PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria

PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria

 

Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.

This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.

Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.

She 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.

Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said 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 her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.

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.

According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “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.”

Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.

He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”

In his contribution, Mr. Chika Nwosu, managing director of PalmPay, 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.

Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.

According to him, “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.”

While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.

In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.

Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.

According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.

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.

He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.

He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.

Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, 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.

He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.

Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.

 

 

 

….despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.

World Leaders Mourn the Death of Pope Francis, Remembered as a Symbol of Compassion and Courage

World Leaders Mourn the Death of Pope Francis, Remembered as a Symbol of Compassion and Courage
  • The world is in mourning following the passing of His Holiness Pope Francis, the 266th leader of the Roman Catholic Church, who died at 7:35 AM on Easter Monday at the age of 88. His death was formally announced by Cardinal Kevin Farrell, Camerlengo of the Apostolic Chamber, at Casa Santa Marta.

“With deep sorrow, I must announce the death of our Holy Father Francis,” Cardinal Farrell said. “His entire life was dedicated to the service of the Lord and of His Church. He taught us to live the values of the Gospel with fidelity, courage, and universal love, especially in favor of the poorest and most marginalized.”

Tributes have poured in from across the globe, reflecting the Pope’s profound influence on both spiritual and political spheres.

In the United States, Vice President J.D. Vance shared an emotional message on X (formerly Twitter), writing: “My heart goes out to the millions of Christians all over the world who loved him. I was happy to see him yesterday, though he was obviously very ill. But I’ll always remember him for the beautiful homily he gave in the early days of COVID. May God rest his soul.”

Indian Prime Minister Narendra Modi also paid homage, expressing his grief and admiration. “Deeply pained by the passing of His Holiness Pope Francis. In this hour of grief and remembrance, my heartfelt condolences to the global Catholic community. Pope Francis will always be remembered as a beacon of compassion, humility, and spiritual courage by millions across the world,” Modi stated. He also highlighted the Pope’s dedication to the poor and his inspiring commitment to inclusive development.

The White House released a solemn tribute accompanied by photos of the Pope meeting both President Donald Trump and Vice President Vance. The message read simply: “Rest in Peace, Pope Francis.”

Pope Francis, born Jorge Mario Bergoglio in Buenos Aires, Argentina, made history as the first Jesuit Pope and the first from the Americas. Throughout his papacy, he championed the causes of the marginalized, challenged global leaders to act justly, and sought to make the Church more open and inclusive.

In recent years, Pope Francis was one of the few Western leaders to speak with unwavering moral clarity on humanitarian issues, including the ongoing crisis in the Levant. As global conflicts deepened, his voice became a rare beacon, denouncing violence and advocating for peace across religious and cultural lines.

As the Catholic world begins its mourning rituals, millions reflect on the legacy of a spiritual leader whose compassion and courage resonated far beyond the Vatican walls.

May his soul find eternal peace.

Premier Records Celebrates 62 Years of Musical Excellence and Cultural Legacy

Premier Records Celebrates 62 Years of Musical Excellence and Cultural Legacy

One of Africa’s most iconic music labels, Premier Records Limited, is proudly celebrating its 62nd anniversary, marking over six decades of shaping Nigeria’s soundscape and preserving its rich musical heritage.

Founded in 1963, Premier Records has remained a trailblazer in the African music industry, championing artistic excellence, innovation, and cultural preservation. According to Michael Odiong, a senior executive at the label, “62 and still counting!” — a testament to the brand’s enduring influence and unwavering commitment to music.

As the third-oldest record label in Africa, Premier Records boasts a legacy that spans generations, having supported and promoted a diverse range of genres from highlife and afrobeat to gospel, hip hop, and contemporary sounds.

The label’s deep catalog of timeless recordings, alongside a forward-looking vision, continues to inspire both budding and established artists. Through strategic investments in talent development and genre diversity, Premier Records has ensured that every voice finds a platform and every rhythm resonates with its audience.

Now, at 62, Premier Records remains not just a symbol of the past, but a dynamic force for the future—nurturing creativity, expanding musical boundaries, and celebrating the unifying power of sound across the continent and beyond.

Lagos, Rivers, Ogun Lead Nigeria’s Domestic Debt Profile in 2024 — DMO

Lagos, Rivers, Ogun Lead Nigeria’s Domestic Debt Profile in 2024 — DMO

 

As Nigeria continues to grapple with economic headwinds, new data from the Debt Management Office (DMO) has shed light on the growing financial burdens carried by state governments across the country. Topping the list is Lagos State, with a staggering domestic debt of ₦900.19 billion as of December 2024—more than double that of the second-highest debtor, Rivers State.

