Moniepoint, a leading business payments and personal banking platform, has launched “M”, Nigeria’s first artificial intelligence-powered chatbot, to support the growth and understanding of the country’s informal economy.
Unveiled by Mr. Babatunde Olofin, Managing Director of Moniepoint MFB, during the presentation of the 2025 Nigeria Informal Economy Report, the chatbot is built on advanced Large Language Model (LLM) technology to deliver conversational, easy-to-understand insights.
Olofin said “M” is designed to make data on small businesses and informal trade accessible and actionable for policymakers, researchers, journalists, and the public.
“This reflects our belief that technology should serve people — especially everyday entrepreneurs who keep the economy moving,” he said.
The launch also marks Moniepoint’s 10th anniversary, with the company now serving over 10 million active users, processing over one billion transactions monthly, and facilitating payments worth more than $22 billion.
Olofin said Moniepoint aims to strengthen public-private collaboration toward a data-driven, inclusive, and digital economy, in line with the government’s target of a $1 trillion economy by 2030.
“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 added.
Vice President Kashim Shettima, represented by Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, commended Moniepoint for its decade-long commitment to financial inclusion and support for informal businesses.
Also, Mr. Ayodele Olawande, Minister of Youth Development, and Mr. Charles Odii, Director-General of SMEDAN, hailed the initiative for spotlighting the potential of the informal sector and its role in youth empowerment, job creation, and digital adoption.
Odii noted that SMEDAN, in partnership with other agencies, had provided free CAC registration for 250,000 small businesses, listed 1,000 SMEs on the capital market, and worked to improve access to affordable finance nationwide.
