Presenting a keynote address at the third edition of the Payments Forum Nigeria (PAFON 3.0) held last weekend, Obadare stressed that cybersecurity regulation should not be viewed as an obstacle to innovation but as a critical enabler of sustainable digital growth, particularly in Nigeria’s payment infrastructure where electronic fraud and cybercrime remain major threats.

According to him, many fintech operators mistakenly prioritize infrastructure deployment while postponing security implementation, a strategy he described as fundamentally flawed.

“Innovators want to build infrastructure first and secure it later, but it doesn’t work like that,” he said, insisting that cybersecurity must be integrated from the outset.

Obadare, whose keynote was themed “Focus on Cybersecurity Infrastructure For Fair Payments,” noted that Nigeria’s cyberspace has witnessed heightened attacks in recent weeks, describing the nation’s payment systems as a prime target because “this is where the money is,” and argued that many of these attacks are not highly sophisticated but are often the result of organizations failing to implement basic cybersecurity measures.

“Most of the attacks we are seeing are because the basic stuff is not being done,” he said. “A lot of payment infrastructures have weak immunity on the internet, and when immunity is low, opportunistic attacks become inevitable.”

Drawing comparisons between physical and digital security, the cybersecurity specialist likened unsecured payment systems to leaving one’s home or car unlocked in a public environment, emphasising that cyberspace is inherently exposed, requiring constant vigilance and robust safeguards.

Obadare, the first professor of practice in Cybersecurity in Nigeria, identified cybersecurity threats and electronic fraud as the “big elephant in the room” for Nigeria’s financial ecosystem, warning that without trust, digital financial inclusion efforts could stall.

“Payment is sensitive because it involves people’s money. Once trust is lost, adoption suffers,” he said.

He also highlighted how regulatory interventions have historically strengthened Nigeria’s payment ecosystem, citing the migration from magnetic stripe cards to chip-and-PIN technology as a successful example.

While explaining that such regulations significantly reduced card cloning and fraud, proving that effective cybersecurity policies enhance rather than hinder innovation, Obadare stated:

“Regulation helped solve a major fraud problem. That’s what good cybersecurity regulation does,it protects innovation from collapse.”

The cybersecurity expert warned, however, that cybercriminals are continuously evolving, leveraging artificial intelligence and new technologies to exploit vulnerabilities faster and at greater scale, noting that AI has effectively placed more advanced cyberattack tools in the hands of criminals, increasing the urgency for organizations to proactively strengthen defences.

“AI is now fuelling cybercrime at an unprecedented level,” Obadare cautioned. “Cybercriminals are innovating too.”

The professor further criticized organizations that invest heavily in product development but resist spending on security architecture, describing cybersecurity as an investment rather than a cost centre. He argued that reactive crisis spending after security breaches is far more expensive than proactive protection.

“Cybersecurity is not a cost; it is an enabler,” he said. “If you fail to secure your systems, you will pay for it eventually, often at a much higher price.”

Obadare called for a strategic, architectural, and delivery-focused approach to digital payment systems, urging innovators to consistently ask whether they are “doing the right thing, doing it the right way, and getting it done well.”

He noted that building digital trust requires sustained investment in people, processes, and technology, emphasizing that trust-driven systems naturally attract adoption more effectively than aggressive marketing.

“Digital trust is hard work. It is not a one-time achievement but a continuous journey,” he said. “When trust is strong, financial inclusion becomes a pull system, not a push system.”

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 for Friday, April 24, 2026, at the OrientalHotel, the high-level gathering will convene over 600 industry professionals and more than 20 expert speakers from banking, fintech, telecommunications, and regulatory institutions.

With a central focus on emerging trends shaping digital finance, PAFON 3.0 will serve as a critical platform for collaboration on the future of digital payments, cybersecurity, and the transformative role of Artificial Intelligence (AI) in financial services.

As Nigeria continues to lead Africa’s digital payments evolution, this year’s forum will emphasize building a sustainable and inclusive financial ecosystem.

