Fintech Giant Moniepoint Unveils Groundbreaking AI Tool, Earns Federal Government’s Praise
In a landmark move for Nigeria’s financial technology sector, Moniepoint Inc. has launched the nation’s first artificial intelligence-powered chatbot specifically designed to serve the informal economy. The launch was a key highlight of the unveiling of the second edition of the Nigeria Informal Economy Report 2024 in Abuja.
The initiative has drawn commendations from the highest levels of government. Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, endorsed the initiative. He emphasized that the informal economy is central to Nigeria’s narrative of resilience and enterprise, stating that the report provides a “stronger foundation for inclusive, evidence-based policymaking.”
The Vice President praised Moniepoint for its “decade-long contribution to financial inclusion,” which has supported millions of informal businesses across Africa.
Built on advanced Large Language Model (LLM) technology, the new AI chatbot is engineered to demystify financial and business concepts. It provides conversational, easy-to-understand responses to complex queries, making critical information more accessible to market traders, artisans, and small-scale entrepreneurs.
Babatunde Olofin, Managing Director of Moniepoint MFB, underscored the company’s commitment, stating, “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 revealed that the latest report offers deep insights into unemployment, taxation, and savings behavior within the sector, painting a picture of both “resilience and fragility.”
The event also celebrated Moniepoint’s decade of service, marking a milestone of over 10 million active customers and the facilitation of more than $22 billion in payments.
