Moniepoint Inc, Africa’s top business payments and personal banking platform, has launched “M,” Nigeria’s first AI-powered chatbot created to simplify insights into the country’s informal economy and empower millions of small business owners.
The company announced the launch on Thursday during the unveiling of the second edition of Nigeria’s Informal Economy Report. The move reinforced Moniepoint’s decade-long dedication to promoting financial inclusion and strengthening the informal sector, which forms the backbone of Nigeria’s economy.
At the event in Lagos, Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the informal economy as the heartbeat of Nigeria’s enterprise and resilience. Oduwole noted that millions of Nigerians drive commerce daily in ways that are often unseen but remain essential to the nation’s economy. She emphasized that the new report provides a solid foundation for inclusive and evidence-based policymaking.
She also highlighted that President Bola Tinubu’s administration places great importance on the informal sector, recognizing its central role in sustaining Nigeria’s economic strength. Oduwole praised Moniepoint for contributing to financial inclusion and supporting millions of small businesses across Africa.
Built with advanced Large Language Model technology, “M” acts as an intelligent, conversational guide that helps users explore and understand trends within Nigeria’s informal economy. It provides clear, interactive answers to complex questions, making critical data about small businesses and informal trade accessible to policymakers, researchers, journalists, and the public.
Moniepoint Microfinance Bank’s Managing Director, Babatunde Olofin, explained that the chatbot represents the company’s vision to empower entrepreneurs who form the core of Nigeria’s economy. He said the latest report explores key areas such as unemployment, taxation, savings behavior, and daily business operations in the informal sector. Olofin described the informal economy as the pulse of the nation’s progress, adding that Moniepoint’s goal is to make that pulse stronger through data-driven empowerment.
He reaffirmed Moniepoint’s focus on giving informal business operators the tools they need to grow sustainably while offering insights that guide inclusive national development.
The event also doubled as Moniepoint’s 10th anniversary celebration, marking its transformation from a technology provider for Nigerian banks into one of Africa’s leading business payment platforms. The company now serves over 10 million active businesses and individuals, processes more than one billion transactions monthly, and facilitates payments exceeding $22 billion. This growth reflects its deep impact on digital financial inclusion across Nigeria.
Minister of Youth Development, Hon. Ayodele Olawande, represented by Technical Adviser Mrs. Ebiho Agun, commended Moniepoint for shining a light on the informal sector’s importance to national growth. She noted that the informal economy, largely powered by young people, holds vast potential that can only be realized through strong collaboration between government, the private sector, and development partners. She urged all stakeholders to turn insights into action by helping informal enterprises gain access to finance and scale sustainably.
During a panel session titled “Building an Inclusive and Sustainable Economy for Nigeria,” experts emphasized the need to expand access to finance and markets for informal businesses. The discussion, moderated by Moniepoint’s Vice President of Corporate Affairs, Didi Uwemakpan, featured several industry leaders, including Ms. Uche Uzoebo of the Shared Agent Network Expansion Facilities, Ms. Chinasa Collins-Ogbuo of EFInA’s Inclusion for All Initiative, SMEDAN’s Director-General Mr. Charles Odii, and Mr. Olofin from Moniepoint Microfinance Bank.
Odii explained that SMEDAN’s collaboration with Moniepoint on the report highlights the agency’s commitment to formalizing small businesses and improving their access to funding. He noted that the report shows real progress, as more businesses are adopting digital tools and entering formal structures. He added that under the government’s current agenda, SMEDAN plans to offer free Corporate Affairs Commission registration to 250,000 small businesses and list 1,000 SMEs on the capital market.
The event attracted several high-level dignitaries, including Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson; Senior Special Assistant to the President on Digital Media and Emergency Management, Ahmed Ningi; Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria, Akin Morakinyo; and NITDA’s Deputy Director of Digital Economy, Dr. Amina Sambo-Magaji.
Olofin said the introduction of “M” fits into Moniepoint’s broader vision of building a data-driven, inclusive, and digital economy aligned with Nigeria’s Renewed Hope Agenda to achieve a $1 trillion economy by 2030. He stressed that technology should always serve people, especially everyday entrepreneurs who drive the nation’s growth. With “M,” he said, Moniepoint is ensuring that the informal economy actively participates in the AI revolution and continues to thrive in Nigeria’s digital future.
