PAFON 2.0 will be held on Thursday, April 10, 2025 at the Function Room 1, Oriental Hotel, Lekki Road, Lagos by 9am (WAT).

Register here to attend: https://shorturl.at/IPOjA

The keynote speaker alongside the special guest, Uche Uzoebo, the MD/CEO of SANEF, and others lined-up for the Forum, will focus on the theme: “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, which underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation.

Mrs Momoh is leading AfriGO vision to deliver a seamless, secure and efficient payment card scheme which facilitate faster transactions, reduce card operating costs to enhance the overall user experience for stakeholders, partners, and cardholders.

With over 30 years of progressive leadership experience in the Nigerian financial and payment industry, she has a distinguished career marked by strategic vision and a commitment to delivering exceptional results.

She has consistently demonstrated her ability to drive large-scale operations, enhance profit and loss growth, and lead high-performance teams.

Also, Mrs. Uche Uzoebo is a passionate and renowned expert in financial inclusion, digital transformation, inclusive finance and women empowerment in Nigeria.

Under her leadership, SANEF Limited is committed to achieving excellence, greater growth, development and expansion to stakeholders in the ecosystem.

Speaking ahead of PAFON 2.0, Mr. Chike Onwuegbuchi, the co-convener, said that PAFON 2.0 is open to payment service providers, fintech firms, banks, regulatory bodies, cybersecurity experts, and all stakeholders invested in the future of digital transactions in Nigeria.

Attendance

Register to Attend: https://shorturl.at/IPOjA 

This was the emphasis of the Africa Tech Alliance Forum (AfriTECH 4.0), held recently in Lagos, where industry experts, policymakers, and SMEs discussed innovative strategies for leveraging technology to leapfrog into the digital future.

Themed “Leapfrogging Digital Transformation for Future of Africa’s Economy,” AfriTECH 4.0 accentuated the indispensable role of SMEs, which form the backbone of Africa’s economy. 

According to the International Finance Corporation (IFC), SMEs contribute approximately 90% of businesses and 50% of employment across the continent.

Yet, many face challenges in accessing the tools and opportunities necessary for growth. 

The lessons from AfriTECH 4.0 provide a guide for SMEs to build resilience and promote innovation while staying competitive globally.

Financial Inclusion: Empowering SMEs Through Technology

Mr. Biram Fall, regional general manager, QNET sub-Saharan Africa, highlighted the massive possibility of financial inclusion in Africa, noting that “with over 350 million unbanked adults, there is a significant potential for financial inclusion and digital solutions for Africa.” 

He stressed the transformative power of fintech in providing essential financial tools like savings accounts, credit, and insurance, all of which are important for SMEs seeking economic independence.

The demand for financial inclusion aligns with projections of a $75 billion e-commerce market in Africa by 2025, driven by internet access and smartphone adoption. However, Fall cautioned against infrastructural and cultural obstacles: “Limited banking infrastructure and high cash dependency hinder digital engagement.” 

SMEs can benefit by embracing mobile wallet solutions, which simplify transactions and boost consumer trust, thereby opening access to a wider e-commerce market.

With over 60% of Africans under 25, young entrepreneurs are leading digital growth by building scalable tech solutions, as emphasized by Jude Ozinegbe, founder/convener at Cyberchain. 

Similarly, women-focused programmes and local initiatives supporting female entrepreneurs ensure inclusivity. In empowering these demographics, SMEs can benefit from diverse perspectives and creative solutions, boosting innovation and long-term growth. 

These will go beyond bridging gender gaps to also stimulating a culture of innovation that strengthens local economies.

Blockchain and AI: Redefining SME Operations

In his keynote, Kashifu Inuwa Abdullahi, director-general of the National Information Technology Development Agency (NITDA), emphasized the disruptive capability of blockchain and artificial intelligence (AI). 

He stated, “Blockchain and artificial intelligence are powerful technologies that offer Africa unprecedented opportunities. By strategically integrating these technologies, we can propel Africa forward as a dynamic leader in the global digital economy.”

For SMEs, blockchain presents avenues to secure transactions, ensure transparency, and reduce operational inefficiencies. 

Abdullahi projected that blockchain could contribute $300 billion to Africa’s GDP by 2025, especially through financial inclusion and governance applications. 

Meanwhile, AI-powered tools offer SMEs the ability to optimize resources, automate operations, and drive productivity, particularly in sectors like agriculture, healthcare, and education.

