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 transaction is still pending a green light from the Central Bank of Kenya (CBK), which has the final say on licensed financial institutions in the country.

For Moniepoint, this deal is a recalibration of strategy after a failed bid to acquire KopoKopo, a Kenyan payments firm, which fell through under unclear circumstances. 

If this acquisition succeeds, the company will gain a regulatory shortcut and immediate access to a functioning microfinance operation in one of Africa’s most dynamic financial landscapes.

Sumac, which started out in 2002 and earned its deposit-taking licence in 2012, currently holds a market share of roughly 4.3% and manages over 43,000 active loan accounts. 

Despite its medium size, Sumac operates in a sector where five players dominate over 80% of the market. It is not a major disruptor, but for Moniepoint, that’s not the point. This is about having a legal structure in place and boots on the ground.

The CAK, in its clearance decision, said, “According to the parties’ submissions, the transaction will not result in negative public interest issues. Specifically, there will be no employment loss and all current employees will be retained under current terms.”

With regulatory bodies now sensitive to foreign acquisitions, Moniepoint has managed to present a deal that ticks all the boxes; no job losses, no monopoly issues, and no disruption to consumer pricing or product access.

The deal also shows how fintechs are avoiding the long route of starting operations from scratch. Instead, they’re buying smaller, regulated entities to fast-track entry into new markets. 

Moniepoint isn’t alone in this approach, Access Bank recently finalised its acquisition of National Bank of Kenya, and KCB Group acquired Riverbank Solutions for KSh 2 billion.

Founded in 2015, Moniepoint is headquartered in the U.S. but operates primarily out of Nigeria. Through its subsidiaries, including Moniepoint Microfinance Bank and TeamApt, the firm has built a strong reputation in digital banking. Now, it wants to replicate that growth in Kenya, starting with microfinance.

Kenya’s mobile money market is massive, valued at over $67 billion. While Sumac itself is not a digital-first bank, Moniepoint sees potential in layering its tech-driven services over Sumac’s existing framework. That’s where the growth could come from.

A spokesperson confirmed, “Regulatory approval has been received from the Competition Authority of Kenya for a potential transaction with Sumac Microfinance Bank. Further updates will be given as appropriate.”

A subsidiary of Moniepoint Inc, TeamApt Ltd, facilitates payment processing across many industries while enabling reliable payments for banks and their customers, while reducing operating costs.

Mr Ajalie added that the industry’s regulator, Central Bank of Nigeria has delineated what each entity should do and how they should function in creating a successful payment ecosystem that protects consumers and enables businesses, which he admitted to be complementary and not competitive.

He made this point while participating as a panelist at the annual conference of the Committee of e-Business Industry Heads (CeBIH) conference in Lagos with the theme, “Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth”.

Other panelists at the session include: Partner, Digital Engineering, Deloitte, Oluwole Oyeniran; Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo; Chief Executive Officer, Emtech, Carmelle Cadet; Chief Operating Officer, Nigerian Financial Intelligence Unit (NFIU), Dr. Mohammed Jiya. The panel discussion focused on “Digital Payments and the National Digital Economy Framework (NDEF).”

Formed in July 2008, CeBIH seeks to achieve the primary objective of driving the adoption of electronic banking services in line with global practices by serving as a forum for Heads of e-Business/e-Payments in Nigerian deposit-money banks to share ideas and experiences, as well as advocating for the use of the right technologies, policies, standards, innovation and public awareness in creating a financial services landscape that works for all.

This year’s event, which had Moniepoint Inc as a Premium Sponsor, demonstrates the financial giant’s avowed commitment to create a safe, transparent and secure digital payments ecosystem for all Nigerians.

The moderator who is also the founder of aCubed Limited, Wunmi Ogunbiyi, opened the panel discussion by highlighting the session’s focus on providing clarity on the real issues that matter to everyday Nigerians when it comes to digital payments, such as high fees that burden users unnecessarily, lack of accountability in digital transactions, bridging the gap in digital literacy to empower all Nigerians and navigating the challenges of our evolving financial ecosystem.

Touching on the imperative of borderless transactions and the solutions for implementation with respect to the framework, Ajalie said,

“Borderless transactions have to happen, because we’re becoming more interconnected by the day and by the minute. We still have a lot of siloed implementations among key stakeholders and unless we recalibrate our systems, borderless remains beyond our reach and a mirage. There’s the fierce urgency of now that demands that we find solid ways to interconnect, and once we’re able to interconnect within ourselves, reconcile properly, especially on the local front, then we can present a single, unified front that will enable us to push transactions and receive transactions from outside. We cannot go forward without fixing these internal challenges.”

Wrapping up his thoughts, he reiterated the need for industry-wide collaborations in fighting the menace of fraud,

“If we able to all share information and collaborate seamlessly, we’ll find out that it becomes disinteresting for these bad faith individuals to use the collective technology commonwealth that we have all built to commit nefarious activities. So, it goes back to collaboration among fintechs, the banks, NFIU, infrastructure providers, the telcos, and switches. We’ve all got to come together to say, enough is enough and that this present situation threatens all of us rather than just one of us.”

