Moniepoint Inc, one of Africa’s payment and personal banking platforms, has unveiled “M”, Nigeria’s first artificial intelligence-powered chatbot designed to simplify insights into the informal economy and strengthen data-driven policy formulation.
The launch, which coincided with the second edition of Nigeria’s Informal Economy Report, attracted commendations from the Federal Government for Moniepoint’s decade-long contribution to financial inclusion and business growth.
Representing Vice President Kashim Shettima, Minister of Industry, Trade and Investment Jumoke Oduwole highlighted that the informal sector remains “The heart of Nigeria’s story of resilience and enterprise.” She praised Moniepoint for illuminating a critical part of the economy that sustains millions of livelihoods but often escapes formal documentation.
Built on advanced Large Language Model (LLM) technology, “M” is positioned as a friendly, AI-powered guide that translates complex data into accessible, actionable insights. The chatbot enables users from policymakers and researchers to journalists and entrepreneurs to better understand market dynamics, taxation, savings behavior, and business operations in the informal space. Its conversational interface marks a technological milestone for bridging Nigeria’s financial knowledge gap, particularly for micro and small-business operators.
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Babatunde Olofin,, Moniepoint’s managing director, said the initiative reinforces the firm’s focus on empowering informal businesses with tools to thrive sustainably.
“The informal economy is not the shadow of our nation’s progress, it is its pulse,” he said, emphasising that the data-rich report offers fresh insights into unemployment, access to credit, and digital adoption among small enterprises.
The new platform also reflects Nigeria’s growing shift toward digital and AI-driven solutions aimed at formalizing the informal sector, a key goal in the Tinubu administration’s Renewed Hope Agenda to build a $1 trillion economy by 2030.
As Moniepoint celebrates its 10th anniversary, serving over 10 million customers and processing over $22 billion in transactions monthly, the launch of “M” underscores a defining moment for Nigeria’s informal economy, one where technology, policy, and data converge to empower the people driving its everyday resilience.