Challenges SMEs Face in Adopting Emerging Technologies

While the prospects of digital transformation are evident, SMEs often encounter limitations:

• Digital Literacy: Many SME owners lack the skills needed to effectively use advanced technologies.
• Cost of Technology: Financial restrictions limit access to tools like AI and blockchain.
• Resistance to Change: Traditional businesses often hesitate to digitise operations.
• Infrastructure Gaps: Limited connectivity in rural areas affects adoption rates.

Addressing these issues requires collaboration between governments, the private sector, and educational institutions. Through training, subsidies, and partnerships, these challenges can be mitigated to enable SMEs to unlock their potential.

Cybersecurity: Safeguarding the Digital Future of SMEs

Dr. Obadare Peter Adewale, chief visionary officer of Digital Encode Limited, addressed the increasing risks accompanying digital transformation. 

He noted, “The rapid pace of technological advancements has introduced new cybersecurity threats and challenges.” For SMEs, which often operate with limited resources, powerful cybersecurity frameworks are essential to protect against cyberattacks and fraud.

Obadare highlighted that “Healthcare, financial services, and cloud providers remain prime targets, with attacks on critical infrastructure and IoT expected to intensify.” 

The takeaway for SMEs? Adopting a security-first culture, supported by partnerships between governments and private sectors, is essential to ensuring resilience in a digitally interconnected economy.

Useful Tips for SMEs

SMEs looking to make maximum use of technology can follow these steps:

1. Start Small: Begin with low-cost digital tools like WhatsApp Business or mobile payment systems.
2. Leverage Training Opportunities: Join government or private sector training programmes focused on digital literacy and entrepreneurship.
3. Collaborate with Fintechs: Partner with startups that can provide tailored solutions for SME needs.
4. Explore Funding Options: Tap into grants and microfinance opportunities aimed at promoting tech adoption.

Digital Payments: A Game-Changer for SMEs

Mrs Ebehijie Momoh, CEO of AfriGoPay Financial Services Limited, stressed the growing importance of digital payments in facilitating financial inclusion. 

She noted that “Nigeria’s digital payments landscape is experiencing rapid expansion, with 2023 alone seeing an estimated $730 billion in transactions.” 

For SMEs, innovations like the AfriGo card, which processes transactions in local currency, reduce reliance on foreign exchange and enable faster capital turnover.

Momoh underlined the need for accessibility, affordability, and product diversity in digital payment solutions. She added that “fintech companies are critical in ensuring affordable and accessible services, supported by regulations and a robust digital infrastructure to enable responsible and sustainable financial growth.” 

SMEs that leverage these tools can simplify operations, reduce costs, and expand their market reach.

Policy and Accountability: Bridging the Gap for SMEs

Muhammed Rudman, CEO of the Internet Exchange Point of Nigeria (IXPN), critiqued the contrast between policies and their execution. He stated, “We have excellent policies, but when it comes to implementing those policies, we are really, really lagging behind.” 

Policy implementation is necessary for SMEs to access the infrastructure and services needed for digital transformation. Rudman called for tougher penalties for non-performance to ensure government accountability, a measure that could directly benefit SME growth.

Collaboration: The Key to Digital Transformation

A recurring theme at AfriTECH 4.0 was the importance of partnerships. From QNET’s financial literacy programmes that promote entrepreneurship to NITDA’s focus on digital literacy, collaboration between governments, private sectors, and SMEs was deemed essential. 

“True progress requires collaboration,” stated Mr. Biram Fall, emphasizing the role of cross-sector partnerships in building a digital economy that is inclusive and resilient.

The insights from AfriTECH 4.0 reiterates that SMEs are at the heart of Africa’s digital transformation and financial inclusion, leveraging emerging technologies like blockchain and AI, adopting strong cybersecurity measures, and utilizing innovative digital payment systems, will help SMEs drive economic growth and resilience.

However, the journey requires accountability, supportive policies, and strategic collaborations to reach Africa’s goal of a competitive digital economy. 

“Africa’s potential in the digital age is boundless… We are not just spectators in the digital revolution; we are pioneers. Let us seize this moment to place Africa at the forefront of global innovation.” – Kashifu Abdullahi.

Kashifu Inuwa Abdullahi, the director-general of the National Information Technology Development Agency (NITDA), in his keynote address, titled “Blockchain Technology & AI: Positioning Africa for the Future,” emphasized Africa’s unique position to leverage these technologies for economic and social development.

With mobile penetration at about 80% and a rapidly growing youth population, Africa, he noted, is fertile ground for digital transformation, noting that Blockchain and AI offer unparalleled opportunities to propel Africa into the future as a leader in the global digital economy.

