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Moniepoint Unveils Nigeria’s First Informal Economy AI Chatbot, As FG Lauds Fintech Giant for Powering Business Growth Across the Country

Moniepoint Inc, Africa’s leading business payments and personal banking servicing platform, has launched “M”, Nigeria’s first artificial intelligence-powered chatbot dedicated to demystifying the informal economy, while earning commendations from the Federal Government for its decade-long commitment to driving financial inclusion and business growth across Africa’s most populous nation.

Speaking at the launch of the second edition of Nigeria’s Informal Economy Report powered by Moniepoint, Vice President Kashim Shettima represented by Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment noted that the informal economy lies at the heart of Nigeria’s story of resilience, creativity, and enterprise, from market traders to artisans, service providers, and young digital entrepreneurs.
“Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy. This report gives an important window into the challenges and opportunities within the sector. It 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”, she said.
To bring the report’s insights to life, “M,” a friendly, AI-powered guide that helps users explore and understand Nigeria’s informal economy. Built on cutting-edge Large Language Model (LLM) technology, M provides conversational and easy-to-understand responses to complex queries. It represents Moniepoint’s belief that technology should serve people, especially the everyday entrepreneurs who keep the economy moving. “M” is designed to make data on small businesses and informal trade accessible, useful, and actionable for everyone from policymakers and researchers to journalists and the general public.

In his welcome remarks, Babatunde Olofin, Managing Director, Moniepoint MFB, noted that the Bank’s focus lies in providing millions of these informal operators with the tools they need to thrive sustainably.
“This year’s report dives deeper into unemployment, taxation, savings behavior, and business operations within the informal economy, and what we’ve found paints a picture of both resilience and fragility. These insights remind us that the informal economy is not just a tool for survival but a living ecosystem of innovation and adaptation.
“We are determined to help shape a more inclusive and sustainable Nigeria, not just for today, but for generations yet unborn. 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”, he said.
The launch event also served to mark a significant milestone as Moniepoint commemorates 10 years of service to now over 10 million active businesses and individuals, processing more than one billion transactions monthly and facilitating payments exceeding $22 billion. The company aims to strengthen public-private collaboration in building a more data-driven, inclusive, and digitized economy aligned with Nigeria’s Renewed Hope Agenda of achieving a $1 trillion economy by 2030.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has grown from building financial solutions and infrastructure for Nigeria’s major banks to becoming the nation’s largest business payments platform and leading merchant acquirer, providing an all-in-one banking platform offering payments, banking, credit, business tools, and cross-border payment solutions.
Hon. Ayodele Olawande, Minister, Federal Ministry of Youth Development represented by Mrs. Ebiho Agun, Technical Adviser commended Moniepoint for its commitment to understanding and illuminating the dynamics of a sector that, though often overlooked, but remains the backbone of our national economy.
“While Moniepoint has aptly drawn attention to the vast potential of the informal economy, largely powered by youth, it is clear that realizing this potential requires strong synergy among government, private sector players, financial institutions, and development partners.
“Together, we must move from insight to action, designing and implementing strategies that will enable informal enterprises to access finance.”
During a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable economy for Nigeria, the panelists which included Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities, SANEF, Chinasa Collins-Ogbuo, Head, Inclusion for All Initiative, Enhancing Financial Innovation & Access (EFInA); Charles Odii, Director-General, Small and Medium Enterprises Development Agency of Nigeria and MD, Moniepoint Microfinance Bank were emphatic about the need to increase access to finance, markets, and other structured interventions for the informal economy.
Speaking to its partnership with Moniepoint on the report, DG, SMEDAN expressed satisfaction that the report shows real progress with more businesses formalizing, accessing finance, and using digital tools, while acknowledging some challenges that persist, especially around rising costs and access to affordable credit.
“We are working with our partners and under this administration’s economic agenda to close these gaps: free CAC registration for 250,000 small businesses, a partnership with SEC to list 1,000 SMEs on the capital market, and new shared industrial hubs that make it cheaper to run a business. We are also working with state governments to deepen access to affordable finance and complement efforts of the Federal Government to create a regulatory environment that supports the growth of small businesses,” he said.
Some of the dignitaries who attended the event include Special Adviser to the President on Job Creation & MSME, Temitola Adekunle-Johnson, Senior Special Assistant to the President on Digital Media and Emergency Management (OVP), Ahmed Ningi, Registrar/ Chief Executive, The Chartered Institute of Bankers of Nigeria, Akin Morakinyo, Mohammed Bagudu, Special Adviser on Stakeholder Management and Finance, Federal Inland Revenue Service (FIRS), Deputy Director, Digital Economy, National Information Technology Development Agency (NITDA) Dr. Amina Sambo-Magaji, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), and Investment Officer. IFC. Meissa Gueye.
Moniepoint’s transformative impact has earned recognition on the Financial Times’ Africa’s Fastest-Growing Companies list, TIME100 Most Influential Companies list, and CNBC’s World’s Top Fintech Companies. The Central Bank of Nigeria honored Moniepoint as Financially Inclusive Fintech of the Year, while the company received SME Microfinance Bank of the Year awards at the BusinessDay Banks & Other Financial Institutions (BAFI) Awards in both 2024 and 2025.
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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
News
NRS Takes Over Mineral Royalties Collection Under New Tax Laws

Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS
The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.
Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.
NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.
Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.
The move aims to streamline revenue collection while fostering mining growth.
News
Microsoft Revamps Copilot in Workplace AI Push

Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.
The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.
Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.
Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.
“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.
Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.
A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.
The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.
Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.
The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.
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