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.

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.”

Speaking at the PAFON 3.0, Dennis Ajalie, CEO of TeamApt, a subsidiary of Moniepoint Inc., represented by David Ijaolat, said payment systems must be “reliable, reachable, and relevant” to support inclusive economic growth.

Ajalie explained that the company operates as a Central Bank of Nigeria-licensed payments infrastructure provider, offering services across switching, non-bank acquiring, Payment Terminal Service Provision (PTSP), and super-agent frameworks.

He said these capabilities enable the company to deliver financial services through gateways, point-of-sale (POS) devices, and agent networks across Nigeria’s 774 local government areas.

Ajalie described the switching layer as the “traffic controller” of digital transactions, responsible for routing payments between financial institutions and verifying approvals within seconds, often without users recognising the complexity behind the process.

He illustrated the growing dependence on digital payments with a real-life example of a roadside fruit vendor managing multiple POS devices and operating several micro-outlets, underscoring how even small-scale businesses are now integrated into the digital financial ecosystem.

According to him, small and medium enterprises contribute about 48 per cent of Nigeria’s Gross Domestic Product and account for roughly 84 per cent of employment, yet nearly 95 per cent fail within five years.

He said this highlights the urgent need for stronger financial infrastructure and support systems to improve business sustainability.

“The next wave of financial inclusion will be driven organically by merchants themselves, as they encourage customers to adopt digital payments,” he said.

To achieve this, Ijaola identified three critical pillars, reliability, reach, and relevance.

He explained that reliability must include features such as instant transaction reversals and strong security frameworks, while reach involves expanding access through agent networks and multiple service channels.

Relevance, he added, requires designing financial products that align with users’ behaviour, literacy levels, and everyday realities.

On innovation, Ijaola pointed to the underutilisation of direct debit systems in Nigeria, noting that they account for less than one per cent of transactions despite their potential to automate recurring payments.

He told participants at the PAFON 3.0 that TeamApt’s direct debit solution, integrated into its POS terminals and Monnify payment gateway, is already being used for micro-pension contributions, insurance premiums, and loan repayments, thereby extending structured financial services to underserved communities.

He also highlighted opportunities in cross-border payments and artificial intelligence-driven platforms, including messaging applications, where transactions could become as simple as sending a text message.

In his remarks, Peter Oluka, co-convener of Payments Forum Nigeria (PAFON), described the forum as a platform for shaping a more inclusive and equitable digital payments ecosystem.

Oluka stressed that financial inclusion must go beyond access to address affordability, security, and usability, particularly for underserved populations such as rural women, gig workers, and small business owners.

He called for stronger collaboration among regulators, financial institutions, and fintech companies to improve infrastructure, enhance cybersecurity, and embed financial services into everyday platforms.

According to Ajalie, such coordinated efforts are essential to unlocking the next phase of Nigeria’s economic growth and digital transformation.

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 high-level gathering is scheduled to take place on Friday, April 24, 2026, at the OrientalHotel, Lagos, bringing together the brightest minds in banking, fintech, and regulation.

Registration is ongoing here.

Under the central theme of exploring emerging trends, PAFON 3.0 will unite over 600+ industry professionals and 20+ expert speakers.

The forum serves as a critical junction for banks, fintechs, telcos, and policymakers to collaborate on the future of digital payments, cybersecurity, and the transformative power of Artificial Intelligence (AI) in finance.

As Nigeria continues to lead the continent in digital payment innovation, this year’s forum focuses on creating a sustainable framework for inclusive growth.

A flagship session dedicated to “Fair Digital Payments as a Catalyst for Deepening Financial Inclusion in Nigeria” will highlight the event, addressing how technology can democratize financial access for millions of Nigerians.

Speaking on the vision for this year’s event, Chike Onwuegbuchi, Co-Convener of PAFON and Chairman of the Nigeria Information Technology Reporters’ Association (NITRA), emphasized the forum’s role in national development:

“PAFON 3.0 is more than just a conference; it is a policy-industry dialogue designed to shape the future of our digital economy. We are bringing together regulators like the CBN, NITDA, and NCC alongside infrastructure providers to ensure that Nigeria’s payment ecosystem remains fair, accessible, and technology-driven. Our goal is to champion a consumer-first approach that empowers both MSMEs and everyday users”.

Key Highlights of PAFON 3.0 include:

• Thought Leadership Panels: Engaging discussions on AI, digital commerce, and the evolving regulatory landscape.
• Regulator Engagement: Access to key agencies, including the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC).
• Exhibition & Demos: A dedicated showcase for fintechs and banks to launch new products, from digital wallets to advanced POS solutions.
• B2B Networking: Exclusive opportunities for merchant aggregators, infrastructure providers, and financial institutions to build strategic partnerships.

PAFON 3.0 is powered by TechCastle Foundation and supported by Techeconomy, Nigeria’s leading digital platform for technology and business analysis.

Registration for PAFON 3.0 is now open to industry stakeholders, tech enthusiasts, and media representatives via the link here.

Payments Forum Nigeria is Nigeria’s premier industry platform convening banks, fintechs, regulators, telcos, and global partners to shape the future of digital payments.

Through its annual forums, PAFON drives the conversation on policy, innovation, and financial inclusion to strengthen Nigeria’s position in the global digital economy.

Media Contact: Chike Onwuegbuchi: +234 817 041 1729 (WhatsApp).