A highlight of the event is the flagship session themed “Fair Digital Payments as a Catalyst for Deepening Financial Inclusion in Nigeria,” which will explore how technology can expand access to financial services for millions of underserved Nigerians.

Speaking on the significance of the sponsorships, Chike Onwuegbuchi, co-convener of PAFON and chairman of the Nigeria Information Technology Reporters’ Association, said:

“The support from PalmPay and TeamApt underscores the growing importance of collaborative action in shaping Nigeria’s digital payments future. These are organisations at the forefront of innovation and inclusion, and their involvement reinforces PAFON’s mission to drive a fair, accessible, and technology-driven ecosystem.”

“PAFON 3.0 is designed as a policy-industry convergence point. Having leading players like PalmPay and TeamApt on board strengthens the quality of conversations and outcomes we expect from this year’s forum,” he added.

PalmPay is one of Africa’s leading mobile financial services platforms, providing millions of users with seamless access to payments, transfers, savings, and other digital financial solutions. With a strong footprint in Nigeria, PalmPay has played a key role in advancing financial inclusion through user-friendly and accessible mobile technology.

TeamApt, a prominent Nigerian fintech company, is widely recognized for building robust financial infrastructure that powers digital banking and payment services across the country. Through its innovative solutions for businesses, agents, and financial institutions, TeamApt continues to drive efficiency and scale within Nigeria’s payments ecosystem.

Key Highlights of PAFON 3.0 Include:

• Thought Leadership Panels: Discussions on AI, digital commerce, and regulatory evolution
• Regulator Engagement: Participation from agencies including the Central Bank of Nigeria and Nigerian Communications Commission
• Exhibition & Demos: Showcasing new fintech and banking innovations
• B2B Networking: Strategic partnership opportunities across the payments value chain

PAFON 3.0 will feature keynotes from Prof. Adewale Peter Obadare, founder/CVO of Digital Encode Limited, and Dr. Jameelah Sharrieff-Ayedun, Vice President of the Governing Council of the Fintech Association of Nigeria, and CEO, CreditRegistry.

Other Confirmed Speakers include, Mr. Chika Nwosu, manaing director, PalmPay (Nigeria), Mr. Dennis Ajalie, Chief Executive Officer, TeamApt;  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.

How to participate:

Participation at PAFON 3.0 is free, however, pre-registration is now open to industry stakeholders, tech enthusiasts, and media …here

About Payments Forum Nigeria (PAFON)

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 conversations on policy, innovation, and financial inclusion to strengthen Nigeria’s position in the global digital economy.

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).

Featuring keynote presentation, fireside chat, panel discussion, networking opportunities, PAFON 2.0 is scheduled to hold on this week – Thursday, April 10, 2025 at the Function Room 1, Oriental Hotel, Lekki Road, Lagos from 9am-12(noon).

The event themed: “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, aims at enabling knowledge sharing on key industry insights, issues, amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses in the payment industry.

Keynote:

Ebehijie Momoh (Mrs), managing director and chief executive officer, AfriGoPay Financial Services Ltd, will deliver the keynote address.

Special Guests:

Uche Uzoebo (Mrs), managing director and chief executive officer, Shared Agent Network Expansion Facilities (SANEF) Limited and Mrs. Chika Nwosu, managing director and chief executive officer of PalmPay (Nigeria), are the special guest of honour.

PAFON 2.0 Special Appearances: Olusoji Solomon Adeyemo, Azure Application and AI Specialist, Microsoft UK., Ibirogba Oluwagunwa, chairman, Lagos State Chapter, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), and Olusegun Gabriel Afolabi, co-founder & chief innovations architect, Face Technologies UK Ltd., will make special appearances at the event.

There will be a fireside chat featuring, Chukwuemeka Enoch Mbaebie, the convener, Lagos Blockchain Week, amongst other speakers, with Chidera Amuta, Marketing Manager, Vendorcredit, as the host.

According to Mr. Chike Onwuegbuchi, co-convener of Payments Forum Nigeria, “this year’s theme, ‘Bridging the Customer Experience Gap for Financial Inclusion Using AI’, underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation”.

