Bluecode Introduces Mobile Payment Platform in Nigeria

Bluecode's Mobile Payment Platform goes live in Nigeria, in cooperation with three Nigerian banks, comprising around seven million consumers.

It is a great success for Bluecode's Emerging Markets Division: Since January, three Nigerian issuing and acquiring banks offer Bluecode as a payment method. Bluecode is leveraging a bank's connection to the Nigerian NIBSS Instant Payment Platform, making transactions in real time – so-called "Instant Payments" – via the Bluecode app and Bluecode-compatible apps possible. Such transactions are processed within seconds, and payments are transferred to merchants immediately.

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Currently, three Nigerian banks have gone live with Bluecode: Sterling, Providus, and Ingangan. Other banks, such as United Bank of Africa (UBA) with more than 21 million users and the fast-growing neo-bank Kuda with around 1.5 million users have started the integration of Bluecode into their systems.

Merchants and customers of cooperating banks can now use Bluecode Instant as a method of payment. Transactions between them are processed through the Nigerian NIBSS system (Nigeria Inter-Bank Settlement System). Bluecode transactions between consumers and merchants are processed in real time. Merchants receive a confirmation of payment within seconds.

"We were able to seamlessly integrate our technology into the Nigerian Instant Payment infrastructure," comments Christian Pirkner, CEO of Blue Code International AG. With more than 200 million citizens, Nigeria is the biggest single market in Africa and one of the most dynamic payment markets in the world. "The implementation of an Instant Payment system in Europe is possible. Many would benefit from Bluecode Instant Payment transactions: consumer, merchants, and the credit industry."

The seamless integration into the Nigerian payment system proves how versatilely applicable Bluecode technology is. As a white label solution, Bluecode offers banks and merchants a quick launch into the mobile payment business.