Millions of small business owners operating in Africa’s informal economy hold the key to the continent’s future prosperity, according to Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint.

Speaking at the Lagos Business School (LBS) Breakfast Club, Eniolorunda highlighted the urgent need for businesses, policymakers, and financial institutions to create solutions that address the realities of traders, artisans, transport operators, and other entrepreneurs who remain largely excluded from formal economic systems despite their significant contributions to national development.

According to him, traditional business models have historically focused on customers with formal identities, documented addresses, established credit histories, and verifiable financial records. This has left millions of hardworking entrepreneurs underserved, limiting their access to financial services, growth opportunities, and economic mobility.

Eniolorunda argued that the challenge is not a lack of economic activity among these populations but rather the inability of existing systems to recognize and support them effectively. He noted that informal businesses generate valuable economic data every day through transactions, customer relationships, and operational activities, yet much of this information remains untapped.

Drawing from Moniepoint’s decade-long experience serving small businesses across Nigeria and other African markets, he stressed that designing products around the realities of low-income and underserved communities can unlock both social and economic transformation.

“The bottom of the pyramid is often viewed solely as a development challenge,” Eniolorunda said. “However, it should increasingly be seen as an opportunity to create lasting impact while driving sustainable business growth.”

He explained that when entrepreneurs at the grassroots level gain access to reliable financial services, payment infrastructure, and business tools, they are better positioned to expand their enterprises, create jobs, improve household incomes, and contribute more meaningfully to local economies.

Eniolorunda further noted that the organizations that will shape the future of African commerce are likely to be those that invest in understanding and serving communities that have historically been overlooked. By earning trust and addressing real needs at the grassroots, such organizations can help bridge economic inequalities while fostering broader financial inclusion.

His remarks underscore a growing recognition that empowering small and informal businesses is not only a commercial opportunity but also a critical pathway to reducing poverty, promoting economic inclusion, and accelerating sustainable development across Africa.

As governments and private-sector actors seek new approaches to drive inclusive growth, Eniolorunda’s message serves as a reminder that some of Africa’s greatest opportunities for impact and prosperity lie within the millions of entrepreneurs working beyond the boundaries of the formal economy.