The panel stressed the necessity of working together to create adaptable, inclusive, and easily accessible payment solutions that cater to the diverse and expanding Nigerian population.

Such systems, they argued, would stimulate economic growth. Additionally, given the regulators’ active efforts to combat fraud, the panel emphasized the importance of every ecosystem member, including consumers, taking responsibility to eliminate fraudulent activities.

However, some media platforms (Techeconomy excluded) are circulating wrong information with regards some affected and unaffected platforms, respectively.

However, Payment Solution Service Providers (PSSP) like Xpress Payment, Interswitch, Flutterwave, TeamApt, and others listed below are different from Mobile Money Operator licensees like Paga, Moniepoint, etc.

The MMOs hold deposits, unlike PSSPs. As such, this directive does not affect them, because they are NIBSS-compliant and remains listed on their transfer channels.

List of Switches, Super Agents and PSSPs affected by NIBSS directive:

WhoGoHost, West Africa’s largest cloud infrastructure company, has today announced the acquisition of SendChamp, the cloud communications startup that powers online messaging for African businesses for an undisclosed amount.

The acquisition is part of WhoGoHost’s strategic plans to deepen its value offering for its customer base.

Founded by Goodness Kayode and Damilola Olotu in 2021, SendChamp is a cloud communications provider that allows businesses to send and receive customer messages across different channels, including SMS, WhatsApp, email, and voice.

Over the last 2 years, the startup has worked with over 6000 businesses including Surebet247, Baxi, Chowdeck, Wirepay by Maplerad, Bumpa, and TeamApt.

In 2021, SendChamp had previously announced a $100,000 angel round from local syndicates including DFS Lab, Hustler Capital, HoaQ Club, Velocity Digital and a couple of other angel investors— the only round raised to date.

While the cost is undisclosed, the acquisition carries potential positives for all parties involved. Whogohost stands to benefit from SendChamp’s product suite across marketing messages, OTP, and customer support systems, deepening its value proposition, while SendChamp will benefit from its access to Whogohost’s over 100,000 customer databases.

Speaking on the acquisition, Goodness Kayode, CEO at SendChamp, said, “We received offers from a number of businesses across diverse industries at different points in our journey but ultimately went with Whogohost when an offer came given the synergies between our products and strategic positioning are clear. With this acquisition, we get to keep building SendChamp as an interoperable product within Whogohost’s integrated platform.”

At Whogohost, the acquisition of SendChamp is regarded as the first in a strategic series of steps that will see the company transform from a domain and hosting infrastructure company to a diverse digital services platform that focuses on domains, online presence, communication, and online commerce products.

Opeyemi Awoyemi Founder at Whogohost had this to say about the acquisition, “Over the last 16 years, Whogohost has provided domain hosting services to hundreds of thousands of businesses. The acquisition of SendChamp presents us with a unique opportunity to evolve our business from domain-hosting to a one-stop shop for digital services for entrepreneurs and businesses in Africa. We’re excited about what this means for us.”

According to both companies, SendChamp will continue to operate as an independent product in the months following the acquisition as it transitions to new ownership. However, soon, its products and services will become accessible via the Whogohost integrated platform. The reason for this is to allow for a smooth transition with minimal interruption to existing customer service.

As part of the acquisition deal, the CEO & CTO of Sendchamp and some members of the Sendchamp team will be joining Whogohost. Goodness Kayode will join as the Chief Product Officer while Damilola Olotu as the Chief Technology Officer of Whogohost.

Goodness Kayode and Damilola Olotu, Sendchamp is a cloud-based communication platform that allows businesses to send and receive messages to their customers across different channels, including SMS, WhatsApp, email, and voice.

Sendchamp has onboarded over 6000+ businesses across its API and No-code CRM tool product processing over 50m+ messages across messaging channels with customers ranging from VC-backed startups to enterprise businesses like Prudential Zenith, Surebet247, Baxi, Chowdeck, Wirepay by Maplerad, and Bumpa, among others.

The technology board is a specialised platform for technology-based companies to list and raise capital on The Exchange.

Through the board, NGX aims to encourage investments in indigenous technologically inclined companies and others across Africa, provide greater visibility to these companies and ultimately deepen the Nigerian capital market.

Securities listed on NGX Technology Board will be accessible to qualified institutional investors, retail investors, and high-net-worth investors.

The approval by SEC has come as the Nigerian Exchange positions itself to get its bite from Nigeria’s growing startup market that has produced five unicorns (companies at early stage of business but each of whose valuation is already $1 billion and above) and made it the tech capital of Africa.

