Moniepoint, a leading business payments and personal banking platform in Nigeria, has introduced an artificial intelligence chatbot called ‘M’ to help people understand the informal economy in clear, conversational language. The launch took place in Abuja during the presentation of the second edition of Nigeria’s Informal Economy Report, with federal officials praising the move and the company’s role in financial inclusion over the past decade.
The company describes ‘M’ as an interactive guide that uses large language model technology to answer questions about key trends in the informal sector. Users can ask about unemployment patterns, taxation, savings behaviour, and business operations, then receive short explanations designed for non-experts. Moniepoint and several news outlets framed the tool as the first AI chatbot in Nigeria dedicated to the informal economy.
Representing Vice President Kashim Shettima at the launch, Industry, Trade and Investment Minister Jumoke Oduwole said the informal sector remains central to national resilience. “Millions of Nigerians sustain commerce daily in ways often unseen yet indispensable to our economy,” she said, arguing that easier access to data will support more inclusive, evidence-based policymaking.
Moniepoint Bank Managing Director
Moniepoint Microfinance Bank managing director Babatunde Olofin said the initiative aims to turn complex findings into practical guidance for everyday entrepreneurs, journalists, researchers, and policymakers. Calling the sector vital to growth, he added, “The informal economy is not the shadow of our nation’s progress, it is its pulse.”
Officials also tied the launch to wider policy goals. Coverage of the event noted that the federal government’s agenda includes building a more data-driven, inclusive, and digitized economy, with a long-term target of a one trillion dollar GDP by 2030. Moniepoint framed ‘M’ as a step toward that aim by making reliable insights easier to use in programme design and regulation.
The chatbot’s debut coincided with Moniepoint’s tenth anniversary. Reports from the event highlighted the platform’s scale, stating it now serves over 10 million active businesses and individuals, processes more than one billion transactions monthly, and facilitates payments exceeding 22 billion dollars. Those figures underscore the volume of small-ticket digital activity running through the company’s rails and the potential depth of data that can be translated into simple answers for the public.
Sector Stakeholder
Sector stakeholders at a panel session urged closer collaboration among government, private firms, and development partners to unlock finance and reduce costs for micro and small enterprises. Speakers from institutions including SMEDAN and EFInA emphasised that accessible information can help businesses formalise, reach markets, and choose the right financial products, while policymakers use the same insights to target support and measure outcomes.
While Moniepoint has not disclosed technical details beyond the use of large language models, early descriptions position ‘M’ as a public-facing tool built to answer questions in plain English and offer context from the Informal Economy Report. The company’s leadership and government representatives presented the chatbot as a practical bridge between raw data and everyday decisions for traders, artisans, and service providers who power commerce across Nigeria.
Key Statistics
• Over 10 million active businesses and individuals served by Moniepoint
• More than one billion transactions processed monthly
• Payments facilitated exceed 22 billion dollars
• Launch aligned with the 2030 one trillion dollar economy target
The informal economy is not the shadow of our nation’s progress, it is its pulse.
