Moniepoint: digital payments now dominate Nigeria’s nightlife economy
Moniepoint Inc. says digital payments now account for the majority of transactions in Nigeria’s nightlife economy, particularly across local bars and informal community venues.
In a statement issued on Monday in Lagos, the fintech company said its latest study, titled “The Business of Community Nightlife in Nigeria,” analysed transaction data from more than 27,000 bars, clubs and lounges operating on its payment network. The report also incorporated field research conducted across several cities.
According to the findings, bank transfers constitute the largest share of nightlife payments, followed by card transactions, while cash usage continues to decline, largely due to security concerns.
The study revealed that transaction volumes typically begin to rise around 8pm, peak before midnight and taper off afterwards, suggesting that the most critical business hours occur earlier in the night.
It also found that local bars expand their workforce by between 30 percent and 50 percent during peak nights. Estimates indicate that at least 54,000 people are engaged in nightlife-related work each night across the country.
Commenting on the report, Tosin Eniolorunda, co-founder and group chief executive officer of Moniepoint Inc., said community nightlife operators play a significant role in Nigeria’s economic ecosystem.
The report further showed that Lagos leads in the number of nightlife outlets on the Moniepoint network, followed by the federal capital territory, Rivers state, Delta state and Edo state.
Moniepoint, headquartered in Lagos, provides digital payments, banking, credit and business management tools to millions of users and is regarded as one of Africa’s fastest-growing fintech firms.
