Moniepoint has unveiled “M,” Nigeria’s first Artificial Intelligence-powered chatbot dedicated to demystifying the nation’s vast informal economy. The launch was met with commendation from the Federal Government for Moniepoint’s decade-long commitment to driving financial inclusion and business growth.
The introduction of “M” coincided with the launch of the second edition of Nigeria’s Informal Economy Report powered by Moniepoint. The Vice President, Kashim Shettima, represented by Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, highlighted the informal economy as “the heart of Nigeria’s story of resilience, creativity, and enterprise.” She commended Moniepoint for its contributions, noting that the Tinubu-led administration places a high priority on the sector.
“M” is built on cutting-edge Large Language Model (LLM) technology and is designed to bring the report’s insights to life. It serves as a friendly, AI-powered guide that provides conversational and easy-to-understand responses to complex queries about Nigeria’s informal economy.
“M’s” design makes data on small businesses and informal trade accessible, useful, and actionable for everyone from policymakers and researchers to journalists and the general public.
Babatunde Olofin, Managing Director, Moniepoint MFB, stated that the bank’s focus is on providing millions of informal operators with the necessary tools to thrive. He emphasized the importance of the informal economy, noting, “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 launch also marked a significant milestone as Moniepoint celebrates 10 years of service. The company now supports over 10 million active businesses and individuals, processing more than one billion transactions monthly and facilitating payments exceeding $22 billion.
Moniepoint aims to strengthen public-private collaboration to build a more data-driven, inclusive, and digitized economy, aligning with Nigeria’s goal of achieving a $1 trillion economy by 2030.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has grown to become the nation’s largest business payments platform, offering an all-in-one banking platform that includes payments, banking, credit, and business tools.
The launch event featured a panel session moderated by Didi Uwemakpan, VP of Corporate Affairs, Moniepoint Inc., where speakers—including the MD/CEO of SANEF, the DG of SMEDAN, and Head of Inclusion for All Initiative—stressed the urgent need to increase access to finance, markets, and structured interventions for the informal economy.