General News
Reliable Payment Rails Key to Financial Inclusion – TeamApt
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.
PAFON 3.0
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 underutilisation 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.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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