Banking
Moniepoint Launches Nigeria’s First Informal Economy AI Chatbot
By Adedapo Adesanya
African fintech giant, Moniepoint Incorporated, has launched M— Nigeria’s first artificial intelligence-powered chatbot dedicated to demystifying the informal economy.
Speaking at the launch of the second edition of Nigeria’s Informal Economy Report powered by Moniepoint, Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, 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.
Moniepoint said the AI is 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,” it said in a statement.
Mr 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 Mr Tosin Eniolorunda and Mr 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.
The company has also earned commendations from the Federal Government for its decade-long commitment to driving financial inclusion and business growth across Africa’s most populous nation.
Mr 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, Ms Didi Uwemakpan with the theme Building an inclusive and sustainable economy for Nigeria, the panelists which included Mr Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities, SANEF, Mrs Chinasa Collins-Ogbuo, Head, Inclusion for All Initiative, Enhancing Financial Innovation & Access (EFInA); Mr 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, the SMEDAN DG 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.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
