Moniepoint, a business payments and personal banking servicing platform has launched “M”, Nigeria’s first artificial intelligence-powered chatbot.
Mr Babatunde Olofin, the Managing Director, Moniepoint MFB, unveiled the chatbot at the second edition of Nigeria’s Informal Economy Report powered by Moniepoint.
Speaking at the launch, Olofin said that the chatbot was dedicated to demystifying the informal economy.
He said that “M,” was a friendly, AI-powered guide that would help users explore and understand Nigeria’s informal economy.
Olofin said that the chatbot was built on cutting edge Large Language Model (LLM) technology, and would provide conversational and easy-to-understand responses to complex queries.
He said that it represented Moniepoint’s belief that technology should serve people, especially the everyday entrepreneurs who keep the economy moving.
According to him, M” is designed to make data on small businesses and informal trade accessible, useful, and actionable for everyone from policymakers and researchers to journalists and the general public.
“This launch also serves to mark a significant milestone as Moniepoint commemorates 10 years of service to now over 10 million active businesses and individuals.
“We process more than one billion transactions monthly and facilitate payments exceeding $22 billion.
“Our aim is to strengthen public-private collaboration in building a more data-driven, inclusive, and digitised economy aligned with Nigeria’s Renewed Hope Agenda of achieving a $1 trillion economy by 2030.
He said that the Bank’s focus lay in providing millions of these informal operators with the tools they needed to thrive sustainably.
Olofin noted that this year’s report dived deeper into unemployment, taxation, savings behavior, and business operations within the informal economy,
According to him, Moniepoint paints a picture of 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,” he said.
Also speaking at the launch, the Vice-President of Nigeria, Kashim Shettima, lauded Moniepoint Inc, for its decade-long commitment to driving financial inclusion and business growth across Nigeria
The Vice President, who was represented by Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, said that the informal economy lay at the heart of Nigeria’s story of resilience, creativity, and enterprise.
He said that from market traders to artisans, service providers, and young digital entrepreneurs, millions of Nigerians powered 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,” he said.
Mr Ayodele Olawande, Minister, Federal Ministry of Youth Development, also commended Moniepoint for its commitment to understanding and illuminating the dynamics of a sector often overlooked, but remaining the backbone of the national economy.
The minister, represented by Mrs. Ebiho Agun, Technical Adviser in the ministry, said that Moniepoint had aptly drawn attention to the vast potential of the informal economy, largely powered by youth.
According to him, it is clear that realising 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.
Speaking on its partnership with Moniepoint on the report, the Director-General, SMEDAN, Charles Odii, expressed satisfaction that the report showed real progress with more businesses formalising, accessing finance, and using digital tools.
He acknowledged some challenges that persisted, especially around rising costs and access to affordable credit.
“We are working with our partners under this administration’s economic agenda to close these gaps.
“We provided free CAC registration for 250,000 small businesses, partnered with the Securities and Exchange Commission to list 1,000 SMEs on the capital market.
“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,” he said.
