Moniepoint Inc. has launched Nigeria’s first artificial intelligence-powered chatbot aimed at transforming the informal economy.
The innovation, unveiled in Abuja, has drawn praise from the federal government for advancing financial inclusion and supporting millions of small businesses nationwide.
Vice President Kashim Shettima, represented by Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, lauded Moniepoint’s decade-long commitment to empowering informal traders, artisans, and digital entrepreneurs. He noted that the informal economy remains vital to Nigeria’s economic resilience.
“Millions of Nigerians power commerce daily in ways unseen yet indispensable to our economy,” Shettima said. “This report provides an important window into the challenges and opportunities within the sector and serves as a foundation for inclusive, evidence-based policymaking.”
Shettima added that the Tinubu administration prioritizes the informal sector as a key driver of national growth and innovation. He commended Moniepoint for building a strong financial ecosystem that supports micro and small enterprises across Africa.
The AI chatbot, built on advanced Large Language Model (LLM) technology, simplifies access to financial and business information through interactive, conversational engagement. It aims to help small business owners and informal traders better understand key aspects of taxation, savings, and business operations.
Moniepoint MFB Managing Director Babatunde Olofin said the chatbot demonstrates the company’s mission to empower Nigeria’s informal operators with tools for sustainable growth.
“This year’s report dives deeper into unemployment, taxation, savings behavior, and business operations within the informal economy,” Olofin said.
“These insights remind us that the informal economy is not a shadow of our nation’s progress it is its pulse.”
The event also marked Moniepoint’s 10th anniversary. The fintech firm now serves over 10 million active businesses and individuals, processing more than one billion transactions monthly and facilitating payments exceeding $22 billion.
Moniepoint’s latest innovation reinforces its reputation as one of Africa’s fastest-growing financial technology firms, bridging the gap between informal enterprises and digital inclusion.
