The AMMBAN national president stressed that millions of Nigerians, particularly in rural and underserved communities, remain financially excluded despite notable progress in the sector.

Speaking at the third edition of the Payments Forum Nigeria (PAFON 3.0), themed “Fair Digital Payments as a Catalyst for Deepening Financial Inclusion in Nigeria,” Oti, represented by Alhaji Yusuf Adeyemo, vice president of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), said agency banking has become Nigeria’s most practical and scalable solution for bridging the persistent financial access gap caused by poor infrastructure, low financial literacy, trust deficits, and high service delivery costs.

According to him, without effective last-mile financial access, Nigeria’s financial inclusion ambitions may remain unattainable.

Oti noted that through extensive agent networks, Nigerians now enjoy convenient access to critical financial services including cash deposits, withdrawals, transfers, bill payments, account opening, and other essential banking products, adding that beyond transactional services, agency banking offers trust, human interaction, and proximity-factors that purely digital channels cannot fully replicate.

“Agency banking has emerged as the most practical, scalable, and human-centred solution,” he stated, adding that agents serve as trusted financial intermediaries within local communities.

Highlighting AMMBAN’s contributions, Oti said the association has played a central role in strengthening Nigeria’s financial inclusion ecosystem through policy advocacy, professional training, rural agent expansion, fraud awareness campaigns, consumer protection initiatives, and strategic collaborations involving banks, fintechs, telecom operators, and mobile money providers.

The AMMBAN national president further noted that the agency banking sector has created millions of jobs and unlocked significant economic opportunities nationwide.

Oti acknowledged the contributions of major ecosystem drivers, including the Central Bank of Nigeria (CBN), which he said continues to provide regulatory support through financial inclusion frameworks, consumer protection policies, and interoperability initiatives.

He also credited the Shared Agent Network Expansion Facilities (SANEF) for accelerating agent expansion across the country, while Enhancing Financial Innovation and Access (EFInA) was recognized for its support through research, innovation funding, and data-driven insights.

Despite these achievements, Oti warned that the sector continues to grapple with significant obstacles such as liquidity shortages, network instability, fraud risks, poor agent profitability, infrastructure deficits, and overlapping regulations.

He stressed that these challenges must be urgently addressed to sustain growth and deepen inclusion.

“For inclusion to truly deepen, digital payments must be affordable, reliable, transparent, and accessible to all Nigerians,” he said, insisting that fairness in digital payments is essential to closing the financial inclusion gap.

He warned that unfair pricing structures, unstable systems, and exclusionary payment models could further marginalize vulnerable populations.

Looking ahead, Oti urged stakeholders across the financial ecosystem to prioritize stronger collaboration, improved agent profitability, infrastructure development, enhanced financial literacy, increased financing access for agents, and supportive regulatory frameworks.

He projected that Nigeria’s financial inclusion future will be “phygital,” combining physical agent networks with digital platforms to create seamless financial access.

According to him, agents are rapidly evolving beyond transaction points into community-based financial service hubs capable of driving grassroots economic development.

“Agency banking is no longer just a distribution channel; it is the backbone of financial inclusion in Nigeria,” Oti declared.

He reaffirmed AMMBAN’s commitment to working with regulators, financial institutions, and technology providers to strengthen the ecosystem, empower underserved populations, and build a more inclusive national financial system.

Scheduled to hold on Friday, April 24, 2026, at the OrientalHotel, the forum will bring together regulators, financial institutions, fintech leaders, payment service providers, development partners, and policymakers to explore strategies for building a more inclusive financial ecosystem.

With the theme, “Fair Digital Payments as a Catalyst for Deepening Financial Inclusion in Nigeria,” PAFON 3.0 will examine how affordability, transparency, interoperability, and accessibility in digital payments can drive economic resilience, strengthen trust, and expand financial access to underserved communities.

Driving Inclusion through Innovation

Financial inclusion has evolved beyond a policy aspiration into a measurable driver of national productivity and digital trust. According to the latest reports, formal financial inclusion in the country grew to 74% in 2025, up from 56% in 2020.

As Nigeria transitions toward a cash-light economy, industry leaders at PAFON 3.0 will interrogate how fair and equitable digital payment systems can unlock inclusive growth.

