In a major stride for Nigeria’s fintech ecosystem and informal-sector entrepreneurship, the Lagos-based payment platform Moniepoint Inc has unveiled “M”, acclaimed as the country’s first artificial-intelligence-powered chatbot dedicated exclusively to demystifying and supporting the informal economy. The launch comes amid growing recognition of the informal sector’s pivotal role in Nigeria’s economic fabric—and the need for smarter tools to strengthen it.
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Technology meets everyday enterprise
At the unveiling of the second edition of its Informal Economy Report, Moniepoint introduced “M” as a conversational, AI-driven companion designed to translate complex data on Nigeria’s informal economy into user-friendly insights for traders, artisans, service-providers, young digital entrepreneurs—and even policymakers.
Built on advanced large-language-model (LLM) technology, “M” aims to serve as a bridge between the world of data and the realities of everyday business owners: someone working a market stall, a neighbourhood café, a digital-services outfit, or a freelance enterprise. According to Moniepoint, the chatbot’s primary value lies in making analytics, trends and business advice accessible—rather than something only analysts or academics can digest.
Moniepoint’s Managing Director commented on the launch: “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.” It’s a framing that recognises how informal commerce—often overlooked—provides the foundation for millions of livelihoods across Nigeria.
A decade of digital inclusion, and a milestone
Moniepoint’s announcement coincides with a major milestone: ten years of service supporting over 10 million businesses and individuals in Nigeria, processing in excess of one billion transactions monthly and facilitating payments exceeding US$22 billion.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, the company evolved from providing banking and payment infrastructure for major banks to emerging as Nigeria’s largest business-payments platform and merchant-acquirer—offering a full suite of tools: payments, banking, credit, business analytics and cross-border solutions.
In launching “M”, Moniepoint sends a strong signal that its mission has matured: beyond transaction processing, the company is staking a claim in delivering intelligence, meaningful insights and empowerment to the millions of businesses in the informal economy who have typically been underserved by traditional financial services providers.
Why the informal economy matters—and why innovation is overdue
In Nigeria, the informal sector—market traders, artisans, service providers, gig-workers, digital micro-entrepreneurs—occupies a huge space in the broader economy. At the event, the Vice President, represented by the Minister of Industry, Trade and Investment, noted that this hidden-in-plain-sight sector is integral to national resilience, creativity and enterprise.
Yet despite its importance, many informal businesses operate without the benefit of structured data, financial tools, analytics or policy support tailored to their realities. The sector’s resilience is often matched by its fragility: low savings behaviour, limited access to credit, informal tax regimes, and a lack of easy-to-use digital supports.
“M” is pitched as one practical response to that challenge. By giving users conversational access to business-data insights, tax-and-savings guidance, and informal-sector analytics, Moniepoint hopes to lift the veil on the informal economy—to make it less opaque and more navigable.
Officials at the launch underscored the need for stronger public–private co-operation. For example, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) welcomed the report’s findings, noting more businesses are formalising, gaining access to finance and adopting digital tools—but many obstacles remain (rising costs, affordability of credit).
What this means in practice—and what to watch
From a practical standpoint, the arrival of “M” matters for several stakeholder groups:
- Entrepreneurs and informal business operators: Those running market stalls, freelance services, neighbourhood shops, and digital micro businesses now have a tool that speaks their language and gives them a window into insights previously reserved for larger firms.
- Policymakers and analysts: The chatbot provides an intelligent interface to access and explore data from Moniepoint’s Informal Economy Report—meaning faster, more interactive engagement with sector trends.
- Financial services and fintech: Moniepoint’s move signals a shift from transaction-centric offerings to analytics and intelligence, paving the way for more tailored credit, savings, and business tools for the informal sector.
- The Nigerian economy: Boosting the informals’ productivity and access to tools supports the wider national goal of digitisation, inclusion, and building toward a ₦1 trillion economy by 2030 (the government’s “Renewed Hope” agenda).
However, some watchpoints remain. The informal sector is heterogeneous and fluid—technological tools must be extremely user-friendly, multilingual, and offline/lite-data friendly to truly reach grassroots operators. Moreover, buy-in and usage will depend on trust, ease of use, and a clear tangible benefit. Successful adoption will depend on outreach, training and real-world utility—not just deployment.
If Moniepoint can integrate “M” smoothly into its existing payments and banking ecosystem, offering actionable recommendations (for example: how to save, bookkeeping tips, how to access micro-loans, how to migrate toward digital payments), then the tool could become a genuine differentiator in Nigeria’s fintech scene.
Conclusion
Moniepoint’s launch of “M” marks a moment of evolving maturity in Nigeria’s fintech and informal-economy ecosystems. It’s one thing to digitise payments; it’s another to equip the millions of informal enterprises with intelligible data, guidance and actionable insights. For many users behind the scenes of Nigeria’s vast, vibrant yet underserved informal sector, “M” could be the first chatbot that speaks their entrepreneurial language—helping them not just survive, but thrive.
As Moniepoint steps into this next chapter, the key will be turning technology into real-world traction, demonstrating value, and deepening inclusion. For Nigeria’s informal entrepreneurs—this could be a new tool in their toolkit, a new voice in their corner—and a welcome sign that the hidden economy is no longer invisible.
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