Telecom
FG Lauds Moniepoint’s Contributions to the Growth of the Informal Economy
Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has restated the government’s unvarnished commitment to deepening economic and financial inclusion in line with President Bola Tinubu’s Renewed Hope Agenda, noting that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.
L – R Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Honorable Minister, Federal Ministry of Industry, Trade and Investment, Doris Uzoka-Anite, and Director General, Small and Medium Enterprise Development Agency of Nigeria, SMEDAN, Charles Odii, at the launch of the Moniepoint Informal Economy Report 2024 in Abuja recently.
He made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the 2024 Nigeria Informal Economy Report powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment.
The Nigeria’s Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria’s informal economy and shaping a more inclusive and sustainable economic landscape. Some of the key insights from the report include:
The youthful demographic is a critical driving force of Nigeria’s informal economy, with over 57.7% of business owners under 34 years old
There is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly
Retail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses
The reality that unemployment is the primary driver for starting a business by many players in the informal sector
Sen Shettima, represented by the Technical Adviser to the President on Economic & Financial Inclusion, Dr. Nurudeen Abubakar Zauro, acknowledged and appreciated the role of players in the informal space, especially Moniepoint. “We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN’s innovative streak has also been very commendable, he said.
In his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria’s GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy. She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.
She said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.
Also delivering a goodwill message, the Chairman, House Committee on Small and Medium Enterprises (SMEs), Hon. Mansur Manu Soro, said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings. He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion.
“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.”
Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda in his foreword provided the rationale for the report, “In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner. The commitment we feel to this sector inspired the creation of this report. By quantifying the informal economy’s impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria’s continued growth and development.”
In a keynote presentation, Director General/CEO SMEDAN, Charles Odii, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.
“Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment.”
Furthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support. According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria). This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.
The event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments. The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.
Some of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.
Nigeria’s leading composite e-commerce platform, Konga, has announced the launch of its highly anticipated Berekete Sales, a nationwide promotional campaign designed to deliver exceptional value to customers across key product categories.
Konga Berekete
The initiative reinforces Konga’s commitment to affordability, accessibility, and innovation while strengthening its position as a trusted retail partner for millions of Nigerians.
The Berekete Sales campaign features discounts of up to 50% on high-demand categories including Home and Kitchen, Computing, Electronics, Beauty, and Personal Care.
Carefully curated to meet both everyday and aspirational needs, the campaign comes at a strategic period that coincides with Ramadan, Lent, and the approaching Eid al-Fitr celebrations, seasons traditionally associated with reflection, generosity, and family-oriented spending.
Speaking on the campaign, Victor Olaleye, Konga Group Head of Marketing, emphasised that the Berekete Sales initiative reflects the company’s understanding of the economic climate and the importance of value-driven retail experiences. “Berekete Sales is about delivering abundance in savings to our customers,” he stated.
“We recognise that this period is significant for many households observing Ramadan and Lent, and we want to ensure they can access premium products at competitive prices.
“Our goal remains to make quality products accessible while maintaining the seamless shopping experience Konga is known for.”
Among the standout offers is a special deal on the Starlink Gen 3 kit, now available at ₦550,000, reduced from its regular price of ₦590,000.
As the authorised distributor, Konga continues to provide customers with reliable access to the high-speed satellite internet solution, further strengthening connectivity options in Nigeria.
Activation services are available in select cities, ensuring a smooth transition to enhanced internet performance.
In addition, technology enthusiasts can take advantage of an exclusive offer on the Huawei Watch 3, with a special promotion that allows customers to receive two units for the price of one at ₦200,000.
This offer underscores Konga’s strategy of delivering premium lifestyle products with unmatched value.
The Berekete Sales campaign also extends to computing solutions, with attractive deals on ASUS laptops, catering to professionals, students, and businesses seeking performance-driven devices at competitive prices.
Furthermore, customers can pre-order the new Samsung Galaxy S26 Ultra on Konga and receive gift items worth over ₦500,000 from Samsung, a compelling incentive for early adopters and technology enthusiasts.
By aligning its promotional calendar with key religious seasons, Konga demonstrates cultural awareness while providing practical solutions for customers during Ramadan, Lenten observances, and Eid celebrations.
The campaign ensures that households can upgrade their living spaces, enhance productivity, and invest in quality lifestyle products without straining their budgets.
Beyond the discounts, Konga’s integrated ecosystem, spanning secure payment solutions, nationwide logistics, and reliable customer support, ensures a seamless shopping journey from browsing to delivery.
This operational strength continues to differentiate the brand within Nigeria’s competitive e-commerce landscape.
