Moniepoint Launches AI Chatbot for Informal Economy

Moniepoint Inc. had launched “M”, Nigeria’s pioneering AI-powered chatbot, designed to ease insight into the country’s informal economy, in a bold step in its decade-long drive for financial inclusion.

Its launch coincided with the release of the second edition of the Nigeria Informal Economy Report, an initiative by Moniepoint, to show how millions of small traders, artisans, and service providers are vital to the country’s economic well-being.

The Vice President, Kashim Shettima, who was represented at the event by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, called the informal sector the “pulse of Nigeria’s resilience and enterprise.” She hailed Moniepoint, saying that it had supported millions of informal businesses across Africa through innovation and inclusion.

A Smarter Window into Nigeria’s Informal Sector

M, built using the latest in Large Language Model technology, enables users-from policymakers to researchers-to ask questions and receive easy-to-understand, data-driven insights about Nigeria’s vast informal trade network.

According to Babatunde Olofin, Moniepoint MFB’s managing director, the chatbot reflects Moniepoint’s mission “to empower informal operators with the digital tools they need to thrive in a sustainable manner.”

He explained that the report digs deep into unemployment, taxation, savings, and business operations within the informal sector — all areas that show both the resilience and fragility of millions of Nigerians who power daily commerce. “The informal economy isn’t the shadow of our nation’s progress,” Olofin added. “It is its pulse.”

Government and Private Sector Synergy

Moniepoint’s event was equally graced by key government representatives and industry leaders. Hon. Ayodele Olawande, Minister of Youth Development, represented by Ebiho Agun, praised the company for “illuminating a sector often overlooked but vital to national growth.”

Charles Odii, the Director-General of SMEDAN, said this while underscoring the need for partnership between the government and fintech firms like Moniepoint in advancing access to and formalization of finance.

He added that the administration was making efforts to “close critical gaps” by providing free CAC registration for 250,000 small businesses, while partnering with the Securities and Exchange Commission (SEC) to list 1,000 SMEs on the capital market, and constructing new shared industrial hubs nationwide.