Speaking at the third edition of the Payments Forum Nigeria (PAFON 3.0), Dr. Jameelah Sharrieff-Ayedun who is also the Managing Director/Chief Executive Officer of CreditRegistry, described the forum as more than a policy conversation, calling it “a defining moment” for economic inclusion, financial dignity, and independence for millions of Nigerians.

Addressing stakeholders at the event, through a representative Mr. Chinedu Onyia, Manager, Professional Service at CreditRegistry, she noted that Nigeria has witnessed remarkable growth in digital finance over the past decade, with instant payment transactions surpassing ₦600 trillion in 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS), positioning the country among the world’s most dynamic digital payment economies.

Dr Sharrieff-Ayedun also acknowledged improvements in financial inclusion, which has risen to about 64 per cent of Nigeria’s adult population, largely fuelled by mobile money, fintech innovation, and expanding agent banking networks.

However, she cautioned that these milestones should not obscure the reality that millions of Nigerians remain excluded or only partially integrated into the financial system.

“Progress must never be mistaken for completion,” she said, citing EFInA data showing that nearly 26 percent of Nigerian adults remain completely financially excluded, while many others operate at the margins of inclusion.

Describing this as Nigeria’s financial paradox, she argued that despite the country’s advanced payment infrastructure, inclusion remains uneven and vulnerable.

“Volume is not inclusion. Activity is not empowerment,” she stated, emphasizing that digital transactions that fail to create sustainable economic identity represent missed opportunities for growth and transformation.

Dr. Sharrieff-Ayedun stressed that fairness, rather than mere access, should be the central objective of Nigeria’s digital payment ecosystem.

“If digital payments are unreliable, unpredictable, or exclusionary, then they do not deepen inclusion; they erode it,” she warned.

According to her, fair digital payments are built on three essential pillars: transparency, where users understand all charges without hidden fees; reliability, where transactions are seamless and dependable; and accessibility, where systems are intentionally designed to serve all demographics, including underserved populations.

She said these pillars collectively foster trust, which she described as “the true currency of financial systems.”

Highlighting the growing significance of data in modern finance, she explained that every digital payment generates valuable financial footprints that can be transformed into structured identities and credit intelligence.

“This is the bridge between payments and credit. And this is where true financial inclusion is unlocked,” she said.

She underscored CreditRegistry’s role in converting transaction data into trust frameworks, financial behaviour into credit intelligence, and data into what she termed “dignity.”

“A decision without CreditRegistry is an incomplete decision,” she declared, reinforcing the company’s mission to provide deeper financial visibility that goes beyond transactional records to reveal character and creditworthiness.

Dr. Sharrieff-Ayedun maintained that inclusive financial systems must evolve beyond basic access to create pathways for credit, economic mobility, and generational wealth.

“We are not just building systems. We are building financial visibility for millions of Nigerians,” she said.

She concluded by urging policymakers, financial institutions, and industry stakeholders to prioritize systems that transform lives, rather than simply process payments.

“The future of Nigeria’s financial system will not be defined by how fast our payments are, but by how fair they are,” she said. “Because fairness builds trust. Trust drives inclusion. And inclusion unlocks prosperity.”

The yet to be released report has received generous support from the Ministry of Industry, Trade, and Investment, and Small and Medium Enterprise Development Agency of Nigeria, SMEDAN.

The findings form part of the second edition of Nigeria’s Informal Economy Report, which Moniepoint is set to officially launch today, Friday, October 17, 2025, at the Abuja Continental Hotel.

Nigeria’s informal economy is the backbone of the nation’s livelihood, accounting for over 80% of employment and driving the majority of economic activity. For millions of Nigerians locked out of formal employment structures, this sector is essential in serving as a bulwark against poverty.

According to Moniepoint, the Informal Economy Report is designed to provide evidence-based insights that can guide policymakers, regulators, and financial institutions in shaping interventions that strengthen and formalise informal enterprises.

“The Informal Economy Report is a robust and important study that examines the informal market more closely and curates fresh insights into its realities. We believe its key outputs will serve ecosystem players and government well in policy direction and execution,” said Babatunde Olofin, managing director of Moniepoint Microfinance Bank, in a statement ahead of the launch.

The event is expected to attract senior government officials, regulators, lawmakers, industry leaders, trade associations, academics, civil society, and development organisations. It will feature keynote addresses, panel discussions, and presentations of the study’s findings, with participants exploring strategies to create a more inclusive and sustainable economic landscape.

The Informal Economy Report 2025 follows the success of the inaugural edition, which received commendation from the Federal Ministry of Industry, Trade and Investment, the Corporate Affairs Commission, SMEDAN, and leading business associations for providing credible data and actionable recommendations.