Keynote Speaker Spotlight

Dr. Sharrieff-Ayedun, who is also co-founder of CreditRegistry Corporation, will deliver a keynote on leveraging credit data to deepen financial inclusion.

With over 30 years of global experience spanning engineering, strategy, and organizational leadership, she brings deep expertise from her work across North America, South America, Europe, and Asia.

She previously held engineering roles at global corporations including Microsoft Corporation and General Motors, and has been widely recognized for her contributions to credit infrastructure development in Nigeria.

In his comment, Mr. Chike Onwuegbuchi, the co-convener of Payments Forum Nigeria, said,

“Given Dr. Jameelah Sharrieff-Ayedun’s distinguished leadership and contributions to Nigeria’s financial ecosystem, we believe her insights would provide invaluable perspective and set the tone for high-level discussions at the Forum. Her keynote will help frame the national conversation around building a resilient, inclusive, and trusted digital payment infrastructure”.

PAFON 3.0 will also feature keynote from Prof. Adewale Peter Obadare, founder/CVO of Digital Encode Limited.

Other Confirmed speakers:

Mr. Chika Nwosu, MD, PalmPay Nigeria; Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities (SANEF Limited): Special Guest of Honour; Mojeed Abayomi Agboola, National President, Financial Inclusion Agents Multipurpose Cooperative Society (FIAMCS); Dr. Obioha Otti, National President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN); Ibirogba Oluwagunwa, Chairman Lagos Chapter of AMMBAN; Chukwuemeka Enoch, Founder, Lagos Blockchain Week, and Sarafadeen Fasasi, National President, Association of Financial Inclusion Agents of Nigeria (AFiAN), amongst others.

Panel discussions will center on closing Nigeria’s financial inclusion gap; demonstrations of digital tools for last-mile agents; fireside conversations on emerging payment innovations to be held by the Lagos Blockchain Week, and townhall engagement on the state of agency banking in Nigeria led by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).

Event Details:

Date: Friday, April 24 2026

Venue: OrientalHotel, Lekki Road, Lagos

Time: 9:00 AM – 1:00 PM

Participation is free, but pre-registration is required and can be done here.

Payments Forum Nigeria (PAFON) is a multi-stakeholder platform convened to address critical issues in the payments ecosystem and accelerate the growth of an inclusive, efficient, and trusted digital financial system. 

This year’s edition is sponsored by Digital Encode, TeamApt & PalmPay.

The Commission stated this in a public notice released on Friday, noting inadequate compliance with its directive.

It said those who decided not to register may engage in “unwholesome activities.”

This development came as the Fintech business owners under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) challenged the CAC’s registration directive in court, insisting that the mandatory registration was illegal.

Providing an update on the registration after the deadline, the CAC in the public notice said, “The Corporate Affairs Commission wishes to remind the general public particularly Fintech operators also known as Point of Sale (POS) operators, that the 60-day deadline given in daily newspaper publications of July 7 2024, for the registration of such businesses expired on September 5, 2024.

“The Commission notes inadequate compliance with the directive for formalisation when viewed from the background of the large number of PoS operators in the country. Those who have taken steps to formalise in line with the Commission’s directive are commended for their positive attitudes.

“Recalcitrant operators have refused to adhere to the advice for formalisation due possibly, to engagements in unwholesome activities or for some reasons best known to them.

“We are to make it clear that the Commission is working with law enforcement agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences.”

The CAC announced in May that PoS agents of major Fintechs in Nigeria including OPay, Palmpay, and Moniepoint, among others, were given deadline of July 7, 2024, to register their business.

Hussaini Magaji, the registrar-general of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.

According to Magaji, the registrations are also in line with the legal requirements and the directives of the Central Bank of Nigeria (CBN).

The Commission, however, later extended the deadline by 60 days to September 5, 2024. The extension came with a warning that any operator that failed to meet the new deadline would face prosecution and risk losing the business.

Meanwhile, AMMBAN is insisting that the registration requirements imposed by CAC violated the provision of the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2004, which “explicitly states that the commission has no jurisdiction over individuals not operating as a company.

According to the General Secretary of AMMBAN, Oluwasegun Elegbede, the matter is already in court and the court has scheduled this September for hearing.

“The court will have to intervene in the interpretation of the quoted section of the CAMA if individuals operating as a sub-agent (likened to a bank branch) must register with CAC,” Elegbede added.

