L-r: Senior Special Assistant to the President on Digital Media and Emergency Management (OVP), Ahmed Ningi, Managing Director, Moniepoint MFB, Babatunde Olofin, Hon Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole and Special Adviser to the President on Job Creation & MSME, Temitola Adekunle-Johnson at the launch of M in Abuja recently.
Moniepoint Inc has once again pushed the boundaries of innovation in Nigeria’s financial landscape with the launch of “M”, an artificial intelligence chatbot built to simplify understanding of Nigeria’s informal economy, the vibrant, chaotic, and deeply human engine that keeps the nation moving.
The launch, which coincided with the unveiling of the second edition of the Nigeria Informal Economy Report, was more than a tech moment; it was a statement, that data, empathy, and technology can coexist to serve the everyday hustler, artisan, and digital trader powering Africa’s largest economy.
At the event, Vice President Kashim Shettima, represented by Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, described the informal economy as “the story of Nigeria’s resilience.” “From market traders to roadside mechanics and online vendors, millions of Nigerians make commerce happen in ways that are unseen yet indispensable,” she said. “This report gives policymakers a clearer picture of where the challenges lie and how government can support sustainable livelihoods. The Tinubu-led administration remains committed to strengthening this backbone of our economy, and Moniepoint’s decade of support deserves commendation.”
Moniepoint’s new AI companion, “M”, isn’t your typical chatbot. It’s designed as a conversational guide, one that can break down complex economic data into clear, relatable insights.
Built on Large Language Model (LLM) technology, “M” speaks human, answering questions about small business trends, informal trade, and financial inclusion with the warmth and simplicity that Moniepoint believes technology should embody.
For Moniepoint MFB Managing Director, Babatunde Olofin, this innovation reflects the company’s broader mission to equip informal business owners with tools for growth, not just survival. “The informal economy isn’t the shadow of progress; it’s the pulse of it,” Olofin said. “This year’s findings highlight both the resilience and the fragility of millions of entrepreneurs who make up this space. Our goal is to make that pulse beat stronger, sustainably, inclusively, and for generations yet unborn.”
The launch event also marked a major milestone, Moniepoint’s 10th anniversary.
In ten years, the company has grown from a fintech startup serving Nigerian banks to a continental powerhouse with over 10 million active users, one billion monthly transactions, and over $22 billion processed each month.
Co-founded by Tosin Eniolorunda and Felix Ike in 2015, Moniepoint has built a trusted name by enabling small businesses to send, receive, and manage money easily, now extending to credit, business tools, and cross-border payments.
Representing the Federal Ministry of Youth Development, Mrs. Ebiho Agun, Technical Adviser to the Minister, praised Moniepoint for shining a light on a sector long underappreciated. “The informal economy is largely powered by young Nigerians,” she said. “Realizing its potential requires partnership, between government, the private sector, and financial institutions. We must move beyond data to action, designing real pathways for access to finance and business support.”
The event’s panel discussion, “Building an Inclusive and Sustainable Economy for Nigeria”, gathered key voices including Uche Uzoebo (SANEF), Chinasa Collins-Ogbuo (EFInA), Charles Odii (SMEDAN), and Moniepoint’s own Olofin.
They called for increased financial access, market linkages, and digital tools to help informal operators scale beyond survival.
SMEDAN DG, Charles Odii, reaffirmed government’s ongoing reforms: “We’re working with partners to register 250,000 small businesses for free, support 1,000 SMEs to list on the capital market, and create shared industrial hubs that make it cheaper to operate. The goal is clear, formalize more businesses and deepen access to affordable finance.”
Moniepoint’s journey continues to attract global recognition. It has been listed among the Financial Times’ Fastest-Growing Companies in Africa, TIME100’s Most Influential Companies, and CNBC’s World’s Top Fintech Companies. Locally, it has won multiple honors including Financially Inclusive Fintech of the Year by the Central Bank of Nigeria, and SME Microfinance Bank of the Year at the BAFI Awards in both 2024 and 2025.
Yet beyond the awards and milestones, Moniepoint’s message remains simple: empower the people who power Nigeria.
As the company moves into its next decade, “M” becomes more than an AI chatbot, it’s a bridge between data and dignity, between numbers and the millions of Nigerian stories they represent.“The informal economy,” as Olofin put it, “is not waiting for recognition, it’s asking for partnership.”
