By Adewunmi Oluwaseun
Stakeholders in Nigeria’s financial sector have urged for stronger collaboration among financial service providers, telecommunications operators, and tech startups to overcome the challenges of financial inclusion.
At the second edition of the Payment Forum Nigeria (PAFON 2.0) held in Lagos, experts highlighted the need for a concerted effort to raise consumer awareness and integrate artificial intelligence (AI), into banking systems to bridge the customer experience gap.
Mrs. Ebehijie Momoh, Managing Director of AfriGoPay Financial Services, addressed the forum, praising Nigeria’s progress in financial inclusion, with 64 percent of adults now included in the financial system.
She noted that regulatory reforms like the Bank Verification Number (BVN), and the widespread adoption of smartphones have significantly advanced financial inclusion.
Momoh also pointed to AI-based solutions, such as Smile Identity’s facial recognition for KYC verification, as transformative tools for improving customer acquisition and service.
Echoing her sentiments, Mrs. Uche Uzoebo, MD/CEO of Shared Agent Network Expansion Facilities, emphasized AI’s potential to further drive financial inclusion in underserved communities.
However, panelists like Ibirogba Oluwagunwa, Chairman of the Lagos Chapter of the Association of Mobile Money and Bank Agents, stressed that a lack of collaboration and slow adoption of AI remain significant barriers.
They called for better information sharing and a collective push from fintechs to fully leverage the power of AI for digital inclusion.