Major players like TeamApt, Jumia, Konga, OPay, Interswitch, Flutterwave, Andela, and other tech-based companies now have opportunity to raise funds through the exchange.

McKinsey & Co expects an expansion in the continent’ financial services revenue from $150 billion to $230 billion in the five years to 2025.

Francophone West Africa and Ghana are projected to grow at the swiftest pace, with Nigeria and Egypt coming in tow.

Novastar Ventures co-led the investment round, Lightrock and BII also participated in the round.

Being QED Investors’ first African investment, the VC states that TeamApt’s solution and achievement so far were interesting factors that led to its investment in the startup. 

“Tosin Eniolorunda and his team have steadily built an impressive payments network across the country over the past five years. They already process payments for more than 400,000 merchants and some of these merchants also serve as ‘human ATMs’ helping more than 1 million customers across the country pay in cash into their bank accounts or receive cash locally when needed. A good use case for this may be for your car service at a local store in Kano – you can take out some cash next door with a TeamApt agent.”

QED Investors want to tap into the opportunity brought about by challenges in offline payments across Nigeria’s financial services industry.

“In a country like Nigeria where there are roughly nine ATMs per 100,000 people – a number that can be drastically lower in the inner, more rural parts of the country – this presents a complex payment problem nationwide. Simply put, the penetration is not there.

For comparison, Canada, which has one of the highest concentrations in the world, has 210 ATMs per 100,000 people. Based on a study of 110 countries with data provided by The World Bank, the average is 61 per 100,000 residents.”

QED Investors’ investment in TeamApt is in line with building solutions to issues faced by small businesses and merchants in Nigeria.

“Payments are critical, but so is having access to credit, being able to balance their books and being able to bank effectively. To solve the growing needs, you need to not only help them collect money, but you need to help store it, manage it and give them access to it in the most convenient manner possible.”

The VC affirms its satisfaction with TeamApt’s focus on execution and customer obsession across the entire product spectrum. “What they’re building today will help shape the future of payments in Nigeria forever.”

NFW is one of the largest gatherings of players in the fintech ecosystem in Nigeria as well as Africa and this edition will hold in a hybrid format which offers you the opportunities to attend physically or be a part of the event online.

You can register to attend the #NFW2022 here.

The Nigeria Fintech Week (#NFW2022) theme for this year is reflective of Deloitte’s Fintech Report which highlights customer inertia and infrastructure as one of the failings of the global fintech ecosystem.

The theme also speaks to the need to take on the issue of sustainable impact across sectors as the world finds its footing in the ‘next normal’.

In light of this, this year’s edition would practically touch on emerging technologies spanning different verticals and e-government in the African contexts.

The hybrid event which has Fintech Association of Nigeria, FintechNGR, and Fintech Associates Limited, as its organizing partners, is set to host about ten thousand attendees.

Some of the features of Nigeria Fintech Week which are applicable to businesses and professionals alike include opportunities to expand business & professional networks, interact and learn from top industry leaders & respected icons, and advance thought leadership.

The NFW team is also big on promoting emerging voices and experts, so you can send in your application if interested in being a part of the speaker line-up this year.

Other aspects of the event more particular to corporate brands are product acquisition/promotion, brand exposure & publicity, technology launches/showcase, fast-track customer acquisition, co-create solutions off the event, foster new B2B and B2C partnerships, as well as media interviews and appearances. For brand participation, you are encouraged to kindly send an expression of interest while slots are still open.

Other key features include TechSpark – a full-day hands-on session for students on deepening technical skills & tech-enabled businesses which will be held at select campuses, pavilions at the physical location in Landmark by international investors and embassies, as well as regulatory parleys and Ecosystem Hour.

The 2021 edition had over 8000 participants in attendance both online and physically from 20 countries and had notable highlights such as the launch of DigiStuds – a digital academy training project for undergraduates in Nigerian universities, Ecosystem Hour with representatives from other local/regional ecosystem bodies, and a mini TechSpark.

It also had practical sessions on NFTs, Disruption Disrupted, discourses on fintech in the capital market, femtech, payments and a lot more.

Past editions of the Nigeria Fintech Week had given birth to Fintech Association of Nigeria, the umbrella body for about 300 players in the Fintech space from the twenty-one sectors of the economy, the Africa Fintech Network, the body of thirty-two national Fintech Associations across Africa, Fintech Adoption Roadmap Policy in the Capital Market, helped young startups to launch out and scale up, rallying point on regulatory issues amongst others. 

Some of the sponsors at NFW2021 include Zenith Bank, Mastercard, Ecobank, Aella, Access Bank, Unified Payments, TeamApt, VFD Group, Softalliance, CreditRegistry, Jackson, Etti & Edu, FastCredit, AELEX,Coinnews, DLM, Odua Investment Company Limited,  AppZone and numerous product exhibitors, in addition to ecosystem/media partners like NIBSS, NCC, TechEconomy.ng, Proshare, Nairametrics.