Similarly, Atanda decried the directive by the Central Bank of Nigeria (CBN) mandating Point of Sales (PoS) operators to register their businesses with the Corporate Affairs Commission (CAC), describing it as an attack on financial inclusion in the country.

He made the comment while appearing on Arise News’ Morning Show.

Atanda also lampooned the CBN’s attempt to regulate the mobile money and banking agency space, noting that the CAC cannot regulate an industry that it does not understand.

He noted that the industry in its entirety is an agenda on financial inclusion and that with large swaths of the country lacking bank branches, the apex bank’s move would have far-reaching negative impacts on people.

“What people see as just POS is an industry and an agenda on financial inclusion. Over 300 local governments in Nigeria are without bank branches. And the largest transactions are happening in the informal sector in Nigeria. And this population are excluded.

“So the POS agents you’re seeing are actually meant to bridge the gap. So the CAC is trying to destroy and attack financial inclusion in Nigeria and it is offending a lot of stakeholders,” he said.

This is coming weeks after the Corporate Affairs Commission formally commenced an enrollment exercise for Point of Sale (POS) agents and operators in Nigeria.

Hussaini Magaji, registrar-general of the CAC, said the exercise was not targeted at just taxing POS operators but also to protect Nigerians against frauding as well as checking banditry.

CAC launches registration point for PoS operators, security agents to go after unregistered operators from July.

Hussaini Magaji, the Registrar-General of the CAC at the launch of registration point for PoS operators noted that fraud in the system is multifaceted and comprises human and technical aspects.

However, AMMBAN president, Atanda said the association is already working with the security agencies and has launched a Joint Tax Force in Lagos.

He said the “task force has all security officers on the same table so that if there are red flags, they would see red flag transactions and we are aware of where they are doing cash out for bandits.

“But the challenge we are having is that we really don’t have ways to escalate them. At times when you arrest criminals, who are going to finance the prosecution? When you alert the banks or service providers about these red flags and suspicious transactions, they won’t arrest them.

They would let them be because they are more focused on their business. That’s why it is important that we work with security operatives. We are working with the IGP, the DSS and even the EFCC,” he said.

He also said that the association has introduced an identity card that can match a POS agent with their device. He said there was something called the terminal identity number (TID) which is a unique identity number. and the identity card displays this unique number.

“We have observed that all the POS agents are operating outside the legal regulation. Like someone under an umbrella is not located at a physical location. So we are educating the populace to use POS agents as physical locations with signage,” he said.

He also said AMMBAN has set up a control map where they can have visibility to all transactions happening on the terminals. He said all fintechs are working with the association on it.

Fasasi Atanda also accused the CAC of trying to deprive POS operators of their livelihoods.

He noted that the industry has created over two million jobs in Nigeria over the last couple of years, 40 per cent of that number being agent bankers.

Describing how much of an impact the industry has had, he noted that the worth of the industry is about N13 trillion, having attracted the largest foreign investment into Nigeria in 2022. A lot of us are filing returns to the CAC so the CAC knows how much we turn over in taxes.

“The challenge is that they are trying to chase a lot of people out of jobs. POS operators are surviving with N20,000 in terms of working capital and you are asking them to come and pay over 15,000 to 20,000 for registration. And every year you are asking them to file returns as individuals whereas they are just branches of existing companies,” he said.

“Most of fintechs don’t operate branches. They leverage sub-agents that act as branches of the banks. So if it is not correct to say a branch of GTB in Egbeda should go and register with the CAC, it is also not correct to ask a sub-agent of Moniepoint or OPay to go and register as a company. That is not what the law says.

“What the law says is that non-individuals operating under companies should register. So if you are operating under Adamu Enterprises, Adamu Enterprises should be in the books of CAC. You must be legally registered. But if you are Adamu Aliyu, Adamu Aliyu is an individual,”

He further said the CAC only cares about taxes and not about whether the registered businesses are surviving the harsh economic climate.

“You can’t regulate what you don’t understand. What you are not part of. CAC has registered about 4.9 million businesses in Nigeria today. Almost 50 per cent of them fail every 5 years. So their concern should be the success and viability of these businesses, not about registration,” he said.

