Emma Okonji

Moniepoint Inc, Africa’s leading business payments and personal banking servicing platform, has launched Nigeria’s first artificial intelligence-powered chatbot dedicated to demystify the informal economy.

The feat displayed by Moniepoint has earned it commendations from the federal government for its decade-long commitment to driving financial inclusion and business growth across Nigeria.

Speaking at the launch of the second edition of Nigeria’s Informal Economy Report powered by Moniepoint in Abuja recently, Vice President Kashim Shettima, represented by Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, noted the informal economy would be at the heart of Nigeria’s story of resilience, creativity, and enterprise, from market traders to artisans, service providers, and young digital entrepreneurs.

“Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy. This report gives an important window into the challenges and opportunities within the sector. It provides a stronger foundation for inclusive, evidence-based policymaking.

“The Tinubu-led administration places high priority on the informal sector, which has remained central to Nigeria’s economic resilience. I commend Moniepoint for its decade-long contribution to financial inclusion, supporting millions of informal businesses across Africa”, Shettima said.

Built on cutting-edge Large Language Model (LLM) technology, the AI Chatbot provides conversational and easy-to-understand responses to complex queries.

It represents Moniepoint’s belief that technology should serve people, especially the everyday entrepreneurs who keep the economy moving.

In his welcome remarks, Managing Director, Moniepoint MFB, Babatunde Olofin, noted the bank’s focus remained at providing millions of these informal operators with the tools they need to thrive sustainably.

“This year’s report dives deeper into unemployment, taxation, savings behavior, and business operations within the informal economy, and what we have found paints a picture of both resilience and fragility.

“These insights remind us that the informal economy is not just a tool for survival but a living ecosystem of innovation and adaptation. 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.

The launch event also served to mark a significant milestone as Moniepoint commemorates 10 years of service to now over 10 million active businesses and individuals, processing more than one billion transactions monthly and facilitating payments exceeding $22 billion. 

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