Sunday, November 09, 2025
Moniepoint Inc, Africa’s leading business payments and personal banking platform, has introduced “M”, Nigeria’s first AI-powered chatbot designed to simplify and demystify the informal economy. The innovation reinforces Moniepoint’s decade-long mission to deepen financial inclusion and foster business growth across Africa’s largest economy.
The launch took place alongside the unveiling of the second edition of Nigeria’s Informal Economy Report, a research initiative powered by Moniepoint.
Speaking at the event, Vice President Kashim Shettima, represented by Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, commended Moniepoint for its consistent contributions to financial inclusion and national development.
He said, “Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy. This report gives an important window into the challenges and opportunities within the sector. It provides a stronger foundation for inclusive, evidence-based policymaking. The Tinubu-led administration places high priority on the informal sector, which has remained central to Nigeria’s economic resilience. I commend Moniepoint for its decade-long contribution to financial inclusion, supporting millions of informal businesses across Africa.”
To bring the report’s findings to life, Moniepoint launched “M,” an AI-driven digital assistant built on Large Language Model (LLM) technology. The chatbot provides clear, conversational responses to complex questions, helping users understand the dynamics of Nigeria’s informal economy.
“M” reflects Moniepoint’s belief that technology should serve people — especially small business owners, artisans, and traders who drive daily commerce. The tool makes data on informal trade accessible, actionable, and user-friendly, catering to researchers, journalists, policymakers, and the general public.
In his remarks, Babatunde Olofin, Managing Director of Moniepoint MFB, emphasized that the company’s mission is to equip informal businesses with the tools to grow sustainably.
He stated, “This year’s report dives deeper into unemployment, taxation, savings behaviour, and business operations within the informal economy, and what we’ve found paints a picture of both resilience and fragility. These insights remind us that the informal economy is not just a tool for survival but a living ecosystem of innovation and adaptation. We are determined to help shape a more inclusive and sustainable Nigeria, not just for today, but for generations yet unborn. The informal economy is not the shadow of our nation’s progress; it is its pulse. Our job is to make sure it beats stronger.”
The event also marked Moniepoint’s 10-year anniversary, celebrating its impact on over 10 million active businesses and individuals. The platform processes over one billion transactions monthly, facilitating payments worth more than $22 billion.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from a fintech infrastructure provider for Nigeria’s banks into the nation’s largest business payments platform and top merchant acquirer. Its all-in-one ecosystem now supports payments, banking, credit, business management, and cross-border solutions.
Government leaders including Hon. Ayodele Olawande, Minister of Youth Development (represented by Mrs. Ebiho Agun), praised Moniepoint for its commitment to illuminating the realities of Nigeria’s informal sector.
She noted, “While Moniepoint has aptly drawn attention to the vast potential of the informal economy, largely powered by youth, it is clear that realizing this potential requires strong synergy among government, private sector players, financial institutions, and development partners. Together, we must move from insight to action, designing and implementing strategies that will enable informal enterprises to access finance.”
During a panel session themed “Building an Inclusive and Sustainable Economy for Nigeria,” experts from SANEF, EFInA, SMEDAN, and Moniepoint MFB discussed how greater access to finance, markets, and digital tools can transform informal businesses into engines of growth.
Charles Odii, Director-General of SMEDAN, highlighted encouraging progress in business formalization and access to finance while acknowledging ongoing challenges.
He said, “We are working with our partners and under this administration’s economic agenda to close these gaps: free CAC registration for 250,000 small businesses, a partnership with SEC to list 1,000 SMEs on the capital market, and new shared industrial hubs that make it cheaper to run a business. We are also working with state governments to deepen access to affordable finance and complement efforts of the Federal Government to create a regulatory environment that supports the growth of small businesses.”
The event attracted several dignitaries from both public and private sectors, including representatives from FIRS, NITDA, ONDI, and the IFC.
Moniepoint’s achievements have earned it recognition on multiple prestigious lists, including the Financial Times’ Africa’s Fastest-Growing Companies, TIME100 Most Influential Companies, and CNBC’s World’s Top Fintech Companies. The Central Bank of Nigeria named Moniepoint the Financially Inclusive Fintech of the Year, while it also clinched the SME Microfinance Bank of the Year award at the BusinessDay BAFI Awards in both 2024 and 2025.
Through innovation, data-driven insights, and a relentless focus on inclusion, Moniepoint continues to shape a more connected and financially empowered Nigeria.
To join our expert panel discussions,
reach out to info@intentamplify.com
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