Moniepoint Inc, Africa’s leading business payments and personal banking platform, has launched Nigeria’s first artificial intelligence-powered chatbot designed to simplify and support activities within the informal economy.
The innovation, unveiled during the launch of the second edition of Nigeria’s Informal Economy Report powered by Moniepoint in Abuja, earned the company commendations from the federal government for its decade-long commitment to driving financial inclusion and business growth across the country.
Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the informal economy as central to Nigeria’s story of resilience and enterprise, noting its crucial role in sustaining livelihoods across the nation.
“Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy,” Shettima said. “This report gives an important window into the challenges and opportunities within the sector and 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.”
Powered by advanced Large Language Model (LLM) technology, Moniepoint’s AI chatbot provides clear, conversational responses to complex business and financial queries, reflecting the company’s belief that technology should empower everyday entrepreneurs who drive the economy.
In his remarks, Managing Director of Moniepoint MFB, Babatunde Olofin, said the bank remains committed to equipping informal business operators with tools to help them grow sustainably.
“This year’s report explores issues such as unemployment, taxation, savings behaviour, and business operations within the informal economy. What we have found paints a picture of both resilience and fragility,” Olofin stated.
“These insights remind us that the informal economy is not just a tool for survival but a living ecosystem of innovation and adaptation. Our job is to make sure it beats stronger.”
The event also marked Moniepoint’s 10th anniversary, celebrating a decade of service to more than 10 million active businesses and individuals. The company currently processes over one billion transactions monthly, with payment volumes exceeding $22 billion.
