Telecom
FG Lauds Moniepoint’s Contributions to the Growth of the Informal Economy
Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has restated the government’s unvarnished commitment to deepening economic and financial inclusion in line with President Bola Tinubu’s Renewed Hope Agenda, noting that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.
L – R Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Honorable Minister, Federal Ministry of Industry, Trade and Investment, Doris Uzoka-Anite, and Director General, Small and Medium Enterprise Development Agency of Nigeria, SMEDAN, Charles Odii, at the launch of the Moniepoint Informal Economy Report 2024 in Abuja recently.
He made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the 2024 Nigeria Informal Economy Report powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment.
The Nigeria’s Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria’s informal economy and shaping a more inclusive and sustainable economic landscape. Some of the key insights from the report include:
The youthful demographic is a critical driving force of Nigeria’s informal economy, with over 57.7% of business owners under 34 years old
There is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly
Retail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses
The reality that unemployment is the primary driver for starting a business by many players in the informal sector
Sen Shettima, represented by the Technical Adviser to the President on Economic & Financial Inclusion, Dr. Nurudeen Abubakar Zauro, acknowledged and appreciated the role of players in the informal space, especially Moniepoint. “We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN’s innovative streak has also been very commendable, he said.
In his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria’s GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy. She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.
She said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.
Also delivering a goodwill message, the Chairman, House Committee on Small and Medium Enterprises (SMEs), Hon. Mansur Manu Soro, said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings. He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion.
“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.”
Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda in his foreword provided the rationale for the report, “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. By quantifying the informal economy’s impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria’s continued growth and development.”
In a keynote presentation, Director General/CEO SMEDAN, Charles Odii, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.
“Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment.”
Furthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support. According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria). This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.
The event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments. The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.
Some of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.
MTN Nigeria Communications Plc has achieved a historic milestone, becoming the first listed company on the Nigerian Exchange Limited (NGX) to reach a market capitalization of ₦10 trillion, as its share price closed at ₦480 on Friday, August 1, 2025.
The telecommunications giant’s shares gained ₦8 or 1.69% during Friday’s trading session, pushing the company’s market value past the ₦10 trillion threshold.
This remarkable achievement comes just two days after MTN Nigeria released its stellar half-year 2025 financial results on Wednesday, which showed exceptional performance across all key metrics.
The timing is not surprising based on what was said in the company’s H1 results, which revealed a dramatic turnaround from losses to profitability.
The telecoms operator reported service revenue growth of 54.6% to ₦2.4 trillion, while EBITDA surged by 119.5% to ₦1.2 trillion with margins expanding significantly to 50.6%.
Most importantly, the company achieved a profit after tax of ₦414.9 billion, marking a stunning recovery from the loss of ₦519.1 billion recorded in the same period last year.
Speaking on the H1 2025 results that have driven investor confidence, Karl Toriola, CEO, MTN Nigeria, said: “We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market.”
Toriola emphasized the company’s strong operational momentum, stating: “Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2.”
The CEO’s confidence in the company’s trajectory was evident in his commentary about future prospects.
“In light of the strong momentum in our business, we have upgraded our FY 2025 and medium-term guidance and we remain firmly on track to restore our balance sheet to a positive net asset position by the end of Q3,” Toriola declared.
This optimistic outlook, backed by upgraded financial guidance targeting service revenue growth of “at least low-50%” and EBITDA margin of “at least low-50%” for FY 2025, has clearly resonated with investors.
Toriola highlighted improving operating conditions that have supported the company’s performance: “The macroeconomic conditions in Nigeria showed notable improvements in the period under review, including a relatively stable naira, improved foreign exchange (forex) liquidity and easing inflationary pressures.”
He noted that “this backdrop helped to enable our improved business performance and set a more supportive context for increased long-term investments.”
The ₦10 trillion market cap milestone represents extraordinary value creation for shareholders.
Vitel Wireless, a mobile virtual network operator (MVNO), has announced the official launch of its nationwide network services in Nigeria.
In a statement, the company stated that starting yesterday August 1, it will release an initial batch of 50,000 SIM cards and eSIMs across all 36 states and Federal Capital Territory (FCT) to selected subscribers, bringing reliable, affordable, and high-quality connectivity to millions of Nigerians.
This milestone, it said, marks its commitment to transforming Nigeria’s telecommunications landscape by providing accessible and seamless mobile services to both urban and rural communities.
