Trade Ministry, CAC, Moniepoint, collaborate on creation of 2 million jobs for Nigerians

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Symbolic Presentation of Moniepoint MFB 2M costumer database to the Hon. Minister of FMITI, Dr. Doris Uzoka-Anite (middle) towards the registration with CAC, by the MD of Moniepoint MFB, Babatunde Olofin(left), alongside with the Registrar General of CAC, Hussain Ishaq Magaji(right) in Abuja on Wednesday 07/02/24

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.


Henry David

For: Director Press and Public Relations

8th February , 2024