“Both blockchain and artificial intelligence are powerful technologies that offer Africa unprecedented opportunities. By strategically integrating these technologies, we can propel Africa forward as a dynamic leader in the global digital economy,” he said.

Abdullahi who was represented at the event by Mrs. Rita Shoremi, Head, Startup Innovations and IT solutions, NITDA, South West Zone, outlined the potential of blockchain to address challenges in financial inclusion, governance, and property rights across the continent arguing that with over 57% of Africans unbanked, blockchain can extend financial services to underserved regions, adding an estimated $300 billion to Africa’s GDP by 2025.

“Africa stands at a unique juncture. Our continent has seen remarkable digital growth, with mobile phone penetration reaching 80% across sub-Saharan Africa according to a World Bank, 2022 report.

“Africa is also home to one of the world’s fastest-growing youth populations, over 60% of whom are under the age of 25 by a UN Population Data of 2022. These dynamics offer a fertile ground for digital transformation, and emerging technologies like blockchain and AI have the potential to redefine key sectors that fuel Africa’s economy,” Abdullahi stated.

To fully capitalize on blockchain and AI, Abdullahi emphasized the need for supportive policies, strategic partnerships, and youth empowerment and noted that NITDA’s eight-pillar strategy aligns with Nigeria’s goals for digital literacy, infrastructure access, and global research collaboration, with a goal of achieving 70% digital literacy by 2027.

In his presentation titled “Navigating The Future of Technology In Africa: The Intersection of AI, Blockchain, Cryptocurrency and Cybersecurity,” Dr. Obadare Peter Adewale, the chief visionary officer, Digital Encode Limited, examined adoption trends, industry impact, and the key challenges across these technologies.

Taking an overview of Emerging Technologies in Africa, Obadare who was represented by Oluwakayode Olatunji, CISO and Group Head of Information Security at Digital Encode Limited stated that Africa’s digital transformation is accelerating in key sectors like fintech, healthtech, and agritech that are adopting cutting-edge technologies such as AI, blockchain, and cryptocurrencies.

According to him, whereas mobile penetration, cloud computing, and increasing internet access are driving the growth of these technologies, these innovations come with risks and threats associated with cyberattacks, fraud, and data breaches and cautioned that a robust cybersecurity framework is crucial for sustainable digital transformation.

On his part, Mr. Biram Fall, the Regional General Manager, QNET Sub-Saharan Africa, said that with over 350 million unbanked adults, there is a significant potential of financial inclusion and digital solutions for Africa, and a vast opportunity to expand access to financial security, event through electronic commerce (eCommerce).

Speaking as a lead presenter at the AfriTECH 4.0, Mr Fall stated that financial inclusion transforms lives by providing essential financial tools like savings accounts, credit, and insurance, which foster economic independence.

Highlighting the importance of the Forum’s theme, “Harnessing Fintech Solutions for Financial Inclusion & eCommerce Growth,” he said”: “The demand for financial inclusion aligns with a projected $75 billion e-commerce market in Africa by 2025, driven by rising internet access and smartphone adoption. However, limited banking infrastructure and high cash dependency hinder digital engagement,” he said.

He disclosed that QNET’s initiatives, such as its “Fit Green” financial literacy programme, have trained over 1,500 young Nigerians, promoting financial self-sufficiency and entrepreneurship through an e-commerce-driven direct-selling model active in over 100 countries.

“Our e-commerce driven direct-selling model provides income-generating opportunities in over 100 countries, promoting entrepreneurship and self-sufficiency in low-income regions. True progress requires collaboration”, he said.

Prof. Ibrahim Adeyanju, the Managing Director/Chief Executive Officer of Galaxy Backbone, underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.

Presenting a paper titled: Building Digital Infrastructure for a Sustainable Digital Economy, through a representative, Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, Prof. Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory, and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.

According to him, “Africa’s digital journey presents immense opportunities, but it requires robust, scalable, and sustainable infrastructure to enable economic growth. Galaxy Backbone’s mission aligns directly with these goals, as we work to provide the infrastructure and connectivity that powers government services, businesses, and communities across Nigeria.”

He said that today, digital infrastructure is much more than just technology but about creating resilient systems that empower citizens, foster economic empowerment, and drive inclusive growth.

“Our investments in state-of-the-art data centres, fibre optic networks, state of the art SOC and secure cloud solutions have created a backbone that supports Nigeria’s public sector and enables interconnectivity among MDAs,” he said.

Nodding in agreement, Mrs. Ebehijie Momoh, the chief executive officer of AfriGoPay Financial Services Limited, said that the company, working with Nigerian banks and the Central Bank, aims to reduce payment processing costs, thus supporting the nation’s financial inclusion goals.

