Moniepoint Inc has launched ‘M’, Nigeria’s first artificial intelligence-powered chatbot designed to provide real-time insights into the country’s informal economy and support small business operators across the nation.
The launch coincided with the unveiling of the second edition of Nigeria’s Informal Economy Report and the fintech company’s 10th anniversary. Moniepoint said the initiative reinforces its long-standing commitment to driving financial inclusion and supporting informal businesses, which form the backbone of Nigeria’s economy.
Speaking at the launch in Lagos, Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the informal sector as “the heartbeat of Nigeria’s enterprise and resilience.” He commended Moniepoint for providing data that can shape inclusive policymaking.
Built on large language model (LLM) technology, the chatbot provides conversational insights and simplified responses to complex data queries about Nigeria’s informal sector. It is designed for use by policymakers, researchers, journalists, and small business owners seeking a clearer understanding of the informal economy.
According to Moniepoint Microfinance Bank’s Managing Director, Babatunde Olofin, ‘M’ reflects the company’s mission to empower entrepreneurs and strengthen economic participation. “The informal economy is not the shadow of our nation’s progress; it is its pulse,” Olofin said. “Our job is to make sure it beats stronger.”
Moniepoint, which now serves over 10 million businesses and individuals, processes more than one billion transactions monthly and facilitates payments exceeding $22 billion. The company said it remains committed to equipping small business operators with digital tools to build sustainable enterprises.
Minister of Youth Development, Ayodele Olawande, represented by Technical Adviser, Ebiho Agun, also praised the initiative, calling for stronger collaboration between government and private stakeholders to unlock the informal sector’s full potential.
A panel session at the event, moderated by Moniepoint’s Vice President for Corporate Affairs, Didi Uwemakpan, featured representatives from SMEDAN, EFInA, and SANEF, who called for greater access to finance and formalization of small businesses. SMEDAN’s Director-General, Charles Odii, said the agency’s partnership with Moniepoint reflects its commitment to improving access to credit and supporting the transition of informal businesses into the formal economy.
