Moniepoint Inc, an African business payments and personal banking platform, has unveiled “M”, Nigeria’s first artificial intelligence-powered chatbot designed to make insights about the country’s informal economy more accessible.
The launch, which coincided with the presentation of the second edition of the Nigeria Informal Economy Report, drew commendations from the Federal Government, recognising Moniepoint’s ten-year contribution to advancing financial inclusion and entrepreneurship.
Vice President Kashim Shettima, represented by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, described the informal economy as “the heart of Nigeria’s resilience, creativity, and enterprise.”
“Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy,” Dr Oduwole said. “This report gives an important window into the challenges and opportunities within the sector. I commend Moniepoint for its decade-long contribution to financial inclusion, supporting millions of informal businesses across Africa.”
Meet “M”: The AI Chatbot
Built on advanced Large Language Model (LLM) technology, M is a conversational AI assistant that helps users explore and understand data on Nigeria’s informal economy in simple, relatable language.
Moniepoint says the chatbot represents its belief that technology should empower people, particularly everyday entrepreneurs who sustain local commerce. “M” translates complex data into practical insights for policymakers, researchers, journalists, and the general public, effectively bridging the gap between data and decision-making.
In his welcome address, Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, said this year’s informal economy report delves deeper into key economic areas such as unemployment, taxation, and savings behaviour.
He added that Moniepoint remains focused on equipping millions of informal operators with the tools they need to thrive sustainably, reinforcing the company’s mission to support inclusive and long-term growth.
“We are determined to help shape a more inclusive and sustainable Nigeria, not just for today, but for generations yet unborn. 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.
What You Should Know
The event also marked a major milestone for Moniepoint; ten years of operations, now serving over 10 million active businesses and individuals, processing more than one billion transactions monthly, and facilitating payments exceeding $22 billion.
Since its founding in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from a fintech infrastructure provider for Nigeria’s major banks into one of the country’s largest business payments platform.
The company says its next decade will focus on strengthening public–private partnerships to build a more data-driven, inclusive, and digital economy aligned with Nigeria’s Renewed Hope Agenda, which targets a $1 trillion economy by 2030.
What This Means
Nigeria’s informal economy accounts for over 65% of the nation’s GDP, making it one of the largest informal sectors in sub-Saharan Africa. These figures underscore the opportunity for fintech innovations like Moniepoint’s “M” to enhance financial inclusion, and unlock the full economic potential of Nigeria’s vast informal market.
Moniepoint’s consistent innovation and social impact have earned it multiple national and international honours. It has been featured on the Financial Times’ Africa’s Fastest-Growing Companies list, the TIME100 Most Influential Companies, and CNBC’s World’s Top Fintech Companies.
At home, the Central Bank of Nigeria named Moniepoint the Financially Inclusive Fintech of the Year, while BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards recognised the company as SME Microfinance Bank of the Year in both 2024 and 2025.
With M and the new Informal Economy Report, experts say Moniepoint is positioning itself not only as a fintech leader but as a knowledge partner in Nigeria’s economic transformation.
Talking Points
Moniepoint’s launch of “M”, Nigeria’s first AI-powered chatbot dedicated to understanding the informal economy, marks a bold step in merging artificial intelligence with inclusive finance. It reflects a decade-long commitment to empowering everyday entrepreneurs often excluded from formal systems.
By turning complex data into conversational insights, M makes information about small businesses, trade patterns, and financial behaviour accessible to policymakers, journalists, and researchers. This alone could reshape how decisions are made around micro-enterprises.
At Techparley, we view this as a significant shift in how fintechs can become knowledge partners, not just payment processors. Moniepoint’s approach underscores the power of using AI not to replace human insight but to amplify understanding and drive data-backed policymaking.
The company’s long-term impact, however, will depend on how well M is maintained, updated, and integrated into broader national strategies. Continuous collaboration with regulators, research institutions, and local entrepreneurs will be key to keeping the platform credible and useful.
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