By Stakeholders in Nigeria’s fintech ecosystem are concerned about how collaboration among financial service providers, telecommunication operators, and tech Startups are crucial to leapfrogging the country’s digital economy.
Stakeholders who spoke at the second edition of Payment Forum Nigeria (PAFON 2.0) harped on the essence of conscious effort geared at consumer awareness, and proffered key remedies to the challenge of financial inclusion in the country.
In her presentation, which focused on the theme: “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, the Managing Director and Chief Executive Officer of AfriGoPay Financial Services Limited, Mrs Ebehijie Momoh revealed that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
Momoh who was represented by Head of Innovation and Strategic Partnership at AfriGoPay, Mr. Munachi Duru, said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Duru started the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In another presentation, the Managing Director of Shared Agent Network Expansion Facilities Limited (SANEF) Limited, Mrs. Uche Uzoebo, said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.
“By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved”, she said.
Chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), Mr. Ibirogba Oluwagunwa, during a panel session called for collaboration stressing that slow institutional drive towards AI hinders digital inclusion.
“The human barrier angle needs to be addressed. FinTech need to be pushed to move forward, AI cannot operate itself”, he said.
Also speaking, Managing Director of PalmPay, Mr. Chika Nwosu, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Joining the panel session virtually, Azure Application and AI Specialist at Microsoft UK, Olusoji Adeyemo, said, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
Customer support lead at Moniepoint MFB, Oluwabunmi Ogunyemi proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
Co-Convener, Mr. Chike Onwuegbuchi, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.