With the launch, Digital Realty is further strengthening its presence in West Africa, accelerating digital transformation across the region, and expanding access to its global data center platform, PlatformDIGITAL.

Located in the nearby coastal area of Lekki, LKK2 adds nearly 2MW of installed IT capacity across nearly 13,000 square feet of data hall space, supporting the growing demand for scalable, high-performance infrastructure across Nigeria and the broader region.

LKK2 will be interconnected with Digital Realty’s existing LKK1 facility, which serves as the landing station for the 2Africa subsea cable, offering customers seamless access to the cable’s 46+ landing points in 33 countries across Africa, Europe, the Middle East, and Asia.

The integration of LKK2 with the 2Africa cable landing station at LKK1 enables businesses in West Africa to leverage low-latency connectivity and reliable access to global cloud and network services. This setup supports improved application performance and enhances access to international digital ecosystems through a carrier-neutral platform.

This new facility integrates with ServiceFabric, Digital Realty’s global interconnection and orchestration platform, ensuring low-latency, high-throughput connectivity to local, regional, and international destinations.

Through ServiceFabric, LKK2 will interconnect with LOS1, the region’s top internet peering point, and LOS2, Digital Realty’s highly connected data centers located on Victoria Island in Lagos.

Together, this ecosystem delivers robust resilience, redundancy, speed, and scale for enterprise and hyperscale customers seeking to expand into a fast-growing digital market, ensuring continuous, reliable operations.

“LKK2 is a significant milestone in our journey to support digital transformation in Africa,” said Ike Nnamani, managing director, Digital Realty in Nigeria. “Our continued investment in Nigeria and the broader African region reinforces our commitment to enabling seamless global interconnectivity and providing a future-ready infrastructure platform for local and global enterprises.”

This strategic expansion reinforces Digital Realty’s commitment to advancing Africa’s digital transformation by delivering the infrastructure and connectivity needed to support innovation and growth across the continent.

Recently ranked number one in Africa on Cloudscene’s Data Center Ecosystem Leaderboard, the company continues to cement its position as a leading enabler of the continent’s digital future.

Akinsanya Leads NiRA Team on Tour of Digital Realty Data Centre Facility in Lagos

With the exponential growth of data and the acceleration of digital initiatives across the region, LKK2 provides the additional capacity which enterprises and content providers need to grow, scale, and connect – wherever and whenever they need to.

LKK2, due to become operational later this year, will support both local enterprises and multinational organizations seeking reliable, secure, and interconnected infrastructure in Africa.

Her retirement went into effect on February 24, 2023.

Zenith Bank disclosed this in a notification to the Nigerian Exchange Limited signed by Michael Otu, its company secretary, and general counsel.

“We write to notify the Nigerian Exchange Limited and the investing public of Dame (Dr.) Adaora Umeoji’s retirement from the board of Zenith Bank Plc with effect from February 24, 2023,” the bank said.

“This follows the expiration of her tenure of office as Deputy Managing Director in line with CBN Circular No. FPR/DIR/PUB/CIR/001/070 dated February 24, 2023. The board wishes her success in her future endeavors.”

Last week, the CBN revised the regulatory requirements for executive management and non-executive directors (NEDs) of deposit money banks (DMBs) and financial holding companies (HoldCos).

The central bank explained in a circular to all banks dated February 24, 2023, titled “Re: Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria,” that the regulation was in accordance with the Code of Corporate Conduct for Banks and Discount Houses (Ref: FPR/DIR/CIR/GEN/01/004).

Mr. Chibuzo Efobi, Director, Financial Policy and Regulation Department, CBN, signed the letter.

The tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs), and Managing Directors (MDs) shall be in accordance with the terms of their engagement approved by the board of directors of banks, subject to a maximum tenure of 10 years, according to the CBN.

Furthermore, the banking sector regulator stated that if a DMD becomes the MD/CEO of a bank or any other DMB before the end of his or her maximum tenure, such an executive’s cumulative tenure shall not exceed 12 years.

It added: “However, for an Executive Director (ED), who becomes a DMD of a bank or any other DMB, his or her cumulative tenure as ED and DMD shall not exceed 10 years.

NEDs, with the exception of Independent Non-executive Directors (INEDs), shall serve for a maximum period of 12 years in a bank broken into three terms of four years each.

“EDs, DMDs, and MDs who exit from the board of a bank either upon or prior to the expiration of their maximum tenure shall serve out a cooling-off period of one year before being eligible for appointment as a NED to the board of directors.

“NEDs who exit from the board of a bank either upon or prior to the expiration of their maximum tenure of 12 years (three terms of four years each) shall serve out a one-year cooling-off period before being eligible for appointment to the board of directors of any other DMB.

“The cumulative tenure limits of EDs, DMDs, MDs, and NEDs across the banking industry are 20 years. “Please be guided accordingly.”