Moniepoint, a leading business payments and personal banking platform, has launched “M,” Nigeria’s first artificial intelligence-powered chatbot, designed to enhance understanding of the country’s informal economy.
The chatbot was unveiled by Moniepoint MFB Managing Director, Mr Babatunde Olofin, during the second edition of the Nigeria Informal Economy Report held in Lagos.
Olofin said the innovation was part of Moniepoint’s commitment to demystifying the informal economy and making critical data accessible to entrepreneurs, policymakers, and researchers.
M is a friendly, AI-powered guide built on cutting-edge Large Language Model (LLM) technology. It helps users explore and understand Nigeria’s informal economy through conversational and easy-to-understand responses,” Olofin explained.
He noted that the launch coincided with Moniepoint’s 10th anniversary, marking a decade of service to over 10 million active businesses and individuals. The firm currently processes more than one billion transactions monthly, facilitating payments exceeding $22 billion.
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Olofin said the innovation aligns with Nigeria’s Renewed Hope Agenda, which aims to achieve a $1 trillion economy by 2030, by strengthening collaboration between the public and private sectors in driving financial inclusion and digital growth.
“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.
Vice President Kashim Shettima, represented by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, commended Moniepoint for its decade-long contribution to financial inclusion and its support for millions of informal businesses.
“The informal economy lies at the heart of Nigeria’s story of resilience and enterprise. This report offers vital insights for evidence-based policymaking,” Shettima said.
Minister of Youth Development, Mr Ayodele Olawande, represented by Mrs Ebiho Agun, also praised Moniepoint for shedding light on a vital but often overlooked sector.
He said harnessing the potential of the informal economy required synergy among government agencies, private players, and financial institutions to improve access to finance and promote youth-driven entrepreneurship.
Similarly, Mr Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), lauded Moniepoint’s efforts and said the report highlighted progress in business formalisation, access to finance, and adoption of digital tools.
“We have provided free CAC registration for 250,000 small businesses and partnered with the SEC to list 1,000 SMEs on the capital market. These steps will help close existing gaps and create a supportive environment for small business growth,” Odii stated.
The “M” chatbot is expected to serve as a key tool for inclusive data access, empowering Nigeria’s informal sector which remains the backbone of its economy to thrive in a more digital and evidence-driven future.
