Moniepoint Inc. says it is collaborating with the Federal Ministry of Industry, Trade and Investment and the Corporate Affairs Commission (CAC) to make it easier for informal businesses to formalise their operations.
Mr. Tosin Eniolorunda, Group Chief Executive Officer and Co-founder of Moniepoint Inc., disclosed this during the unveiling of the company’s Informal Economy Report 2025 in Abuja.
Eniolorunda said the company has helped four times more informal businesses become formalised, thereby giving them access to better tools, services, and growth opportunities.
He said the report aims to foster collaboration across sectors to create sustainable solutions for the informal economy, which remains a critical driver of Nigeria’s overall economic performance.
“We have spent years building products and solutions that informal businesses can rely on. Now, we have also shed light on their unique challenges so that everyone can understand and help solve them,” he said.
“At Moniepoint, we strongly believe in the informal economy and its role in Nigeria’s development. Formalisation gives these businesses access to more support and opportunities,” he added.
Eniolorunda noted that informal businesses have great potential for growth when properly supported, which is why Moniepoint has developed systems tailored to their unique realities.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the informal economy as central to Nigeria’s story of resilience and enterprise.
“Millions of citizens sustain livelihoods and drive commerce in ways that often remain unseen. This report provides an important window into their realities—the opportunities they create, the challenges they face, and their contribution to national development,” she said.
She added that by providing data and context, the report enhances understanding of the sector and supports inclusive policymaking.
Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, described the informal sector as the backbone of the economy.
“From market vendors to artisans, millions of Nigerians depend on it for survival. Ensuring their growth is crucial for poverty reduction, rural industrialisation, and improved livelihoods—three core mandates of SMEDAN,” Odii said.
The Informal Economy Report 2025 was unveiled on Oct. 17 to provide policymakers and stakeholders with insights that will guide informed decision-making.
