Onome Amuge

Moniepoint Inc., one of Nigeria’s largest business payments and personal banking platforms, has unveiled “M”, an artificial intelligence-powered chatbot designed to make data on the informal economy accessible, understandable, and actionable for millions of businesses, policymakers, and researchers.

The launch, which coincided with the presentation of the second edition of the Nigeria Informal Economy Report, marks a pivotal moment for a fintech firm that has quietly become one of the most influential institutions in Nigeria’s digital finance landscape.

The event, held in Lagos, also celebrated Moniepoint’s tenth anniversary, a milestone showcasing the company’s decade-long commitment to powering small businesses, expanding financial access, and driving economic inclusion across Nigeria’s vast and largely unbanked informal sector.

The new AI-powered tool, M, stands out as the first of its kind in Nigeria, a conversational chatbot that uses large language model (LLM) technology to help users navigate complex data on the informal economy. It aims to demystify a sector often described as the engine room of Africa’s fourth largest economy, employing tens of millions but remaining largely undocumented, underfinanced, and underserved.

With M, Moniepoint hopes to bridge the gap between data and decision-making. The chatbot answers queries in simple language, helping users from small business owners and journalists to academics and policymakers, understand insights from the Informal Economy Report, such as patterns in unemployment, taxation, savings behaviour, and business operations.

According to Babatunde Olofin, managing director, Moniepoint Microfinance Bank, “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 the report’s findings reveal both resilience and fragility within the sector, urging greater collaboration between fintechs, regulators, and government institutions to unlock productivity and ensure sustainable livelihoods.

The launch drew high-level attention from the federal government, represented by Vice President Kashim Shettima, through Jumoke Oduwole, minister of industry, trade and investment.

Oduwole praised Moniepoint’s contribution to Nigeria’s development agenda, describing the informal economy as the heart of the country’s story of resilience, creativity, and enterprise. She said the Tinubu-led administration’s Renewed Hope Agenda prioritises inclusive growth, particularly through the empowerment of small and micro-enterprises that drive daily commerce across the country.

“This report gives an important window into the challenges and opportunities within the sector. It provides a stronger foundation for inclusive, evidence-based policymaking. I commend Moniepoint for its decade-long contribution to financial inclusion and supporting millions of informal businesses across Africa,” Oduwole said. 

From its humble beginnings in 2015, Moniepoint Inc., founded by Tosin Eniolorunda and Felix Ike, has evolved from providing financial infrastructure for Nigerian banks to becoming a pan-African financial technology leader.
The firm currently serves over 10 million active businesses and individuals, processing more than one billion transactions monthly and facilitating payments exceeding $22 billion. Its digital ecosystem offers an all-in-one platform combining payments, banking, credit, business management tools, and cross-border services.
Olofin said the company’s investments in technology and data analytics have been instrumental in helping micro and small enterprises formalise their operations, improve cash flow management, and expand market access.

“Through our tools, we see the invisible economy come alive. Millions of traders, artisans, and service providers who were previously outside the formal banking system are now digitally visible and credit-worthy,” he noted. 

The event also featured a panel discussion on “Building an Inclusive and Sustainable Economy for Nigeria,” moderated by Didi Uwemakpan, vice president, Corporate Affairs, Moniepoint Inc. Panelists included Charles Odii, director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Uche Uzoebo, MD/CEO, SANEF; and Chinasa Collins-Ogbuo, head of inclusion for All Initiative, EFInA.

Discussions centred on how to transition from insight to action, ensuring that findings from Moniepoint’s report inform targeted interventions that strengthen Nigeria’s economic base.

Odii said the findings reflect real progress, noting that more businesses are formalising, using digital tools, and gaining access to finance. He revealed that SMEDAN is partnering with key agencies to address structural bottlenecks through initiatives such as free CAC registration for 250,000 small businesses and a plan to list 1,000 SMEs on Nigeria’s capital markets.

“We are also establishing shared industrial hubs to reduce operating costs and are working closely with state governments to expand access to affordable finance,” Odii said.

Ayodele Olawande, minister of youth development, represented by Ebiho Agun, commended Moniepoint’s work in understanding and illuminating the dynamics of a sector that, though often overlooked, remains the backbone of the economy.
She noted that the youth form the largest demographic within the informal sector, calling for stronger synergy between government, private sector players, and development partners.

“Realising the full potential of this sector requires more than innovation; it requires inclusive policy frameworks that ensure informal enterprises can access credit, training, and markets,” she said.

Analysts assert that Moniepoint’s “M” represents a new chapter in how data and artificial intelligence can be used to shape policy and financial innovation in emerging markets.
By making sector data interactive and easily digestible, the firm is  seen as not only deepening transparency but also enabling smarter economic planning.

The 2025 Informal Economy Report, for instance, shows how informal sector participants are adopting digital tools faster than before, indicating a gradual transition toward semi-formalised commerce. Yet, challenges remain, including limited access to credit, inadequate social protection, and high operating costs.

With AI, Moniepoint aims to turn these insights into practical interventions; guiding financial institutions, investors, and policymakers to design products and policies that align with real-world data.

Moniepoint’s consistent innovation has not gone unnoticed internationally. The company has appeared on the Financial Times’ Africa’s Fastest-Growing Companies list, TIME100’s Most Influential Companies, and CNBC’s World’s Top Fintech Companies.
At home, it has been named Financially Inclusive Fintech of the Year by the Central Bank of Nigeria, and has twice won SME Microfinance Bank of the Year at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards in 2024 and 2025.