Rivers State’s debt stands at ₦364.39 billion, reflecting its own share of the fiscal strain, while Ogun State, another South-Western state, is third with ₦211.86 billion. Delta State follows closely with ₦199.58 billion in domestic debt, and Bauchi, the leading state from the North-East, takes the fifth spot with ₦143.95 billion.

Other states in the top 10 include Niger (₦140.74 billion), Imo (₦126.14 billion), Benue (₦122.58 billion), Akwa Ibom (₦122.19 billion), and Enugu (₦119.28 billion). These figures reflect the financial realities many governors face as they attempt to fund development projects, pay salaries, and manage recurrent expenditures in the face of dwindling federal allocations and rising inflation.

A regional analysis paints an even clearer picture: the South-West and South-South geopolitical zones dominate the list, with Lagos, Ogun, Rivers, and Delta collectively accounting for over ₦1.6 trillion in domestic debt. This trend speaks to the high cost of maintaining infrastructure and public services in Nigeria’s economic hubs and oil-producing regions.

Experts note that while some of these debts are tied to long-term capital projects that could boost economic productivity, the rising figures also call for stricter fiscal discipline, increased internally generated revenue (IGR), and transparency in loan utilization.

The figures, curated by data intelligence firm Statisense and sourced from the DMO, provide a critical snapshot of the country’s subnational debt landscape and highlight the urgent need for sustainable debt management practices across all tiers of government.

By

Anthony Emeka Nwosu

INTERNATIONAL MUSIC EXPERT TO LEAD CRUCIAL INDUSTRY DIALOGUE IN LAGOS

INTERNATIONAL MUSIC EXPERT TO LEAD CRUCIAL INDUSTRY DIALOGUE IN LAGOS

AMB Roundtable Set to Address Digital Transformation Challenges Facing Nigeria’s Booming Music Sector

Lagos, Nigeria – In a significant boost for Africa’s largest music market, the upcoming AMB Roundtable has announced the appointment of globally acclaimed music business scholar Professor Daniel Nordgård as moderator for its high-level industry discussions. The event comes at a pivotal moment for Nigeria’s $26 million music industry as it seeks sustainable solutions to digital age challenges.

Event organizer Michael Odiong emphasized the timing’s importance, stating: “Nigeria’s music industry is experiencing unprecedented global success but still faces fundamental structural issues. From fair digital compensation to effective royalty collection, we need these critical conversations now more than ever. Having Professor Nordgård guide this dialogue brings world-class expertise to our local challenges.”

The roundtable will focus on three key areas crucial to Nigeria’s music ecosystem: digital monetization strategies adapted to Africa’s unique mobile-first economy, policy frameworks to protect creative rights while fostering innovation, and structural reforms to create sustainable career paths beyond just superstar artists.

Professor Nordgård, whose groundbreaking research on digital transitions has influenced music markets worldwide, noted Nigeria’s special position: “What’s happening in Nigeria’s music sector represents one of the most fascinating case studies globally. The direct leap from informal distribution to digital platforms, combined with Afrobeats’ international explosion, offers valuable lessons for emerging markets everywhere.”

Industry analysts highlight the event’s potential impact, particularly in addressing Nigeria’s persistent challenges with piracy, uneven royalty distribution, and infrastructure gaps in live music promotion. The discussions aim to produce actionable policy recommendations and business models tailored to the African context.

The AMB Roundtable will convene top music executives, digital platform representatives, policymakers, and leading . Expected outcomes include a comprehensive policy white paper for Nigerian legislators and best practice guidelines for digital music services operating in African markets.

 

By Anthony Emeka Nwosu

About the AMB Roundtable
The AMB Roundtable is Nigeria’s premier music business think tank, facilitating strategic dialogue between African music stakeholders and global industry leaders to develop solutions for sustainable creative sector growth.

Nigeria Data Protection Commission Engages Health Ministry to Strengthen Data Privacy in Healthcare Sector

Nigeria Data Protection Commission Engages Health Ministry to Strengthen Data Privacy in Healthcare Sector

The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, recently led a delegation on a strategic working visit to the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate. The meeting focused on enhancing data protection compliance in the health sector under the Nigeria Data Protection Act (NDPA) 2023.

During the engagement, Dr. Olatunji highlighted the critical role of data privacy in healthcare, warning that breaches could lead to severe consequences, including reputational damage, medical errors, and even loss of life. He urged health sector stakeholders to adopt robust measures to safeguard sensitive patient data and sought the minister’s support in ensuring full compliance with the NDPA.

In response, Prof. Pate commended the NDPC’s efforts and pledged the ministry’s commitment to collaborating with the Commission. He assured that all 107 agencies under his supervision would adhere to the Data Protection Act and emphasized the need to extend awareness to state-level health authorities through the National Council on Health.