Commenting on the launch, Kenneth Nwabueze, executive chairman of Vitel Wireless Limited, said: “We are excited to bring Vitel Wireless’s innovative services to Nigeria, a vibrant and dynamic country with immense potential. Our goal is to deliver dependable connectivity that enables Nigerians to connect, communicate, and thrive in the digital age. This rollout is just the beginning — we look forward to expanding our services and making a positive impact across the nation.”
According to the company, with a focus on innovation, affordability, coverage, and customer satisfaction, it aims to bridge the digital divide and foster inclusive growth.
“More than half of the initial release will be made available through authorised retail outlets, Vitel Wireless Airport Kiosks, and mobile kiosks utilising Know Your Customer (KYC) verification via NIMC’s new SIM-NIN telecommunications registration platform.
“The remaining SIM cards will be allocated to subscribers for innovative value-added services, including Internet of Things (IoT) solutions, Safer Home AI camera systems (iSEEYOU), employment performance monitoring App (Oga-App), and location-based services solutions such as SecurMe and Push-My Location, among others. This initial deployment enables the company to rigorously test its network, optimise its MTN roaming partnership, and implement necessary adjustments prior to the full-scale launch in Q2 2025,” it added.
MTN Nigeria has rewarded the Nigerian Super Falcons with 150 million naira following their remarkable victory at the 2024 Women’s Africa Cup of Nations (WAFCON).
The announcement was made at a celebratory breakfast reception hosted by the technology company in Lagos, in the presence of Nigerian Football Federation (NFF) leadership and female executives across key sectors, alongside a host of MTN executives who came out to celebrate the champions and reaffirm the company’s commitment to football, inclusion and youth empowerment.
The Super Falcons’ win goes down as one of the most thrilling in tournament history. Facing Morocco on their home soil, Nigeria came back from 2-0 down to secure a dramatic 3-2 victory, clinching their 10th WAFCON title and reinforcing their status as Africa’s most decorated women’s team.
Delivering the opening remarks, MTN’s Chief Marketing Officer, Onyinye Ikenna-Emeka, highlighted the Super Falcons’ win as an inspiration for Nigerian women. “The Women’s African Cup of Nations (WAFCON) is a championship that has been held 13 times and Nigeria has won 10 times. This is no small feat. It is a testament to how determined Nigerian women can be when they set out to achieve something. What you have achieved not only makes Nigeria proud, but it makes us, even we women, proud. Here at MTN, we believe, and one of our values is ‘Can Do’, can do with integrity. Your final match exemplifies that.”
As the official telecommunications partner of the NFF, MTN presented the 150 million naira reward to celebrate the team’s resilience and achievement. MTN director, Ifueko Okauru explained that 115 million naira would go to the players and 35 million to the technical team.
“At MTN we believe in the power of connection, not just through technology, but through our soul, through our spirits, what we share and what unifies us,” said Dr. Karl Toriola, CEO, MTN Nigeria.
Toriola described the company’s investment in the NFF as fruitful. “As proud sponsors of the Nigerian Football Federation, this long-term significantly financially-heavy investment in supporting the NFF has borne so many fruits. We followed you through every match, every challenge, every trial and some of them losses. We followed you and we continue to support you and today we are so proud to say our efforts have not been in vain. We followed you for the big things, we followed you for the smaller things.
He added, “To the Super Falcons, you are more than athletes, you are inspirations. You are an inspiration for everyone in Nigeria, every young lady to go out there and make a difference. You are role models, you are ambassadors, and you are proof that when Nigerian women rise, the world will take notice.”
Captain of the Super Falcons, Rashidat Ajibade, thanked MTN and its board members for their warm reception and support. “We appreciate you a lot. We feel valued, we feel honoured, we feel respected, and this only inspires us to do better, and keep inspiring the next generation.”
“This win is for all of us,” she said, dedicating the 10th title not just to the current Super Falcons squad but to all the players who came before. While grateful for the milestone, she made it clear they were not content. “We want to take this to the next level. We want to be global contenders. We don’t want to be just local champions. It’s time to take it to the next level. We understand the huge responsibility on us, and we hope that we can all work together, the Federation, the federal government, and also private bodies to keep investing and keep supporting the Super Falcons Council so we can all achieve this objective.”
The breakfast reception featured a classical string quartet, stirring soul-Afrobeats choir rendition that had the Falcons on their feet, dancing joyfully in celebration of their hard-won victory. Singer Praiz also delivered a performance that drew cheers from the audience and added to the festive energy in the room.
As the nation continues to celebrate their victory, this moment stands as both a reward and a reminder of what Nigerian women can achieve when backed by belief, investment and opportunity. The celebration was especially timely as it fell on Pan African Women’s Day, a fitting moment to honour the strength, resilience and achievements of Nigerian women on and off the pitch.
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