L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’ Association (NITRA); Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode; Ms. Unwana Enang, Product Manager, Moniepoint Group; Mr. Chika Nwosu, Managing Director, PalmPay Nigeria and Peter Oluka, Editor. TechEconomy at the Payment Forum Nigeria 3.0 held in Lagos recently.

Stakeholders at the Payment Forum Nigeria 2026 have emphasised the need for robust and reliable payment infrastructure to drive financial inclusion, particularly among small businesses, merchants, and agents.

Speaking at the forum, David Ijaola of TeamApt, a subsidiary of Moniepoint Inc., said payment systems must be “reliable, reachable, and relevant” to support inclusive economic growth.

Representing the Chief Executive Officer of TeamApt Ltd., Dennis Ajalie, Ijaola 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.

Ijaola 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 under-utilisation 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 said 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 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 him, such coordinated efforts are essential to unlocking the next phase of Nigeria’s economic growth and digital transformation.

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’ Association (NITRA); Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode; Ms. Unwana Enang, Product Manager, Moniepoint Group; Mr. Chika Nwosu, Managing Director, PalmPay Nigeria and Peter Oluka, Editor. TechEconomy at the Payment Forum Nigeria 3.0 held in Lagos recently.

At the third edition of Payments Forum Nigeria (PAFON 3.0), held in Lagos, PalmPay’s Managing Director, Mr. Chika Nwosu, delivered a compelling address on the transformative role of embedded finance in Africa.

Speaking on the theme “Embedded Finance in Africa: Powering Payments Where People Live, Work, and Trade”, Nwosu emphasised that the story of finance on the continent is not merely about innovation but about solving everyday problems.

He recalled that as recently as 2017, only 43 per cent of adults in Sub-Saharan Africa had access to formal financial services, with Nigeria facing even deeper exclusion. Even for those included, challenges such as network downtime and failed transactions plagued the system.

“The average Nigerian wants to synergise life, work, and business without friction. That is where embedded finance comes in,” Nwosu said, stressing that the solution lies in integrating financial services directly into platforms people already use and trust.

Highlighting the role of smartphones as gateways into the financial ecosystem, he noted that Nigeria’s large base of smartphone users presents a unique opportunity to expand access.

With small businesses and informal trade driving the economy, contributing over 80 per cent of employment and more than half of GDP in Sub-Saharan Africa, Nwosu argued that financial services must meet people where they are: in markets, on ride-hailing platforms, at POS terminals, and in online shops.

PalmPay, he explained, has focused on building infrastructure that guarantees reliability at scale, achieving a 99.95 per cent transaction success rate. “Trust is everything,” he said, adding that the company’s fraud prevention systems and human oversight have been critical to sustaining user confidence.

Beyond infrastructure, PalmPay has expanded through a network of over 500,000 agents, bringing services to the last mile, while leveraging data and AI to personalize experiences and strengthen security.

Nwosu underscored that embedded finance is already reshaping Nigeria’s digital economy by improving cash flow for small businesses, creating jobs, and moving beyond financial inclusion to meaningful usage, cautioning however, that more work remains to be done.

He outlined three priorities for unlocking the full potential of embedded finance: reliability at scale, deep ecosystem integration, and accessibility. Success, he said, will be achieved “when a trader in a remote market can transact with the same speed and confidence as a corporate executive in Lagos.”

Nwosu affirmed PalmPay’s commitment to building this future, where payments become so seamless that users no longer have to think about them at all.

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’ Association (NITRA); Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode; Ms. Unwana Enang, Product Manager, Moniepoint Group; Mr. Chika Nwosu, Managing Director, PalmPay Nigeria and Peter Oluka, Editor. TechEconomy at the Payment Forum Nigeria 3.0 held in Lagos recently.

CreditRegistry has called for a shift in Nigeria’s digital finance conversation from transaction volume to fairness, stressing that the future of the country’s financial system depends not merely on payment speed, but on transparency, reliability, accessibility and trust.

Speaking at the third edition of the Payments Forum Nigeria (PAFON 3.0), the Managing Director/Chief Executive Officer of CreditRegistry, Dr. Jameelah Sharrieff-Ayedun, represented by Mr. Chinedu Onyia, Manager, Professional Service at 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, 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.