As part of the partnership, the NDPC proposed free training programs for health workers on data privacy best practices—an offer warmly accepted by the minister. Additionally, the Commission has been invited to address the Committee of Chief Medical Directors to further emphasize the importance of data protection in healthcare delivery.

The meeting marks a significant step toward strengthening data security in Nigeria’s health sector, aligning with global privacy standards.

#ChampioningPrivacyRights #NADPA2025 #DataProtectionInHealthcare

Tinubu Is an Asset to Northern Nigeria and the Nation — Defence Minister Matawalle

Tinubu Is an Asset to Northern Nigeria and the Nation — Defence Minister Matawalle

Minister of State for Defence, Bello Matawalle, has described President Bola Ahmed Tinubu as a significant asset to Northern Nigeria and the country as a whole, urging citizens to dismiss what he termed “baseless and politically motivated” criticisms against the president.

In a statement released on Friday and signed by his Special Assistant on Political Affairs, Ibrahim Goga, Matawalle, who previously served as Governor of Zamfara State, condemned recent attacks on Tinubu, asserting that they are driven by individuals who failed to secure their political ambitions.

“President Tinubu has demonstrated an uncommon commitment to addressing the challenges facing our region,” the minister stated. “Those attacking him with propaganda are only seeking relevance after failing to secure their political future.”

He accused unnamed political figures of sponsoring misinformation campaigns as a way to divert attention from their own lackluster performance while in office. “These individuals had the opportunity to lead but left no meaningful legacy,” he said. “Today, they parade themselves as defenders of the people, using falsehoods and crocodile tears to win sympathy.”

Matawalle commended the Tinubu administration for what he described as significant progress in security and infrastructure development. He pointed to Operation Fansan Yamma, a recent military offensive against terrorism in the North, as a major success, noting that over 65 notorious bandit leaders have been neutralized and more than 200 terrorist camps destroyed.

“Our security forces, backed by the President’s proactive strategies, have recorded remarkable successes,” he said, adding that recent festive seasons like Easter and Ramadan were among the most peaceful in years for northern communities.

The minister also praised the revival of previously neglected infrastructure projects under the current administration. He cited the Zaria-Gusau-Talata Mafara-Sokoto expressway and the Abuja-Kaduna-Kano highway as examples of Tinubu’s dedication to regional development.

“These projects were abandoned for years, but President Tinubu has revived them. Critics deliberately ignore these achievements because they do not serve their narrative,” he stated.

Calling for unity across the North, Matawalle urged the region’s residents to reject divisive rhetoric and rally behind the Tinubu administration. “We must be part of the solution, not the problem,” he said. “The North stands to gain more through unity and support for a working leadership.”

BorderlessTek Launches Lifeline for Underprivileged Nigerian Children Through Coding

BorderlessTek Launches Lifeline for Underprivileged Nigerian Children Through Coding

 

In a powerful intervention against digital exclusion, a UK-based Nigerian tech entrepreneur, Wale Atekoja, is rewriting the future of disadvantaged children in Lagos, one line of code at a time.

His organization, Borderless Tek, has launched the Kids Coding Partnership — a grassroots tech education program designed to equip underprivileged schoolchildren in communities like Ikorodu and Yaba with foundational coding and software development skills, completely free of charge.

This is not just another CSR initiative. It’s a deliberate human-centered response to the growing digital divide that continues to marginalize low-income Nigerian children from the technology revolution sweeping the globe.

“We’ve been teaching Black kids in Europe how to code, but what about those back home?” says Wale Atekoja, better known as @AtexXeta on social media. “We’re not targeting the privileged. We’re starting with the forgotten — the children who have never touched a laptop.”

 

The first three-month cohort of the program is scheduled to kick off in September 2025, targeting public Junior and Senior Secondary School students across Lagos’ low-income areas. The curriculum will focus on practical, hands-on learning — from basic programming to animation, mobile app creation, and problem-solving.

But Wale is not walking this path alone.

The initiative is supported by strategic partners such as Yesding (education facilitation), Proline (internet infrastructure), and Akowe App, a credential verification startup that will ensure every certificate earned is both digitally secured and internationally recognized.

> “This is how we break cycles of exclusion,” says Olamide Busari, a representative from Akowe. “These children will walk away not only with new skills but with verifiable certificates that open doors.”Borderless Technology (@BorderlessTek) / X

 

This credibility ensures the effort extends beyond the classroom — helping students qualify for advanced training, internships, or even scholarships. It’s about real-world impact, not just inspiration.

The classrooms — to be set up in schools and libraries — are being fitted with digital infrastructure through partnerships with local governments and community stakeholders. Earlier pilot classes held this year already demonstrated tangible success: students who had never used a laptop built mobile apps and animations in just weeks.

