Moniepoint Inc., recognized as Africa’s foremost platform for business payments and personal banking, has introduced “M,” Nigeria’s inaugural artificial intelligence-driven chatbot aimed at simplifying insights into the informal economy.
This launch coincided with the release of the second edition of Nigeria’s Informal Economy Report, earning the fintech leader praise from the Federal Government for its ten-year commitment to promoting financial inclusion and fostering business growth throughout the nation.
At the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, represented Vice President Kashim Shettima and underscored the crucial role of Nigeria’s informal sector in enhancing national resilience, creativity, and entrepreneurship.
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“Every day, millions of Nigerians engage in commerce in ways that are often overlooked yet essential to our economy,” Oduwole stated. “This report provides significant insights into the challenges and opportunities present in the sector and lays the groundwork for inclusive, evidence-based policymaking.
The Tinubu administration is dedicated to fortifying the informal economy, which has been pivotal to Nigeria’s economic resilience. I commend Moniepoint for its long-standing influence in empowering small businesses across Africa.”
Utilizing cutting-edge Large Language Model (LLM) technology, M functions as an interactive guide that assists users in navigating and comprehending Nigeria’s informal economy through straightforward, conversational interactions.
The chatbot reflects Moniepoint’s mission to render data on small businesses and informal trade accessible, actionable, and advantageous for policymakers, researchers, journalists, and everyday entrepreneurs.
In his address, Babatunde Olofin, Managing Director of Moniepoint MFB, highlighted the company’s ongoing commitment to equipping informal operators with the necessary tools for sustainable growth.
“This year’s report delves deeper into topics such as unemployment, taxation, savings, and business operations. What we’ve
