Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key reme-dies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) which held recently in Lagos.
Speaking at the forum, stakeholders from both the financial technology (fintech) sector agreed that col-laboration will form an active ingredient in taking financial services to the unbanked and underserved segments of the Nigerian population. They emphasised the need for an improved synergic relationship between tech startups and financial service providers for the growth of the industry.
In his opening remark, Co-Convener of the Forum, Mr. Peter Oluka, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially ex-cluded, 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 rec-orded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the un-locking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “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.
Let’s engage, share insights, and most importantly, collaborate for a financially inclusive future.”
Speaking at a panel discussion session, Chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), Mr. Ibirogba Oluwagunwa spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of in-formation to consumers. “The human barrier angle needs to be addressed. Fintechs need to pushed to move forward, AI cannot operate itself.”
In his contribution, Managing Director of PalmPay, Mr. Chika Nwosu, reiterated the need to reach the consumers with simple format communication and education style. He said operators should create awareness and design consumercentric 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 use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensures reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Customer Support Lead at Moniepoint MFB, Oluwabunmi Ogunyemi, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
In his speech, Co-Convener, PAFON, Mr. Chike Onwuegbuchi, reiterated on 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 stratas of the ecosystem.
He 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.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