She 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.”

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’ Association (NITRA); Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode; Ms. Unwana Enang, Product Manager, Moniepoint Group; Mr. Chika Nwosu, Managing Director, PalmPay Nigeria and Peter Oluka, Editor. TechEconomy at the Payment Forum Nigeria 3.0 held in Lagos recently.

Nigeria’s fast-growing digital payments ecosystem is increasingly vulnerable to cyber threats, with cybersecurity expert and Chief Visionary Officer of Digital Encode, Prof. Adewale Peter Obadare, warning innovators and financial technology operators that neglecting cybersecurity in pursuit of rapid market expansion could undermine financial inclusion and public trust.

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 organisations 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 organisations 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, emphasising 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.”

Nigeria’s retail lender, Unity Bank Plc, alongside leading climate innovation experts, has called for increased investment in the green economy and the adoption of frontier technologies as critical pathways to driving economic resilience and reducing the impact of climate change on vulnerable populations across Africa.

The call was made during a thought-provoking webinar hosted by the Bank to commemorate this year’s Earth Day, themed “The True Cost of Climate Change and Who Pays?”. Climate experts and stakeholders convened to examine the human, economic, and institutional costs of climate change, while spotlighting practical solutions to address its growing impact.

In his opening remarks, Unity Bank’s Head of Strategy and Innovation, Ibukun Coker, emphasised the urgency of addressing climate risks from both a societal and business perspective.

He said: “Climate change is no longer a distant or abstract challenge. It is an existential threat with direct consequences for individuals, businesses, and economies. At Unity Bank, we recognise the role institutions must play in incorporating sustainability in project financing, supporting businesses and promoting solutions that build resilience in communities where we operate.”

The webinar featured Chinwe Udo-Davis, Founder and CEO of Instollar, and Oluwatosin Ajide, Programme Manager at the Nigeria Climate Innovation Centre, both of whom provided insights into the drivers of climate change and the pathways to mitigation and adaptation.

Speaking during the session, Udo-Davis highlighted the disproportionate burden which climate change places on underserved communities and the need for inclusive solutions.

“The true cost of climate change is not evenly distributed. Communities with the least resources are often the most affected, whether through energy poverty, environmental degradation, or limited access to sustainable alternatives. Addressing this imbalance requires intentional investment in clean energy solutions that are both accessible and scalable.”

Ajide underscored the importance of coordinated, system-wide approaches in tackling climate challenges, particularly through innovation and policy alignment.

“Climate change is fundamentally a structural problem, and its solution requires a paradigm shift: from innovation and policy to financing and implementation. Stakeholders must work collaboratively to drive solutions that are sustainable and inclusive.”

The session also explored emerging opportunities in climate technology, renewable energy, and ecosystem financing, reinforcing the role of innovation and cross-sector collaboration in building long-term resilience.

By hosting the webinar, Unity Bank continues to demonstrate its commitment to advancing sustainability-focused dialogue and supporting initiatives that promote responsible growth and environmental stewardship.

The initiative underscores the Bank’s broader strategic focus on environmental sustainability as well as its commitment to financial inclusion.

Moniepoint Microfinance Bank (Moniepoint MFB) has reaffirmed its leadership in Nigeria’s agency banking space, positioning its track record and distinctive service model as a game-changer for the sector, while committing to deepen value creation across the entire ecosystem.

Beyond service provision, the Bank is cementing its identity as the homegrown, technological backbone of the real economy, built by Nigerians to solve the specific complexities of the local commercial landscape.

Speaking on the Bank’s evolving strategy, Ezekiel Sanni, Senior Vice President (SVP), Distribution Network Sales, Moniepoint MFB, said the Bank’s approach is built on a clear understanding that agency banking must be anchored on consistent enterprise support, trust building, and real economic value for agents, merchants and their customers.s

“Agency banking has grown significantly in reach, but the next phase of growth will be defined by quality of service and depth of engagement,” Ezekiel Sanni, SVP, Distribution Network Sales, said. “At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve while our engineering is a commitment to the stability that these businesses need to thrive.”

At the core of this approach is the deployment of dedicated field-based managers who work closely with agents, providing hands-on, on-the-ground support tailored to their daily operations.

