ABUJA – The Moniepoint Microfinance Bank Limited has announced that the fintech would assist to formalise 30million informal businesses, through registration, in the next five years.

Mrs. Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc, stated this in Abuja, in an interview with newsmen on the sidelines of the launch of Informal Economy Report 2024, powered by Moniepoint, one of Africa’s largest fintech startups serving over two million businesses.

Uwemakpan, who represented the Managing Director of the Bank, Mr. Babatunde Olofin, disclosed that the Bank had visited the Corporate Affairs Commission (CAC), and entered into a partnership to register 30 million informal businesses in Nigeria.

She revealed that the bank had begun reintegration in its application, adding that individuals customers can now register their businesses within 48 hours.

She assured that the bank was not bothered about the deadline given by CAC for the mandatory registration of PoS agents of major fintechs in Nigeria including Moniepoint, adding that the bank has been working tirelessly to get businesses formalised.

She added that the goal of the fintech is to support businesses in collaboration with government institutions, noting that the process of business registration has been easy and seamless.

“We are working to subsidise business registration,” she said.

She confirmed that there is a provision in the Companies and Allied Matters Act, (CAMA)2020, which exempts people who run businesses in their personal names from mandatory registration.

On the benefits of business registration,
she explained that one of the ways to ascertain that a business is a bit credible is through registration, adding that it is also easier for operators of these businesss to access facilities or loans from the banks, when their businesses are registered.

The Founder and Group Chief Executive Officer of Moniepoint Inc, Mr. Tosin Eniolorunda, in the foreward of the Informal Economy Report 2024, explained that the financial institution aims, “to create a world where everyone experiences financial happiness.”

On the essence of the Report, Eniolorunda said: “We have set out to do this from a sector often out of sight for many of the available systems and solutions.

“To us, the informal economy represents an opportunity to make the kind of impact that people can feel daily, regardless of their income level or societal status.

“We started by providing them with a point-of-sale terminal that made it easy to accept payments reliably by card or transfer.

“Every month, over 72million unique cards are used by Nigerians at Moniepoint terminals across the country, but we didn’t stop there.

“We have also made it possible to access tools and financial instruments, from insights about their businesses that were previously unavailable or unreliable, to credit that allows them to grow.

“In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner.

“The commitment we feel to this sector inspired the creation of this Report.”