…Commends Moniepoint’s Contributions To Financial Inclusion
The Federal Government says the country’s informal sector is the heartbeat of the economy that truly represents Nigeria’s resilience,creativity and enterprise.
Vice President Kashim Shettima who stated this at the unveiling of the second Informal Economy Report in Abuja by Moniepoint, said Nigeria is home to over 39 million Micro, Small and Medium Enterprises (MSMEs), accounting for about 96% of all businesses, contributing 50% to GDP, and employing over 84% of the workforce.
The Vice President, represented by the Minister of Trade and Investment, Jumoke Oduwole said the present administration places high premium on the informal sector, adding “ 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”.
While commending Moniepoint for its ten years of dedicated contributions to financial inclusion, supporting millions of informal businesses across Africa, Shettima noted “This report gives an important window into the challenges and opportunities within the sector. It provides a stronger foundation for inclusive, evidence-based policy making”.
The Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, described the report as “a mirror of Nigeria’s economic reality,” adding that it will guide policymakers and financial stakeholders toward greater inclusion.
In his goodwill message, the Minister of Youth Development, AyodeLe Olawande noted that the vast potentials of the informal sector,powered by the youth, requires strong synergy among government,private sector,financial institutions and development partners to realise.
Speaking at the event, the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, praised Moniepoint for empowering millions of small businesses through affordable financing.
The Director-General of SMEDAN, Charles Odii, said small business ownership has grown to 39.6 million nationwide, adding that businesses earning below ₦15 million annually are now exempted from company income tax.
Odii also revealed that SMEDAN, in collaboration with the Corporate Affairs Commission (CAC), has commenced free registration for 250,000 informal businesses to encourage formalization and access to government support.
He said “We are formalizing small businesses at no cost. The goal is to give them identity, access to finance, and inclusion in the formal economy,” .
The report revealed that women dominate the informal sector and remain the most resilient operators, while youth participation continues to grow rapidly, requiring targeted support.
According to the report, informal business costs have risen by 80% over the past year due to inflation and operational challenges. However, the sector continues to generate significant employment and drive productivity.
The event ended with renewed calls for collaboration among government, financial institutions, and entrepreneurs to strengthen Nigeria’s informal economy — the true engine of growth and national stability.
Here a few insights from the 2025 Informal Economy Report:
While 65% of businesses saw revenue growth in the past year, rising costs meant only 47% experienced higher profits, with 38% earning less than N10,000 ($7) daily.
Unemployment remains the primary driver for these ventures, which are nonetheless crucial job creators, as four in ten are employers.
A digital shift is underway; though half of customer payments are still cash, transfers are the preferred method for owners paying suppliers (48%).
However, this progress is precarious, as 42% lack enough savings to survive even one month without income. Some challenges observed include financing gaps, weak structures, and limited digital literacy hinder growth and longevity.
Overall we see a sector marked by resilience and fragility that needs to be urgently supported for long term viability and growth.
…Moniepoint @ 10
As Moniepoint celebrates ten years of economic and transformational impact,its humbly beginning is a lesson for other start-ups.
Moniepoint Inc, was founded by Tosin Eniolorunda and Felix Ike, and was formerly known as TeamApt Inc. It started in 2015 to build infrastructure for financial institutions in Nigeria where it was serving all the major banks in the country.
It identified a massive gap around the small businesses that were systematically underserved by traditional banks, and rode on the mission to provide financial happiness for people of the world using technology.
This it did by powering the dreams of small and medium-sized businesses across Africa, even as their dream is a world where no business is limited by where it’s located or how small it starts.
Moniepoint operates on a robust and scalable technology infrastructure which is designed to handle immense transaction volumes, reportedly processing 200 million API calls per minute and 26 million payments daily, while maintaining high reliability, evidenced by a 99.9% POS success rate and the use of redundant systems to ensure service continuity.
Today, Moniepoint is an all-in-one business banking platform for SMEs, informal businesses and individuals.
Payments – A comprehensive payment platform offering reliable, secure, and fast transactions for businesses and individuals, with support for various payment methods.
Banking – A seamless banking solution for businesses and individuals, featuring business accounts, personal accounts, and mobile banking services that simplify daily transactions.
Credit – Tailored credit solutions that empower businesses to grow by providing access to flexible loans and financial resources when they need them.
Business Tools – A suite of business management tools, including expense tracking, payroll, and invoicing, designed to help businesses efficiently manage their operations.
Cross-border Payments – Global payment and currency exchange solutions enable businesses and individuals to send and receive payments across borders with competitive rates and low fees.
With over 10 million active businesses and individuals served with revenues growing at over 150% CAGR in recent years.
Moniepoint processes over one billion transactions monthly, with total payments volume surpassing $22bn.
As Nigeria’s largest business payments platform by volume and nation’s leading merchant acquirer, Moniepoint introduced virtual accounts to Nigeria for the first time, enabling easier digital payments for many businesses and their customers.
It has consistently remained profitable since inception which is a rarity for a fintech at scale.
All these feats and accomplishments have not gone unnoticed as Moniepoint’s transformative impact has earned it a place on the Africa’s fastest-growing list by the Financial Times, TIME100 Most Influential Companies list and CNBC’s World’s Top Fintech Companies, as well as as well as Financially Inclusive Fintech of the Year by the Central Bank of Nigeria and SME Microfinance Bank of the Year at the BusinessDay Banks & Other Financial Institutions (BAFI) Awards in 2024 and 2025 further solidifying its reputation as a catalyst for financial inclusion and growth across Africa.
