By Chinenye Anuforo
The second edition of the Payment Forum Nigeria (PAFON 2.0) held recently in Lagos attracted experts who highlighted the critical need for enhanced collaboration among financial institutions, telecom companies and tech startups.
They also emphasised the importance of deliberate efforts to boost consumer understanding as vital steps towards overcoming the hurdles in achieving widespread financial inclusion across Nigeria.
The consensus emerged from the perspectives of various stakeholders who convened for the forum.
During her keynote address centered on “Bridging the Customer Experience Gap for Financial Inclusion Using AI,” Mrs. Ebehijie Momoh, Managing Director and CEO of AfriGoPay Financial Services Limited, acknowledged Nigeria’s significant strides in financial inclusion, noting that “with 64% of Nigerian adults being financial included the country has made immense progress in that regards.”
She highlighted the impactful regulatory advancements since 2012, specifically mentioning “the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.” Momoh explained that, “This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.”
The surge in smartphone usage was also identified as a major catalyst. According to Mrs. Momoh, who was represented by Mr. Munachi Duru, Head of Innovation and Strategic Partnership at AfriGoPay, “Nigeria has 142.16 mobile internet subscriptions with an average consumption of 7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.”
She further elaborated on the impact of artificial intelligence in banking, stating that “the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.”
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO of Shared Agent Network Expansion Facilities Limited (SANEF) Limited, affirmed the progress in extending financial inclusion to underserved populations in Nigeria. She stated that “with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.”
She stressed that “as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.” Mrs. Uzoebo also highlighted the transformative role of agent banking, noting that “agent banking has been a game-changer in expanding financial inclusion across Nigeria. By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
During a panel discussion, Mr. Ibirogba Oluwagunwa, Chairman of the Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), pointed to “lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.” He emphasized “the need for information sharing among fintech operators, and improved free flow of information to consumers,” adding that “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
Mr. Chika Nwosu, Managing Director of PalmPay, echoed the importance of clear and simple communication, stating that operators should “reiterate the need to reach the consumers with simple format communication and education style.”
He further advised that “operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.”
Focusing on the role of AI in reach, inclusion, and security, Mr. Olusoji Solomon Adeyemo, Azure Application and AI Specialist at Microsoft UK, emphasized “the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.”
He asserted that “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.” While acknowledging AI’s potential for reach, Mr. Adeyemo added that “blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.”
Ms. Oluwabunmi Ogunyemi, Customer Support Lead at Moniepoint MFB, suggested a blended approach to inclusivity, proffering “physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.”
Mr. Olusegun Afolabi, Co-founder of Face Technologies UK Ltd., advocated for “improved collaborations among stakeholders in the financial sector.” He also urged that “the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.”
Earlier, in his opening remarks, Mr. Peter Oluka, Co-Convener of the Forum, highlighted that “the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.” He noted that “despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.”
He further stated, “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.”
Mr. Chike Onwuegbuchi, Co-Convener of PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out growth strategies with consumers and other strata of the ecosystem.”
He also “promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.”
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