by the payer’s bank. However, transactions below N250 would attract 50 kobo, while those between N25 and N999.99 would be charged N1.
NQR on ALAT also offers the lowest service fees unavailable anywhere in the industry today. Transactions ranging between N1000 and N4,999.99 will attract N5, just as those between N5000 and above would pay the applicable fee of N25.
Another uniqueness of the NQR on ALAT is that it is a safe platform, as the exchange of information via the QR code ensures that any transmitted data on the technology is encrypted, thus making the payment secure.
“Also, NQR is built around the universal EMVCO Security Standards. In addition, customers are protected by a secret 4-digit PIN used to consummate transactions and known to only the payer,” Wema Bank stated.
To enjoy the new service, customers will need to set up NQR on ALAT by first updating the ALAT app to the latest version before login into the ALAT app as a payer. Then select payment, QR payment to scan a code directly or from their galleries.
Merchants and receivers are also to log in to the ALAT app and select payments, QR payment and then create merchant and sub-merchant display the QR code to receive payment.
QR code payment methods have become one of the fastest-growing payment methods in the world. They are also one of the most efficient and simple ways to share information and complete online payments.
According to Juniper Research, 1.5bn people worldwide used QR codes to make payments in 2020 as usage soared during the Covid-19 pandemic, while forecasting that by 2025, as many as 30% of all mobile users will pay with QR codes.
Juniper Research further said that QR usage is bigger in China where it had become popular as far back as 2010 and account for one-third of all payments today, amounting to $1.65trillion in QR code sales.
QR Code is a machine-scannable image that can instantly be read using a smartphone camera. Every QR consists of black squares and dots which represent certain pieces of information. When your smartphone scans this code, it translates such information into something that can be easily understood by humans.
News
AFC Appoints Ireti Samuel-Ogbu as Chair of Board of Directors

Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, has announced the appointment of Mrs Ireti Samuel-Ogbu as Chair of its Board of Directors. She succeeds Mr. Emeka Emuwa who has completed 12 years of meritorious service to the Corporation.
Mrs. Samuel-Ogbu brings a wealth of experience spread over three decades leading and transforming the banking sector in Europe, Middle East, and Africa. Until recently, she led Citi’s institutional businesses in Nigeria and Ghana, with oversight across Banking, Markets and Services.
During this period, she steered the franchise through significant macroeconomic and regulatory headwinds, strengthening its strategic momentum and resilience.
Her international career within Citibank included senior leadership roles across over 50 countries in the Europe, Middle East, and Africa region, during which time she worked in the United Kingdom, Nigeria, and South Africa.
Mrs. Samuel-Ogbu has extensive boardroom experience including Citibank Nigeria where she was a Non-Executive Director for 6 years and Chair of the Risk Committee prior to becoming the Managing Director.
She also served on the board of CHAPS Clearing UK, the high value payment system now operated by the Bank of England and a UK-based charity, Opportunity International.
Her extensive experience and unwavering dedication to the advancement of Africa make her a valuable asset to AFC at a time when the Corporation is more committed than ever to accelerating Africa’s transformation through bold investments, innovative financing models and catalytic partnerships.
AFC recently delivered a record-breaking FY2024 financial performance, with total revenue increasing by 22.8% to US$1.1 billion, surpassing the US$1billion milestone for the first time.
This strong performance was driven by several transformational projects including acting as the Lead Project Developer for the Lobito Corridor, a transformative multi-country transport network connecting Angola, Zambia and the Democratic Republic of Congo (DRC), financing of the expansion of the Kamoa-Kakula Copper Complex in the DRC — one of the world’s highest-grade, low-carbon underground copper mines and financing support for the commissioning of the Dangote Refinery, the largest in Africa.
Speaking on the appointment, Samaila Zubairu, President& CEO of AFC, said: ” We are delighted to welcome Mrs Ireti Samuel-Ogbu as Chair of the Board.
Her wealth of experience, visionary leadership and deep understanding of Africa’s financial landscape will be invaluable as we navigate our next phase of growth- expanding our impact, mobilising urgently needed capital and delivering transformative projects that enable inclusive and sustainable prosperity across the continent.”
Mrs Ireti Samuel-Ogbu commented: “I am honoured to take on the role of Chair at AFC, an institution that serves as a trusted bridge between international capital and Africa’s dynamic growth opportunities.
I look forward to working closely with the board, management, and all stakeholders to advance the Corporation’s mission and strengthen its role as the leading provider of strategic, investment-driven solutions that unlock Africa’s full economic potential.”
News
NBC Loses Appeal as Tribunal Upholds ₦190m Fine for Misleading Packaging