Wale’s intervention is not just technical — it is deeply personal. Raised in Nigeria, he knows what it feels like to have the intellect but not the opportunity.

“I know what it’s like to be capable but invisible,” he says. “That’s why we’re building a new table — not waiting for a seat at someone else’s.”

 “We’ve been teaching Black kids in Europe how to code, but what about those back home?” says Wale Atekoja, better known as @AtexXeta on social media. “We’re not targeting the privileged. We’re starting with the forgotten — the children who have never touched a laptop.”

He is calling on corporate entities, public servants, NGOs, and everyday Nigerians to join the effort — by donating laptops, sponsoring training centers, or mentoring the children.

“We’ve opened the doors,” Wale adds. “But we need others to help keep them open.”

In a country where millions of young people are at risk of being left behind in the tech-driven global economy, the Kids Coding Partnership is more than a program — it is a necessary human intervention. A digital lifeline. A second chance.

And for many Nigerian children, it may be their first real shot at creating — not just consuming — the future.

NITDA Boss Hosts Gambian Minister at GITEX Africa, Discusses Strategic Tech Collaboration

NITDA Boss Hosts Gambian Minister at GITEX Africa, Discusses Strategic Tech Collaboration

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has welcomed the Gambian Minister of Communications and Digital Economy, Hon. Lamin Jabbi, Esq., to the Nigerian Pavilion at the ongoing GITEX Africa in Marrakech.

The high-level meeting focused on deepening bilateral collaboration in the digital economy space, with particular emphasis on revitalising the Gambian tech ecosystem and fostering regional innovation. Discussions also covered plans for the Gambian delegation’s active participation in GITEX Nigeria, slated for September 2025.

Highlighting the need to boost digital trade between Nigeria and Gambia, Abdullahi stressed the importance of fostering closer ties among tech startups, innovation hubs, and venture capitalists across both countries. He further encouraged the adoption of supportive policy frameworks—such as tax holidays for startups in Gambia—as a catalyst for driving innovation, attracting investment, and strengthening cross-border partnerships in West Africa’s digital economy.

Southeast Nigeria Leads in Self-Made Billionaires, Not Ritualists – Hon. Obi-West Utchaychukwuo Declares

Southeast Nigeria Leads in Self-Made Billionaires, Not Ritualists – Hon. Obi-West Utchaychukwuo Declares

A renowned radio personality and social commentator, Hon. Obi-West Utchaychukwuo, has sparked conversation on social media with his bold statement debunking the myth surrounding wealthy individuals from Southeast Nigeria. According to Utchaychukwuo, the wealth of Igbo businessmen is not rooted in ritual practices but in hard work, smart networking, and deep business acumen.

In a recent statement shared online, Utchaychukwuo noted that the southeastern region of Nigeria, predominantly occupied by the Igbo ethnic group, is home to the highest number of self-made billionaires in the country. “These are not people who looted public funds,” he emphasized, “but entrepreneurs who have built legitimate empires.”

He pointed to events such as the high-profile burial ceremony of Obi Cubana’s mother, which drew nationwide attention due to the extravagant displays of wealth. While some questioned the sources of the funds, Utchaychukwuo clarified that many of those in attendance were top importers, exporters, and sole distributors of major international products across Africa.

“There is hardly any Igbo family today without at least one millionaire. This isn’t by accident. It’s due to a strong entrepreneurial culture passed down through generations,” he said.

He also challenged common stereotypes, urging the public to stop associating Igbo businessmen with rituals, fraud, or money laundering. “You need to emancipate yourself from the misconception,” he said, listing notable Igbo entrepreneurs such as E-Money, Obi Cubana, Jowi Zaza, Valentine Ozigbo, and business entities like Air Peace as examples of legitimate wealth creation.

Utchaychukwuo went on to reveal that one of the contributors to the over N250 million raised during the burial is the sole distributor of a pharmaceutical drug in Nigeria that records millions in annual sales. “He earns N1,000 from each unit sold at N3,500. With sales running into millions yearly, that’s a legitimate billionaire,” he said.

The media figure further urged young Nigerians to shift focus from salaried jobs to entrepreneurship, noting that Nigeria remains an untapped goldmine for business-minded individuals. He cited the example of Hotels.ng founder, Mark Essien, who returned to Nigeria from Germany and built one of the country’s largest hotel booking platforms. The company attracted a $1.2 million investment from eBay founder Pierre Omidyar in 2015.

“Poverty is vanity,” he concluded, “because living a life without meaning or purpose is in itself, vain. Nigeria has opportunities for those ready to act.”

The statement, now trending with hashtags such as #madamCEO, #DivineFM, and #highchiefadaigbo, has ignited fresh discourse about wealth creation, regional stereotypes, and youth empowerment in Nigeria.

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