Moniepoint@10: Fintech dominance redefines Nigeria’s MSME growth, says Minister Oduwole

By Anthony Otaru, Abuja

As Moniepoint Microfinance Bank celebrates its 10th anniversary, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has described it as “Nigeria’s largest investment platform,” serving over 10 million active businesses and individuals across the country.

Speaking at the presentation of the Moniepoint Informal Economy Report 2025 in Abuja, Oduwole said the fintech’s decade-long trajectory reflects the strength of Nigeria’s digital innovation ecosystem, which has become a major driver of commerce and inclusion in Africa’s largest economy.

“Moniepoint’s growth continues to inspire confidence in Nigeria’s innovation and trade potential. The government is proud that our fintech community is expanding not just across Nigeria and Africa, but globally,” she stated.

She noted that the administration of President Bola Tinubu remains committed to creating favourable trade conditions and positioning Nigeria at the forefront of Africa’s digital transformation.

“Nigeria is home to over 39 million MSMEs, representing about 96 per cent of all businesses and contributing roughly 50 per cent to GDP. They employ over 84 per cent of our workforce. Supporting them is not optional—it’s essential,” Oduwole added.

Moniepoint’s success, according to her, underscores the growing investor confidence in Nigerian fintech and the government’s intent to scale up digital solutions for micro, small, and medium-sized enterprises (MSMEs).

Presenting the Informal Economy Report 2025, Moniepoint Group CEO Tosin Eniolorunda revealed that most informal sector businesses in Nigeria earn less than ₦250,000 monthly, exposing the fragile income base of millions of operators that drive local commerce.

“We interact with these businesses daily and depend on them, yet this is one of the first times we’re quantifying their real income levels,” Eniolorunda said, emphasising the need for more structured access to finance and scalable credit solutions.

Also speaking, Ms Dahlia Khalifa, IFC Division Director for Nigeria and Central Africa, noted that MSMEs contribute about 65 per cent of Nigeria’s GDP and generate more than 80 per cent of all jobs, particularly for women and young people.

“Small businesses remain the backbone of our economy. However, too many still operate in survival mode, lacking access to finance, skills, and markets needed for growth,” she said.

Industry analysts say Moniepoint’s decade-long journey illustrates how fintech innovation is bridging economic gaps, redefining MSME empowerment, and positioning Nigeria as a continental hub for financial inclusion.