This consensus emerged at the second edition of the Payments Forum Nigeria (PAFON 2.0) held recently in Lagos, where industry stakeholders, policymakers, and innovators gathered to deliberate on the theme:

Delivering the keynote, Mrs. Ebehijie Momoh, Managing Director/CEO of AfriGoPay Financial Services Limited, highlighted the country’s steady progress in financial inclusion, noting that 64% of Nigerian adults are now financially included.

She attributed much of this growth to a combination of regulatory reforms and rising smartphone adoption. “The launch of the Bank Verification Number (BVN) in 2014 revolutionized customer identification across financial institutions,” she said, adding, “This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.”

Represented by Mr. Munachi Duru, Head of Innovation and Strategic Partnerships at AfriGoPay, she further noted: “Nigeria has 142.16 million mobile internet subscriptions with an average monthly data consumption of ~7.04GB as of January 2025. The decline in feature phone shipments across Africa confirms the smartphone uptake, which has helped us a great deal.”

Noting that AI is now pushing the boundaries even further, Momoh pointed to innovations like Smile Identity, which launched facial recognition KYC solutions in Nigeria, enabling neobanks and commercial banks to scale customer onboarding through efficient AI-based verification tools.

For Mrs. Uche Uzoebo, MD/CEO of Shared Agent Network Expansion Facilities Limited (SANEF), the next step in reaching the underserved is through AI-powered agent banking.

“Agent banking has been a game-changer,” she remarked. “By deploying agents in underserved areas, we’ve brought services such as account opening, bill payments, and transfers directly to the unbanked,” and emphasized that technology must remain central to progress in the financial ecosystem.

During a panel session, Mr. Ibirogba Oluwagunwa, Chairman of the Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), warned that lack of institutional push and poor collaboration among stakeholders could stifle the potential of AI in financial services.

“The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward — AI cannot operate itself,” he asserted.

Echoing this, Mr. Chika Nwosu, Managing Director of PalmPay, emphasized the importance of consumer-centric communication.“Operators must create awareness and educate users in simple formats. It’s not just about launching products, but ensuring they’re relatable, trusted, and usable.”

On the tech frontier, Mr. Olusoji Solomon Adeyemo, Azure Application and AI Specialist at Microsoft UK, underscored the promise of AI, Blockchain, and Central Bank Digital Currencies (CBDCs) in delivering financial services to rural populations.

“AI, Blockchain and CBDCs are shaping the future of payments. There’s a serious need for education as we align with global trends,” he said and stressed that blockchain can provide secure digital identities, essential for inclusive finance in remote communities.

Similarly, Oluwabunmi Ogunyemi of Moniepoint MFB advocated for blended engagement approaches — physical and digital — to drive meaningful outreach even in rural areas.

Olusegun Afolabi, Co-founder of Face Technologies UK Ltd., said security remains a top priority, and urged fintechs to adopt biometric and card-based identification solutions. “Strong identity verification is the bedrock of user security. Collaboration in this area is essential,” he said.

Setting the tone for the forum, co-convener Mr. Peter Oluka reflected on the current state of inclusion, noting that over 30 million adults in Nigeria remain financially excluded, particularly in rural and vulnerable populations.

“This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all,” he said, pointing to the 12% growth in access to formal financial services between 2020 and 2023, as reported by the EFInA survey.

His fellow co-convener, Mr. Chike Onwuegbuchi, emphasized the need for security agencies like the EFCC to be part of future discussions, especially as technology deepens its reach into sensitive financial operations in rural areas.

Payments Forum Nigeria (PAFON) continues to position itself as a critical platform for shaping the future of digital payments and ensuring that the promise of inclusive finance becomes a national reality.