Industry players such as Bankers, Fintech startups, mobile money operators, blockchain experts, Cybersecurity, etc., are among the expected attendees.

PAFON 2.0 participation is free, but pre-registration can be done here.

PAFON 2.0, scheduled to take place on April 10, 2025 at the Function Room 1, Oriental Hotel, Lagos, builds on the success of its inaugural edition, solidifying its position as Nigeria’s premier platform for thought leadership in payments innovation.

This year’s theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation.

EBEHIJIE J. MOMOH, the chief executive officer, AfriGOPay Financial Services Limited, has been scheduled to present the keynote.

Other Speakers | participants are drawn the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc.

Key highlights of PAFON 2.0 include:

• Expert-led panel discussions on AI-driven fraud detection, secure authentication, and regulatory strategies for digital payments
• Fireside chats with top executives from the banking, fintech, and regulatory sectors
• Showcase of cutting-edge payment security solutions leveraging AI, blockchain, and biometrics
• Networking opportunities with industry pioneers shaping the future of Nigeria’s payment ecosystem

Speaking on the upcoming event, Mr. Chike Onwuegbuchi, co-convener of PAFON, stated:

“As Nigeria accelerates its transition to a digital economy, ensuring trust and security in payments has never been more critical. PAFON 2.0 will serve as a pivotal platform to address these challenges and unlock opportunities for a more resilient and inclusive financial system.”

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

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

PAFON 1.0 will provide participants with inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Participation is free; however, preregistration can be done via the link: https://bit.ly/4c4N19H.

Speakers

Mr. Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN) will deliver the keynote address, while Keynote Presentation shall be delivered by Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI).

Other speakers lined up for PAFON 1.0 include: Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB; Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Peter Evbota, Sales Director at inq. Digital Nigeria Limited; Gbolabo Awelewa, Chief Solutions Officer, Cybervergent; Roosevelt Elias, founder, Payble, and Fasasi Atanda, National President of AMMBAN, amongst others.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Blockchain and the FinTech society have managed to create a new world that is much more inclusive, and full of opportunities.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is no exempted.

For instance, effective April 2024, Nigerian financial institutions will be mandated to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their Bank Verification Number or a national identification number (NIN) for account or wallet opening, following a circular by the Central Bank of Nigeria.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PfN).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

The forum is organised by TechCastle Foundation and sponsored by: Moniepoint, Digital Encode Limited, Cybervergent, Payble, inq. Digital Nigeria Limited, with support from the Central Bank of Nigeria (CBN).

The Payments Forum Nigeria (PAFON) is a cross-industry platform focused on addressing issues that require broad cooperation and coordination across many constituents in the payments industry.

Payments Forum Nigeria which will take place at Oriental Hotel, Lekki Road, Lagos on Thursday March 21, 2024, by 9am, aims at providing an inside-look at the industry, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

Throughout the years, the finance world has shifted into something much more than just banking and big corporations.

Blockchain and the FinTech society have managed to create a new world that is much more inclusive, and full of opportunities.

Based on a report by Gartner, by 2024, 40% of privacy compliance technology will rely on AI, up from 5% in 2019, and by 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing, and financial services industry is not exempted.

For instance, effective April 2024, Nigerian financial institutions will be mandated to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their Bank Verification Number or a national identification number (NIN) for account or wallet opening, following a circular by the Central Bank of Nigeria.

“Our goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses”, said Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, organisers of Payment Forum Nigeria (PAFON).

He said that the Forum is driven by the reasons to; “educate and inform financial service players and other stakeholders on various issues and trends (both locally and globally); proactively share data/information amongst banks, Fintechs and other service providers, to enable prompt responses to prevent and/or limit (customer-related) losses; and discuss key Payments security trends”.

“Speakers will be drawn among industry players such as banks, Fintechs, mobile money operators, blockchain experts, Cybersecurity, etc., as we expect attendees from the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc”, he added.

For participation and sponsorship, please contact: Mr. Chike Onwuegbuchi via: 08123355522 or Peter Oluka: 08184346261 or email: africaTechAllianceForum@gmail.com.