Unlike conventional systems, where engagement often ends after onboarding, Moniepoint MFB maintains continuous interaction with agents, driving product usage, resolving operational challenges, and strengthening long-term partnerships.

By combining digital infrastructure with a strong physical presence, the Bank has created a hybrid service model that delivers both scale and human connection.

This proximity enables faster issue resolution and supports always-on mentorship, where merchants receive ongoing business guidance, real-time operational support, and on-the-job training, particularly in critical areas such as fraud detection and anti-money laundering (AML) regulatory compliance.

“When you are close to the agent, you are in a position to go beyond providing a service to building capability,” Mr. Sanni added. “Our teams work alongside agents to strengthen their operations, improve compliance awareness, and ultimately protect both their businesses and the broader financial system.”

According to the Bank, the impact of this approach extends beyond agents and merchants to last-mile customers, who benefit from more reliable service, safer transactions, and greater confidence in the financial system they interact with daily.

Moniepoint MFB’s model has been further strengthened by its track record over the past few years as the bona fide operating system for small businesses.

The Bank has integrated value-added services, such as inventory management, savings product, and access to working capital loans, into its platform, embedding itself in merchants’ day-to-day operations and significantly increasing the value delivered.

“Our aspiration has been to become indispensable to the businesses we serve,” Ezekiel noted. “When your banking partner is also supporting your inventory, helping you navigate other obligations, and providing access to capital, the relationship becomes stronger and more impactful.”

The Bank’s strong performance metrics reinforce this positioning as Nigeria’s largest merchant acquirer, powering 8 out of every 10 in-person payments made across the country, driven by reliability, fast transaction processing, rapid settlement cycles, and a range of other benefits.

This consistency has also helped build a reputation for reliability, which the Bank describes as a key competitive moat in a market where agents often consolidate around a single provider.

“In many cases, agents are effectively choosing a long-term partner they trust to be stable, responsive, and dependable. That is the trust we have deliberately built, that continues to differentiate us even as we work hard to contribute meaningfully to the broader growth and development of the financial ecosystem,” Mr. Sanni added.

The Bank reiterated that it sees agency banking not just as a channel but as critical infrastructure for economic participation and an enduring financial inclusion.

Moniepoint’s commitment is to keep strengthening that infrastructure, supporting merchants, empowering customers, and continuing to serve as the reliable, indigenous engine that keeps Nigeria’s real economy moving.

Participants with staff members of Ecobank and DHL at the capacity‑building programme.

Ecobank Nigeria, in partnership with DHL, has successfully concluded a three‑week intensive capacity‑building programme aimed at equipping Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.

The programme brought together entrepreneurs across diverse sectors and focused on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.

Participants described the initiative as impactful, practical, and transformative. Founder of Lagos‑based fashion brand Debsfray, Dolapo Fatoki, said the training addressed long‑standing business challenges.

“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.

Similarly, Tosin Olukuade, Creative Director of FC Accessories, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.

Reflecting on the programme’s digital focus, Mrs. Theresa Onwuka, CEO and Founder of Needle Point, highlighted how the sessions broadened her outlook on growth and innovation. “The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.

One of the programme’s sessions, titled “Trade and Grow Beyond Borders: Welcome to E‑commerce,” was delivered by Charles Eke, Relationship Channel Manager, DHL Customers/Global Express. He underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics. He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities

e‑commerce presents for cross‑border expansion. According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.

Speaking on the impact of the initiative, Omoboye Odu, Head, SMEs, Partnerships and Collaborations at Ecobank Nigeria, described the programme as a catalyst for meaningful growth and mindset change. “Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.

Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development.
“Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade,” she added.

She also highlighted the Bank’s continued commitment to supporting women‑led businesses through Ellevate by Ecobank, which provides access to finance, business advisory services, and tailored solutions designed to help female entrepreneurs scale sustainably and compete globally.

“When businesses gain access to markets, ambition turns into action and growth accelerates. This initiative is not just training; it is transformation,” Odu concluded.

Ecobank Nigeria remains committed to driving innovation, fostering strategic partnerships and creating impactful platforms that enable African businesses to thrive on the global stage.