Amede who was represented by an executive member of CCISONFI, Mr. Olusola Odediran (also, the Chief Information Security Officer) Nigeria Inter-Bank Settlement System (NIBSS), spoke during his keynote presentation at the maiden edition of Payments Forum Nigeria (PAFON 1.0) held at Oriental Hotel, Lagos on Thursday.

His presentation themed, ‘Payments: Trust, Security and Privacy in AI Era,’ explored the critical aspects of trust, security, and privacy in payments, and provided insights into the challenges, solutions, and future trends in safeguarding transactions in the digital landscape.

The CCISONFI chairman stated that although the payment industry enjoys such regulatory oversights arising from the Nigerian Data Protection Act (NDPA) and Data protection laws, the Payment Card Industry Data Security Standard (PCI DSS), and the compliance requirements for businesses, the industry has balanced security and convenience relying on user experience in payment security, seamless authentication methods, and biometric and tokenized payments.

On how emerging Technologies will impact the payment industry, he disclosed that while Blockchain will be deployed to ensure secure transactions, Artificial Intelligence and Machine Learning will be used in fraud prevention even as privacy-preserving computing impact cannot be underestimated.

Amede called on players in the payment industry to continue to educate consumers by providing them with tips on how to secure online payments, how to recognise phishing attempts, and the importance of keeping software updated.

He listed some of the best practices for businesses including regular security audits and penetration testing; employee training on security protocols; and ensuring collaboration with payment security experts.

Speaking further on the need to build trust in payment systems, Amede, who is also the CISO of Zenith Bank Plc emphasised the importance of trust for consumer adoption, transparency in transactions, and commitment to securing the payment infrastructure.

He stated that the Payment Systems are exposed to such threats and vulnerabilities as Cyber Attacks and Data Breaches, Phishing and Social Engineering, and malware and ransomware.

Ikenna Ndugbu, the chief compliance officer, represented by Isoken Aigbomian, the regional sales Manager, Moniepoint, highlighted the evolution of Moniepoint into a leading payment processor, stating, “We started off with a virtual account service where we automated payments or transfers, allowing customers and businesses to make and receive payments seamlessly through transfers. This was what catapulted and was modified into the limelight and household name that seems to be.”

Aigbomian emphasized the company’s focus on providing flexible payment options to businesses across various sectors, stating,

“Today, Moniepoint offers a wide variety of payment options to businesses. There is an online payment platform, in-person payments option and then there are the cash payments via our ATM network, which is almost, I think, one of the largest, as well.”

She explained how Moniepoint MFB identified the need for a seamless payment experience and developed innovative solutions to address it. “So, what we did was we looked inward, and we said the most popular means of payment in Nigeria is transfer. So we worked with our engineers and were able to build an infrastructure.”

Roosevelt Elias, the founder of Payble, noted the importance of data privacy and security in the age of digital payments, stating, “It is essential to preserve the details of such trusted transactions, as they often hold significant importance for the company’s outcomes and operations.”

He endorsed for cautious use of data and highlighted the need for AI encryption and compliance-based companies to protect user privacy and ensure regulatory compliance.

On the other hand, Peter Evbota, sales director at inq. Digital Nigeria Limited, spoke on artificial intelligence (AI) and its ability to transform sectors, particularly in data analytics and security.

He emphasized the power of AI in processing both structured and unstructured data, highlighting its ability to detect patterns and provide valuable insights.

Earlier in his welcome address, Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation, organisers of the event, while giving insight into why the forum was berthed, said payments are very critical in the economy of every country including Nigeria.

“Last year, before the elections, we witnessed what Nigerians faced in the payments system- ATMs were not working to dispense cash, and at merchant locations, it was difficult to make payments with banks’ PoS thanks to Moniepoint and few others that came to the rescue,” he said.

Onwuegbuchi noted that there had been issues of declined transactions and customers’ accounts debited, in addition to an existing systemic fraud, misinformation and lack of information that have led to customers losing their money to fraudsters.

“After looking at these issues and many more, we at TechCastle Foundation decided to create a platform where stakeholders could discuss these issues with the objective of making our Payments systems better,” he said.

He stated that the essence of the forum was to make the ecosystem better for every Nigerian as operators, regulators and end users are expected to discuss to find a way to make the system better.

He added that trust issues in payments, security and other industry-related issues were to be discussed at the forum by cybersecurity experts who have distinguished themselves in working with money deposit banks to ensure that cybercriminals didn’t steal money in the bank.

