Moniepoint Introduces “M”: Nigeria’s First AI Chatbot for the Informal Economy

Nigeria’s informal economy has always done the heavy lifting; quietly powering markets, paying bills, and keeping millions afloat, yet it rarely gets the policy attention it deserves. Now, it finally has a digital voice.

Moniepoint is trying to change that narrative with data, and now, with AI.

At the launch of the second edition of Moniepoint’s Informal Economy Report, the fintech unveiled “M”, Nigeria’s first AI-powered chatbot built specifically to explain, simplify, and humanise insights about the informal economy. Think complex economic data, but explained like you’re talking to a smart friend, not decoding a policy document at 2 a.m.

Speaking at the event, Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the informal sector as “the heart of Nigeria’s story of resilience, creativity, and enterprise.” From market traders and artisans to service providers and digital hustlers, the sector remains the backbone of Africa’s largest economy and powers everyday commerce.

And yet, for something this important, the informal economy is often misunderstood, under-documented, and under-supported. That’s where M comes in.

She also commended Moniepoint’s decade-long contribution to financial inclusion, highlighting its role in supporting millions of informal businesses across the country.

Meet M: An AI Guide for Nigeria’s Most Important Economy

Picture “M” as a friendly, data-savvy guide for policymakers, journalists, researchers, entrepreneurs, or curious Nigerians making sense of the informal economy.

Built on advanced Large Language Model (LLM) technology, “M” transforms complex data into clear, conversational answers, no jargon, no spreadsheet headaches.

Ask about taxation, savings habits, employment trends, or informal business operations, and it responds in plain language. Moniepoint’s philosophy is straightforward: technology should serve the people keeping the economy moving, not just institutions.

What the 2025 Informal Economy Report Reveals

The report spotlights millions of Nigerians powering daily commerce in indispensable ways. Dr. Oduwole noted it lays a stronger foundation for inclusive, evidence-based policymaking, something Nigeria urgently needs.

This edition dives deeper into:

• Unemployment and job creation

• Access to finance and credit

• Taxation realities

• Savings habits

• Digital adoption among small businesses

Findings reveal a resilient, innovative sector constrained by rising costs, limited affordable credit, and inconsistent policy support. Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, summed it up: “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.”

From Insight to Action: Government and Private Sector Alignment

Collaboration emerged as a key theme, data alone doesn’t drive change.

During a panel session themed “Building an Inclusive and Sustainable Economy for Nigeria,” experts from SMEDAN, EFInA, SANEF, and Moniepoint stressed improving access to finance, markets, and interventions for sustainable scaling.

SMEDAN Director-General, Charles Odii highlighted steps in progress:

• Free CAC registration for 250,000 small businesses.

• A partnership with the SEC to list 1,000 SMEs on the capital market.

• Shared industrial hubs to reduce operating costs.

• Expanded affordable finance via state partnerships.

The takeaway: collaboration unlocks the informal economy’s potential.

A Decade of Inclusion and Counting

The launch also marked Moniepoint’s 10-year anniversary, with impressive milestones:

1. Over 10 million active businesses and individuals served.

2. More than 1 billion transactions processed monthly.

3. Over $22 billion in payments facilitated.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has grown from backend infrastructure for banks to Nigeria’s largest business payments platform and top merchant acquirer offering payments, banking, credit, business tools, and cross-border solutions in one ecosystem.

Moniepoint has earned recognition from:

• Financial Times (Africa’s Fastest-Growing Companies)

• TIME100 (Most Influential Companies)

• CNBC (World’s Top Fintech Companies)

• CBN Financially Inclusive Fintech of the Year

The launch of “M” signals a deeper shift: from enabling transactions to shaping understanding.

Why “M” Matters

Nigeria’s $1 trillion economy goal by 2030 depends heavily on the informal sector whether policymakers admit it or not. Tools like "M" help bridge the gap between everyday economic reality and formal decision-making.

By turning data into dialogue, Moniepoint isn’t just releasing a report, it’s inviting everyone to explore, question, and grasp the informal economy.