As consumer expectations evolve, Konga remains focused on delivering not just products but complete retail experiences anchored on trust, transparency, and value. The Berekete Sales campaign is positioned to drive significant traffic, boost sales volumes, and deepen brand loyalty across its growing customer base.
With substantial savings, premium product offerings, and time-sensitive deals, the Berekete Sales As the campaign gains momentum, customers are encouraged to visit Konga.com or any Konga retail store nationwide to take advantage of these limited-time offers.
With its blend of spiritual season sensitivity and high-tech accessibility, Konga continues to set the pace for the future of commerce in Africa.
Telecom
Sunil Bharti Mittal Conferred GSMA Lifetime Achievement Award for Transforming Global Telecommunications
The GSMA has conferred a rare Lifetime Achievement Award on Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, recognising his role in reshaping the global telecommunications landscape and expanding connectivity across operators, governments, businesses and billions of consumers worldwide.
Bestowed on only a handful of industry leaders in the GSMA’s history, the honour recognises contributions that have left an enduring and defining mark on the global communications ecosystem.
The award was presented at Mobile World Congress in Barcelona in the distinguished presence of His Majesty Felipe VI, the Prime Minister of Spain, Pedro Sanchez, the President of Catalonia, Salvador Illa, and global industry leaders.
A visionary in the telecom sector, Sunil Bharti Mittal has built Bharti Airtel into one of the world’s leading mobile operators, with operations across India and Africa, ranking among the top three globally and serving over half a billion customers.
He pioneered the expansion of mobile services across emerging markets and served as Chairman of the GSMA from 2017 to 2018, where he championed policies that encouraged investment and innovation while strengthening the industry’s commitment to connecting the unconnected and advancing digital inclusion.
He was previously honoured with the GSMA Chairman’s Award in 2008 and again in 2016 for his outstanding contribution to the growth and development of the global mobile industry and was felicitated at Mobile World Congress in February 2019 in recognition of his Chairmanship.
On receiving the award, Sunil Bharti Mittal said, “I am deeply honoured to receive this recognition and sincerely thank the GSMA for this award. I accept it not only as a personal milestone, but as a tribute to India’s telecom journey, the collective spirit of Bharti, and the rise of Indian telecom companies on the global stage.
Equally the award reflects the progress of an industry that has connected billions and belongs to the customers we serve, the teams who built our institutions, and the partners who believe in the transformative power of connectivity.
Telecommunication is a force that expands opportunity, places essential services in the palm of every individual and unlocks human potential. Helping shape its evolution into a powerful accelerator of modern progress has been a privileged responsibility. As innovation accelerates, we will continue to work with our partners & stakeholders to ensure that growth advances equity and creates lasting opportunity for generations to come.”
The Lifetime Achievement Award is a rare honour, bestowed only on select individuals whose leadership and innovation have left an enduring mark on the industry.
House of Representatives is pushing to regulate Nigeria’s fintech sector through a public hearing on “A Bill for an Act to Establish the Nigerian Fintech Regulatory Commission and for Related Matters (HB.2389).”
Speaker Tajudeen Abbas opened the hearing, stressing the need for stakeholder inputs to craft enforceable, constitutional laws addressing regulatory overlaps in digital banking, science, technology, and communications.
Abbas highlighted fintech’s role in Nigeria’s growth via digital payments, blockchain, crowdfunding, and financial inclusion for the unbanked, creating jobs and supporting SMEs under President Tinubu’s Renewed Hope Agenda.
He warned that lagging regulations cause fragmentation, compliance issues, and investor uncertainty, necessitating a coordinating commission for licensing, supervision, standards, and a level playing field without duplicating bodies like the Central Bank of Nigeria (CBN), SEC, NITDA, or NDIC.
The commission would protect consumers, monitor cybersecurity, ensure data privacy, and promote education while complementing existing regulators.
Committee Chairman Emmanuel Ukpong-Udo, overseeing digital banking, banking regulations, science, technology, communications, capital markets, and institutions, called the bill vital for harmonizing oversight amid Nigeria’s rise as Africa’s fintech hub with 430+ firms valued at billions.
Ukpong-Udo emphasized balancing innovation, stability, and coordination to avoid burdens on startups.
Bill sponsor Fuad Kayode Laguda argued the commission would streamline operations currently split among CBN, SEC, NITDA, NOTAP, and FIRS, boosting profitability, user security, and ease of business. He cited 2024-2026 stats: 250-430 firms, $230 billion market projection, $10.6 billion valuation for top nine, and $1.6 billion in mobile transactions.
Fintech stakeholders offered mixed views, with some backing unified regulation and others fearing overlaps with current mandates.
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