Financial technology company Moniepoint has launched “M”, Nigeria’s first artificial intelligence-powered chatbot, designed to support growth, data access, and understanding within the country’s informal economy.
The innovation was unveiled by Mr. Babatunde Olofin, Managing Director of Moniepoint MFB, during the presentation of the second edition of the Nigeria Informal Economy Report, an annual study by the company.
Olofin said the new AI chatbot was part of Moniepoint’s decade-long mission to empower small businesses and deepen financial inclusion.
“M is a friendly, AI-powered guide that helps users explore and understand Nigeria’s informal economy,” Olofin explained. “Built on cutting-edge Large Language Model (LLM) technology, it provides conversational, easy-to-understand answers to complex questions.”
He noted that the chatbot aims to make data on small enterprises more accessible, useful, and actionable for a wide audience — including policymakers, researchers, journalists, and entrepreneurs.
The launch also marked Moniepoint’s 10th anniversary, with the company now serving over 10 million active users and processing more than one billion transactions monthly, valued at over $22 billion.
“Our goal is to strengthen public-private collaboration and build a more data-driven, inclusive, and digitized economy aligned with Nigeria’s Renewed Hope Agenda of achieving a $1 trillion GDP by 2030,” Olofin added.
He emphasized that Moniepoint’s latest Informal Economy Report delves into key issues such as unemployment, taxation, savings habits, and business operations, highlighting both the resilience and challenges of informal entrepreneurs.
“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.”
Vice President Kashim Shettima, represented by Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, praised Moniepoint for its commitment to driving financial inclusion and for shedding light on the informal sector’s economic significance.
“From market traders to artisans and young digital entrepreneurs, millions of Nigerians power commerce daily in ways that are unseen yet indispensable,” Shettima said. “This report offers vital insights for inclusive, evidence-based policymaking.”
The Vice President reaffirmed the Tinubu administration’s commitment to strengthening the informal economy, describing it as central to Nigeria’s growth and resilience.
Minister of Youth Development Ayodele Olawande, represented by Mrs. Ebiho Agun, also commended Moniepoint’s initiative, emphasizing that realizing the potential of informal enterprises requires stronger synergy between government, private sector, and development partners.
Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, lauded the findings of the report, noting progress in the formalization and digitalization of small businesses.
“We’ve made real progress — more businesses are formalizing, accessing finance, and adopting digital tools,” Odii said.
He, however, acknowledged ongoing challenges, including high operational costs and limited access to affordable credit, and outlined SMEDAN’s partnership efforts to close these gaps.
“We’ve provided free CAC registration for 250,000 small businesses, worked with the Securities and Exchange Commission to list 1,000 SMEs on the capital market, and are collaborating with states to improve access to finance,” he added.
Moniepoint’s AI-powered chatbot “M” is now live, symbolizing a major step toward digitally enabling Nigeria’s informal sector and providing real-time data and insights for the nation’s millions of small-scale entrepreneurs.
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