Moniepoint has unveiled M, an artificial intelligence (AI) chatbot designed to provide real-time data and insights on Nigeria’s informal economy, offering students, stakeholders, and researchers a new digital gateway to information beyond traditional reports.
The fintech company announced the innovation at the 5th International Conference on Artificial Intelligence and Robotics (ICAIR) hosted by the University of Lagos (UNILAG).
Informal businesses—those not registered with the Corporate Affairs Commission (CAC)—form a significant but largely undocumented part of Nigeria’s economy. Because these enterprises operate outside formal regulatory systems, their activities often go unrecorded, making them “invisible” in official datasets. They include micro and small-scale enterprises such as pop-up shops and street vendors that dominate the nation’s commercial landscape.
Citing findings from Moniepoint’s research, Dike revealed that 48% of informal businesses in Nigeria use bank transfers to restock goods, contrary to the popular belief that they rely mainly on cash transactions. She also noted that 38% of these businesses keep no formal financial records, relying instead on mental calculations for income and expenses.
Moniepoint says the launch of M marks an evolution beyond its annual Informal Economy Report, with the AI chatbot representing the next phase of its effort to democratise access to research and data on this vital but under-analysed sector.
“We wanted to do something different this year,” Celestina Dike, Employer Brand Manager at Moniepoint, explained. “While our annual reports are publicly available online, we thought it was time to take a step further by building a tool that provides immediate, interactive access to insights from our ongoing research into the informal economy.”
According to Dike, M enables users to ask questions and receive instant, data-backed responses about informal businesses in Nigeria.
“Whether you are a student conducting research”,Dike said, “ a policymaker seeking data, or a stakeholder looking for market insights, M offers access to detailed information about Nigeria’s informal economy beyond what has been traditionally presented.”
Citing findings from Moniepoint’s research, Dike revealed that 48% of informal businesses in Nigeria use bank transfers to restock goods, contrary to the popular belief that they rely mainly on cash transactions. She also noted that 38% of these businesses keep no formal financial records, relying instead on mental calculations for income and expenses.
Participants at the UNILAG conference were invited to engage with M via www.informalreport.moniepoint.com. Many attendees tested the chatbot during the session and affirmed that it effectively provided accurate and relevant answers to their queries, according to the fintech company.
Moniepoint says M reflects its ongoing commitment to leveraging technology and data to illuminate Nigeria’s informal economy — a sector that remains central to livelihoods, innovation, and economic inclusion across the country.
Home