The inaugural edition of the Payments Forum Nigeria was a cross-industry platform that focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

PAFON 1.0, sponsored by Moniepoint, Digital Encode Limited, Cybervergent, inq.Digital and Payble with support from the Central Bank of Nigeria (CBN), Fintech Association of Nigeria and Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), provided participants with an inside look at the Payments industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers, and payment processors.

Kwadwo Dako Botwe, a representative of the 3i Africa summit and member of the Fintech Office of The Bank of Ghana was present to highlight the upcoming 3i Africa summit.

The 3i Africa Summit is a 3-day global symposium aimed at envisioning the future of the African financial landscape and propelling the digital economy.

Under the theme “Unleashing Africa’s fintech and digital economic potential, the summit will convene over 2,000 investors, innovators and policy makers from around the world at the Accra International Conference Center on the 13th to 15th of May, 2024.

It is co-convened by the Bank of Ghana and Development Bank Ghana in collaboration with the Monetary Authority of Singapore, and its subsidiary Elevandi, organizers of the Singapore Fintech Festival.

The conference, centred on the theme; “The Future of Agency Banking: Creating Value for Sustainable Reliance,” provided a platform for industry leaders to explore and shape the trajectory of agency banking in Nigeria.

During his presentation, Mr Atanda stated he envisioned mobile money and bank agents as central to the future of financial services, emphasising their role in digital transformation, trust-building, and the expansion of services. He further underscored the importance of trust, human interaction, and data-driven solutions, positioning agents as key contributors to the evolving landscape of financial services.

“The landscape of digital service distribution will persistently centre around agents. While we are on the path of increasing penetration, agents serve as pivotal locations for contact or interaction with the digital sphere and will continue to flourish. We presently observe a network comprising approximately 1.5 million agents, yet it might surprise you that the market holds potential for over 20 million agents. This signifies a scenario where every individual with access to a digital touchpoint can potentially act as an agent,” he said.

Agency banking is a strategic approach used by financial institutions to expand their reach and provide essential banking services to customers in remote or underserved areas.

This model involves partnering with authorised third-party agents, typically retail outlets or community-based organisations, who act as intermediaries to deliver basic banking services on behalf of the partnering bank.

This banking model has emerged as a transformative force in the Nigerian financial landscape as the country continues to embrace digitalization.

According to data from the CBN, in 2021, the total value of transactions processed through agency banking outlets reached a staggering ₦14.2 trillion ($38.9 billion). This represents a remarkable increase from ₦2.9 trillion ($8.0 billion) in 2018.

While this development holds promise for the economy, Mr Atanda believes that its ongoing success will be contingent upon finding more effective methods of humanising the business model.

“The inherent trust in human connections surpasses any other channel. Hence, in numerous present-day services, the human interface remains an indispensable component. Establishing trust with individuals, regardless of the mode of connection, positions one as the primary contact. These principles are well-founded and substantiated. Digital platforms merely serve as conduits for delivering these services, underscoring the reality and feasibility of this approach,” he remarked.

In his keynote address, Mr Atanda explored the transformative power of data in accelerating digital transformation and driving new economic opportunities. He uncovered how strategic collaboration can unleash valuable insights, drive innovation, and tackle complex challenges, sharing best practices to make informed assessments.

“Data is the cornerstone of Agency 3.0, empowering agents to transcend their current role and become trusted financial advisors, driving responsible borrowing, combating fraud, and facilitating financial inclusion.

By embracing data as an indispensable tool, agents can provide instant credit solutions, streamline processes, and enhance customer experiences, fostering a future where data becomes the lifeblood of economic growth and prosperity.”

Describing the next phase of agency banking as “Agency 3.0,” Mr Atanda noted that agents will remain central to the distribution of digital services, particularly in areas with limited internet penetration or digital literacy.

He further added that “In the era of Agency 3.0, agents will transcend their current role as mere transaction facilitators to become trusted hubs for digital products and services, driving financial inclusion and economic empowerment through their extensive network and deep understanding of customer needs.”

Mr ‘Deremi Atanda is a distinguished business leader and visionary known for his wealth of industry knowledge and expertise.

His progressive mindset and unwavering dedication to collaboration have played a pivotal role in addressing social and economic challenges within the financial technology sector.