Momoh noted that with a population exceeding 220 million and mobile penetration reaching a notable 90%, Nigeria is well-positioned for a digital transformation that supports a burgeoning economy, adding that over 103 million Nigerians, or 45.5% of the population, are now internet users, underscoring the potential for digital growth.

“According to a 2023 report, the country’s financial inclusion rate rose to 64%, an impressive increase from the 50s just two years prior. This growth is driven in part by the Central Bank of Nigeria’s (CBN) initiatives focused on financial inclusion, fostering an environment where more Nigerians can access essential financial services,” she said.

The AfriGoPay Chief Executive expressed delight that Nigeria’s digital payments landscape is also experiencing rapid expansion, with 2023 alone seeing an estimated $730 billion in transactions and noted that the advent of domestic payment solutions, like the recently launched AfriGo card, represents a home-grown option that facilitates cashless payments.

“The AfriGo card, developed in collaboration with Nigerian banks and the CBN, is designed to reduce costs by processing transactions in local currency instead of foreign exchange, thus supporting the nation’s financial inclusion goals.

AfriTECH 4.0 had QNET as the gold sponsor. Silver Sponsors – Galaxy Backbone, Digital Realty, Digital Encode Ltd, while the Bronze Sponsors are – CED Technologies, AfriGoPay, Tecom, Northsnow UK, Hyperspace Technologies, Palmpay, OADC.

Ecosystem Partners: NCC, NITDA,, InnovationBed Africa, ALTON, ATCON, NCS, IXPN, NiRA, Lagos Blockchain Week, Newmark Group.

Media Partners include; Techeconomy, NigeriaCommunicationsWeek, ITPulse, Ravenews, TechTrends.Africa, TechBuild.Africa, GrassRoots, DigiVation Network, TechLifewithUgo, BusinessMetrics, BusinessRemarks, SwiftReporters, TechTV, Africa Hyperscalers Media, CyberEra, ITRealms, DigitalTimes, TechnologyMirror, TechandBizNews, ITNewsNigeria.

AfriTECH 4.0 attracted both physical and virtual attendees from Nigeria, Kenya, Egypt, United Kingdom, United States, South Africa, amongst others.

Afrigo card is operated by AfrigoPay Financial Services Limited (AFSL), a national domestic card scheme duly licensed by the Central Bank of Nigeria.

The Nigerian National Domestic Card Scheme is a robust in-country scheme tailored to address the specific requirements of Nigeria’s payment industry and provide innovative offerings to empower Africa’s payment ecosystem.

With the implementation of this scheme, the industry will reap benefits which include improved transaction security, data sovereignty, better pricing opportunities, interchange fee reduction, reduced demand for FX and less pressure on the Naira whilst developing local skills in the card and payment space. Other advantages include a boost to financial inclusion, value retention, flexibility not to mention it is  a source of national pride.

Speaking during the event, Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, expressed the central bank’s commitment to ensuring a secure national payment system in Nigeria.

He stated ‘Millions of Nigerians are still unable to make use of payment cards to consummate transactions. We can no longer neglect the vast majority of Nigerians whose daily payment needs are micro payments. We need to capture them in national statistics, to further understand their transaction dynamics and properly target interventions.’ Indeed, Afrigo presents an opportunity to integrate the informal segments of our economy and bring more Nigerians into the formal financial services system.

Mrs. Aishah Ahmad, the Deputy Governor, Financial Systems Stability, Central Bank of Nigeria & Chairman, NIBSS PLC,  enthused ‘Today is a strategic turning point for payments in Nigeria and a source of deep national pride. Afrigo is Africa’s most promising domestic card scheme given the rapid growth of electronic payments in Nigeria, the continent’s most populous nation. It is a monumental development for several reasons, not in the least is the fact that it gives us sovereignty over our data, saves cost for the industry, and presents a new vista of opportunities for the card business”.

In her presentation, she further detailed the rationale behind the name Afrigo – which represents the continents ethnic diversity combined with progress, empowerment and inclusiveness laced with our predominant Nigerian green.

Furthermore, Premier Oiwoh, the MD of NIBSS, highlighted the key benefits of the scheme to Nigerians. According to him, “one of the major values of the scheme is the reduced operating cost as well as other benefits such as a secured platform, loyalty scheme, credit cards, and virtual cards amongst others”.

The launch of the Nigeria National Domestic Scheme will present a new payment era in the Nigerian payment ecosystem and unveils the unique opportunities presented by the Nigerian financial industry.