Nigeria’s central bank unveils sandbox and QR guidelines

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The Central Bank of Nigeria (CBN) released new guidelines for quick response code (QR) payments and a regulatory sandbox on January 13.

Both sets of guidelines aim to foster innovation within the payments services sector, either through competition or the adoption of new technology.

The sandbox will provide firms with a central bank-supervised environment to test new financial products and services. The new QR code framework will promote the use of electronic payments, the central bank says.

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