The Federal Government has pledged to support the FinTech companies operating in Nigeria to scale their footprint, particularly across the African market.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, made the pledge at the weekend while speaking at the launch of the Nigeria Informal Economy Report by Moniepoint Microfinance Bank in Abuja.
Moniepoint, formerly TeamApt, is a Nigerian fintech company based in Lagos that provides banking services and loans via an online banking app.
As Nigeria’s largest business payments platform by volume, Moniepoint has over 10 million active businesses and individuals with revenues growing at over 150% CAGR in recent years.
It processes over one billion transactions monthly, with total payments volume surpassing $22billion.
Speaking, the Minister said: “the government stands ready to support our innovators as we scale their footprint, particularly across the African market. Nigeria has come to over 39 million micro smaller medium-sized enterprises, and they account for about 96% of all businesses, contributing about 50% to Nigeria’s GDP.
“You, because many of you are here today, also employ over 84% of our workforce, so an extremely important constituency, which is why the federal government is signalling with my presence, its commitment to this particular constituency.”
Dr. Oduwole, expressed delight that the FinTech community is expanding, not just across Nigeria and Africa, but globally. Adding that the growing cross-border presence reflects strong investor and consumer confidence in Nigerian innovation.
She also mentioned that the administration of President Bola Tinubu is committed to creating favourable conditions for trade to thrive across Africa. Saying “And we are positioned in Nigeria at the forefront of Africa’s digital transformation.”
The Minister submitted that “the informal economy lies at the heart of Nigeria’s story of resilience, creativity, and enterprise, from market traders and artisans to small service providers and young digital entrepreneurs, millions of Nigerians, power commerce daily, often in ways that remain on scene, yet indispensable to our economy.”
Oduwole said “This report provides an important window into your world and the opportunities they create, the challenges you face and the scale of your contribution to national development. By grounding these insights in both data and lived experiences, it gives us a stronger foundation for inclusive and evidence-based policy making.”
She reaffirmed the government’s commitment to building an enabling environment where entrepreneurs can thrive by simplifying registration and compliance, improving access to finance and equipment business owners with the skills and tools to scale sustainably.
Also speaking, the Minister for Youth Development, Ayodele Olawande, paid heartfelt tribute to the millions of young Nigerians who rise each morning to create value against all odds, artisans, traders, digital entrepreneurs, transporters, small-scale producers, and countless others.
“You are the heartbeat of Nigeria’s economy. Your creativity, resilience, and enterprise inspire us all. This administration sees you, values you, and standsready to support you,” he added.
The Minister said the report released by the Moniepoint revealed a sector marked by resilienceand fragility, powered by the creativity, perseverance, and hard work of millions of Nigerians, most of whom are young people.
He said the findings show that while unemployment remains a key driver for participation in informal ventures, these enterprises have become a lifeline for economic survival and a source of dignity and purpose for many.
Remarkably,he said four in ten participants in the informal economy are themselves employers of labour, a clear indication that the sector is not just a refuge, but a crucial engine of job creation.
Corroborating the Minister of Industry, Trade and Investment, Olawande, affirmed that the Ministry remains committed to creating an enabling environment where youth-led enterprises can thrive.
“Weare pursuing partnerships to expand access to credit, promote financial literacy, encourage innovation, and strengthen linkages between the formal and informal sectors.
“Withthe right support, the energy and ingenuity of our youth will become the engine that drives Nigeria’s inclusive prosperity,” he added.
Earlier,the Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, saidthe Informal Economy Report is more than just a study, it is a mirror of Nigeria’s economic reality, especially for millions who make their living outside the formalsystem.
He said with critical support from the InternationalFinance Corporation, as well as the Federal Ministry of Industry, Trade and Investment, SMEDAN, and other stakeholders, the bank has continued to provide policymakers and ecosystem stakeholders with data and insights that can drive inclusiveand evidence-based decisions.
“Our shared goal is to unleash Nigeria’s full economic potential and ensure that the most vulnerable households are not left behind -Actionable reports and case studies are a key instrumentality for us indelivering on this goal,” he added.
The MD said 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 andfragility.
“These insights remind us that the informal economy is not just a tool for survival but a living ecosystem ofinnovation, and adaptation,” he added.
