Ministry of Industry,Trade and Investment , Corporate Affairs Commission and Moniepoint have concluded plans to create two million jobs for Nigerians through Information Technology platform in line with the Renewed Hope Agenda of the current administration
The plan to move the existing 2 million customers in monie point data base to a CAC platform for the purposes of corporate business was sealed between the Minister of Industry Dr. Doris Anite-Uzoka, representative of CAC Registrar General Hussaini Ishaq Magaji, Managing Director of Moniepoint Babatunde Olufemi, and the ICT vendor Chief Executive Officer of Norebase Limited Tola Onayemi, at the Bank of Industry, Abuja.
The Miñister of Industry, Trade and Investment at the meeting in her remarks said “we are witnessing here how we can use Information Technology to catalyse the economy , we have always said that it is IT that can revolutionise the way we do businesses and that can also help us to get to the point where we develop the economy to where we want to go and as you all know creating jobs and empowering entreprenurship is being at the crux of the 8point agenda , poverty alleviation , financial inclusiveness , creating a level playing ground for everyone to participate in the economy”
She said “all of these add to the economy growth agenda of Mr. President,
what is interesting for me is how Moniepoint is actually being able to create jobs by giving micro loans, you are basically giving access to financing to these people although, we have heard your prayer about how to reduce the business registration cost for small and medium-sized enterprises (SMEs), this is the kind of thing we can intervene in these are the kind of things the President is excited about , to help to create jobs and create enabling environment for businesses to thrive, a lot of people have business idea on how to empower themselves and often time you find out that access to information , access to right kind of education and access to enabling environment , access to financing, is all they need to help them to catalyse and help to spur that creativity into enterprenurship, our people are very creative just give them that oppourtnity that is what moniepoint is doing for them”
Anite said , there are so many businesses like moniepoint we are willing to keep supporting them by bringing more people into financial space by creating more jobs , and support the economy to grow.
In her last remarks she said ” we just created additional 2 million jobs in collaboration with the Ministry and the IT sector just with monie point alone we are expecting 30 million jobs , I am sure with the promise of Mr. President to create 50 million jobs will be achieved because we have the platform to make that happens and this is very reassuring to Nigeria, this platform is what we are going to use to empower them to support the business they are doing”
The representative of the CAC, Mr. Babatunde, said “This the first time in the history of this country that in line with Mr. President 8 point agenda of poverty eradication and job creation of 2 million businesses will be registered , over 2 million youths will be taken out of the labour market, at the time we have over 50 millions Nigerians out of the labour market , we would have made a headway .
While making his own renarks , the Managing Director of Moniepoint said “at the end of the day its is going to be a win win situation for us, cac and Nigeria as a whole, for one thing, we are also having a conversation with the CAC, we have some of these people that are so micro in our books that are so micro that the balance you see on those account will be less than five thousand naira, it may be a bit difficult for those kind of people to register with CAC and start their business name with 10 thousand naira, I have also discussed with CAC to ensure what we can do for those kind of people, the good news about them is that the business might be small now, but with what we are doing for them in moniepoint, granting them loan, helping them with payment and collection, these businesses are going to grow into middle size in the next two to three years, and it is good to quickly capture them now, give them the business registration, give them the support in terms of loans and we can all grow together ”
He said “SMEs business is what is holding at the base of Nigeria economy and it is going to keep going , today we also have over ten million businesses trading on instagram in the names of these individuals , these are the people we are oing to pull in and we assure that come in the next 5 years we are going to have over 30million SMES registered with CAC.”
The ICT vendor with Moniepoint who interfaces with the CAC said to HM “It is impressive to see how much impact you are already making at this point within the little timd you have just assumed office, there are about 40million SMES within the Nigeria economy , when you think about registration we have currently 3 million companies registered in the whole history of the CAC this is a massive disparity between what is possible, under Moniepoint website you will be able to register , we will process that information in way that CAC understands it, so that within a matter of minute those businesses can have a business name , second part of what we do is to provide the education that matters to business under the business financial act.”
The highpoint of the meeting is the symbolic presentation of 2 million data base of Moniepoint to the Honourable Minister.
For: Director Press and Public Relations
8th February , 2024