FG hails fintech’s impact
‎‎Moniepoint Inc., Africa’s leading business payments and personal banking platform, has launched “M” Nigeria’s first artificial intelligence-powered chatbot dedicated to simplifying insights into the informal economy.
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The launch, which coincided with the unveiling of the second edition of Nigeria’s Informal Economy Report, earned the fintech giant commendation from the Federal Government for its decade-long role in advancing financial inclusion and business growth across the country.
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Representing Vice President Kashim Shettima at the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, highlighted the vital role of Nigeria’s informal sector in driving national resilience, creativity, and enterprise.
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“Millions of Nigerians sustain commerce daily in ways often unseen yet indispensable to our economy,” Oduwole said. “This report offers valuable insight into the challenges and opportunities within the sector and provides a foundation for inclusive, evidence-based policymaking.
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The Tinubu administration remains committed to strengthening the informal economy, which has been central to Nigeria’s economic resilience. I commend Moniepoint for its decade-long impact in powering small businesses across Africa.”
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Powered by advanced Large Language Model (LLM) technology, M serves as an interactive guide designed to help users explore and understand Nigeria’s informal economy through easy, conversational responses.
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The chatbot embodies Moniepoint’s mission to make data on small businesses and informal trade accessible, actionable, and beneficial to policymakers, researchers, journalists, and everyday entrepreneurs.
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In his remarks, Babatunde Olofin, Managing Director of Moniepoint MFB, emphasized the company’s continued focus on empowering informal operators with the tools needed for sustainable growth.
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“This year’s report goes deeper into issues like unemployment, taxation, savings, and business operations. What we’ve found highlights both the resilience and fragility of this sector,” Olofin noted. “The informal economy is not the shadow of our nation’s progress it is its pulse. Our mission is to make that pulse beat stronger.”
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The event also marked Moniepoint’s 10th anniversary, celebrating a decade of service to over 10 million active businesses and individuals.
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The company processes more than one billion transactions monthly, facilitating payments exceeding $22 billion, while advancing Nigeria’s Renewed Hope Agenda to build a $1 trillion economy by 2030.
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Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from building digital infrastructure for banks to becoming Nigeria’s largest business payments platform and merchant acquirer offering integrated services in payments, banking, credit, business tools, and cross-border solutions.
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Also speaking, Hon. Ayodele Olawande, Minister of Youth Development, represented by Mrs. Ebiho Agun, commended Moniepoint’s efforts to spotlight the potential of the informal sector.
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“This sector, largely powered by youth, holds immense promise. To unlock it, we must strengthen collaboration between government, private sector players, financial institutions, and development partners,” she said.
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During a panel discussion on “Building an Inclusive and Sustainable Economy for Nigeria,” moderated by Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc., speakers emphasized the need for increased access to finance and structured interventions for informal businesses.
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Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), praised the report’s findings, which show progress in business formalization and digital adoption, while acknowledging challenges around costs and credit access.
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“We’re addressing these gaps through initiatives such as free CAC registration for 250,000 small businesses, partnerships with the SEC to list 1,000 SMEs on the capital market, and shared industrial hubs to reduce operational costs,” Odii said.
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Dignitaries in attendance included Temitola Adekunle-Johnson (Special Adviser to the President on Job Creation & MSME), Ahmed Ningi (SSA to the President on Digital Media and Emergency Management), Akin Morakinyo (Registrar/CEO, CIBN), Dr. Amina Sambo-Magaji (Deputy Director, NITDA), and Meissa Gueye (Investment Officer, IFC).
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Moniepoint’s impact continues to earn global recognition featuring on the Financial Times Africa’s Fastest-Growing Companies, TIME100 Most Influential Companies, and CNBC’s World’s Top Fintech Companies lists. Locally, the Central Bank of Nigeria named it Financially Inclusive Fintech of the Year, while BusinessDay’s BAFI Awards recognized Moniepoint as SME Microfinance Bank of the Year in both 2024 and 2025.