At the second edition of Payment Forum Nigeria (PAFON 2.0) held in Lagos, industry leaders, regulators, and innovators came together to confront the persistent gaps in Nigeria’s financial ecosystem. The event spotlighted collaboration, consumer awareness, and technological advancements as the key levers for fast-tracking financial inclusion.
According to Ebehijie Momoh, Managing Director of AfriGoPay Financial Services, financial inclusion has risen to 64% among Nigerian adults. She credited this progress to policy reforms like the Bank Verification Number (BVN), which has helped foster trust in Nigeria’s banking systems. However, speakers at the forum agreed that the work is far from over.
Tech and Trust: Changing the Game
Nigeria’s rising smartphone usage—marked by over 142 million mobile internet subscriptions as of January 2025—is transforming access to digital finance. Artificial intelligence, in particular, is improving Know Your Customer (KYC) processes, enabling faster and safer customer onboarding. These developments are pushing more Nigerians into the formal financial net.
Uche Uzoebo, CEO of Shared Agent Network Expansion Facilities (SANEF), underscored the impact of agent banking. By bridging the last-mile gap in financial services, agent networks are ensuring that even rural and underserved populations can access essential banking tools. She noted that bringing services closer to the people remains a practical approach to inclusion.
Challenges Still Linger
Despite progress, panellists raised red flags around lingering barriers. Fintech firms still face issues collaborating effectively, and many institutions remain slow to adopt emerging technologies like AI.
Ibirogba Oluwagunwa, Chair of AMMBAN’s Lagos State Chapter, urged fintech players to foster better communication and share data across platforms. Echoing this, Chika Nwosu, MD of PalmPay, argued for products that focus on users’ real needs, saying that trust and simplicity should guide product design in the financial space.
Emerging tech like blockchain and artificial intelligence were widely praised for their potential to boost digital identity and expand services to hard-to-reach populations.
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