Competition and Consumer Protection Tribunal has rejected a proposed settlement between the Nigerian Bottling Company Limited (NBC), also known as Coca-Cola Nigeria Limited, and the Federal Competition and Consumer Protection Commission (FCCPC), while upholding a ₦190 million fine imposed on the company for misleading packaging.
In a judgment delivered on Monday, April 28, a three-member panel led by presiding judge Thomas Okosun dismissed NBC’s application to adopt the settlement terms as judgment, describing it as an “attempt to arrest judgment.” NBC’s counsel, O. Ogunride, had informed the tribunal of a settlement agreement reached with the FCCPC, requesting its adoption as a consent judgment.
The FCCPC’s representative, Abimbola Ojenike, confirmed the existence of the settlement, stating that discussions had been finalised with Akoji Achimugu, the commission’s legal director.
However, the tribunal pointed out that the terms of settlement were filed after judgment had been reserved and both parties had submitted their final written arguments. Okosun ruled that “the notion of arrest of judgment is unknown to Nigerian law,” stressing that entering a settlement at this stage exceeded the FCCPC’s statutory authority and undermined its role as a regulator.
He further criticised the FCCPC’s acceptance of the post-judgment settlement, saying it conflicted with the commission’s regulatory obligations. The tribunal emphasized its constitutional duty to the public, asserting that it could not engage in private compromises between parties.
The panel also criticised the FCCPC’s sudden shift from its earlier position, noting that the proposed settlement declared “there is no penalty,” directly contradicting the commission’s findings from its investigation. Consequently, the tribunal rejected the settlement and proceeded to deliver its final judgment.
Upholding the FCCPC’s five-year investigation, findings, and imposed penalties, the tribunal ruled that NBC’s conduct constituted misleading practices in violation of Nigerian law.
It affirmed that the ₦190 million administrative penalty was consistent with the Federal Competition and Consumer Protection Act (FCCPA) and the 1999 Constitution (as amended). NBC’s appeal was dismissed for lack of merit, and the company was ordered to pay the fine within 60 days.
The case stemmed from an August 2024 announcement by the FCCPC accusing Coca-Cola and NBC of engaging in unfair marketing tactics and misleading consumers. NBC had contested the penalty, arguing that its packaging provided clear information compliant with national regulatory requirements.
The company later acknowledged that mislabeling of its zero-sugar Limca Lime-Lemon variant resulted from a production error at its Abuja facility.
In its revised appeal, NBC maintained that the mislabelling was unintentional and argued that the FCCPC’s conclusions were unfounded and beyond its statutory powers. However, the FCCPC defended its mandate to enforce corporate and consumer protection standards and urged the tribunal to dismiss NBC’s appeal.
The tribunal ultimately ruled in favour of the FCCPC, reinforcing regulatory accountability in the consumer protection landscape.
News
NCAA Tightens Regulations: Unlicensed Airports to Face Penalties in 2026

Nigeria Civil Aviation Authority (NCAA) has announced that local airports operating without valid permits will face sanctions beginning January 1, 2026.
Godwin Balang, director of aerodrome and airspace standards at the NCAA, made the announcement on Monday during the Airstrip Owners and Operators Stakeholders Engagement Programme held in Lagos.
“This is not a threat but a collective regulatory commitment,” Balang said. “Evolving aviation dynamics require us to update our regulatory strategies to achieve more impactful results.”
Balang revealed that out of the 92 airstrips in the NCAA database — which includes operational, non-operational, and those under construction or rehabilitation — only a few currently hold valid operational permits.
He noted that 68 of the airstrips are federal facilities managed by the Ministry of Aviation and Aerospace Development, while 24 are owned by private individuals or organisations.
“This division highlights the necessity for stronger collaboration between the NCAA and the ministry to clearly define regulatory and operational roles,” he added.
Citing section 71(3)&(4)(a) of the Civil Aviation Act 2022, Balang stressed the NCAA’s legal mandate to certify aerodrome operations and set minimum safety standards.
“We must address emerging threats while maximizing the use of airstrips to bolster Nigeria’s socio-economic development,” he said.
Chris Najomo, director-general of the NCAA, said the stakeholder engagement was organised to enhance communication and ensure compliance with the law.
“Our goal is to clarify construction, operational, and safety requirements, identify challenges, explore development partnerships, and promote adherence to global best practices,” Najomo stated.
He disclosed that the NCAA is developing new, customized regulations for airstrips. “While ICAO Annex 14 standards are international benchmarks, they are sometimes too stringent for smaller airstrips.
“Our tailored regulatory framework will support general aviation growth without compromising safety,” Najomo said.
He emphasized that the initiative aligns with the NCAA’s ease-of-doing-business principles and supports the minister’s five-point agenda to advance the sector.
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