PAFON 3.0: Fintech leaders clash on trust, inclusion and future of payments

Key players in Nigeria’s financial technology ecosystem debated how to deepen financial inclusion while maintaining trust, innovation, and regulatory balance in a fast-growing digital economy, at the Payments Forum Nigeria (PAFON) 3.0.

The discussions brought together voices across payments, credit data, agent networks, and blockchain, revealing both shared goals and sharp differences on how the future of money in Africa should evolve.

Speaking at the forum, Chika Nwosu, managing director of PalmPay, focused on trust and reliability in digital payments. He said Nigeria’s financial exclusion problem is not only historical but structural, linked to past inefficiencies in transaction systems.

According to him, PalmPay’s infrastructure investments have improved transaction success rates to about 99.95 percent, a level he described as critical for mass adoption. He explained that embedded finance should not mean creating more apps, but integrating payments into platforms people already use daily.

Nwosu added that Nigeria’s informal economy, including traders, delivery riders, agents, and small businesses, depends on smooth and reliable financial systems that reflect real-life economic activities. However, he warned that trust remains weak, especially in rural areas where many users still prefer cash over digital platforms. He said future growth depends on reliability at scale, deeper ecosystem integration, and better access for underserved populations.

Shifting the focus to credit inclusion, Chinedu Onyia, representing Janeelah Sherrief Ayedu of Credit Registry, highlighted the gap between digital payments and access to credit.

He noted that although digital payment volumes in Nigeria now run into trillions of naira, inclusion remains incomplete without credit visibility. He explained that transaction data must be converted into structured credit intelligence.

Data is the new collateral, he said, adding that this only works when data is properly organised into useful insights. He said Credit Registry aims to turn fragmented financial behaviour into identity and trust systems that help lenders make better decisions. Without this, many Nigerians remain active in transactions but excluded from formal credit systems.

On financial infrastructure and last-mile delivery, Ihechukwu Ibeji, speaking for Uche Uzoebo of Shared Agent Network Expansion Facilities (SANEF), stressed the importance of financial literacy and regulation.

He said inclusion gaps persist not because systems are lacking, but because understanding is low. He pointed to the Central Bank of Nigeria’s agent banking framework as progress that still requires stronger public education.

According to him, fairness in digital finance depends on transparency, clear pricing, and consumer awareness. He warned that without proper education, especially at the grassroots level, regulations and innovations may be misunderstood or underused.

Providing a distribution perspective, Yusuf Adeyemo of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) highlighted the key role of agents in expanding financial access.

He said agents are central to reaching rural and underserved communities, especially where banks are not present or infrastructure is weak. He added that Nigeria’s financial inclusion rate, estimated at over 70 percent, would not have been possible without agent networks.

Adeyemo cautioned that new innovations should not ignore agents, who have built trust through direct relationships with users. He also noted that pricing, transaction costs, and consumer protection remain key issues affecting adoption.

From a broader technology perspective, Adewale Peter Obadare emphasised the need for clear regulation and strong infrastructure in emerging areas like blockchain and digital assets.

He said innovation in payments and blockchain must be supported by frameworks that ensure safety, scalability, and investor confidence. According to him, Nigeria’s fintech growth depends on collaboration between regulators, innovators, and infrastructure providers to avoid fragmentation.

Across the discussions, a clear tension emerged between innovation and trust, speed and regulation, and decentralisation and control. While PalmPay focused on reliability, Credit Registry stressed data-driven credit systems, SANEF highlighted literacy and fairness, AMMBAN defended agent networks, and blockchain experts called for flexible regulation.

Despite these differences, participants agreed on one point: financial inclusion in Nigeria is no longer just about access, but about trust, usability, fairness, and system integration.

As the sector evolves, the key question remains whether Nigeria can build a financial system where payments become seamless, credit is widely accessible, and trust becomes the foundation of digital finance.