Moniepoint identifies digital payments as key driver to economic development
By allcitynews.ng A new study by Moniepoint Inc., Africa’s leading all-in-one financial ecosystem, has spotlighted Nigeria’s community nightlife, showing how digital payments are driving growth in local bars, lounges, and roadside joints across the country. While upscale “Detty December” events and high-end restaurants often dominate headlines, Moniepoint’s research focuses on everyday neighbourhood nightlife, where millions of Nigerians gather to eat, drink, and socialize. These venues form a critical part of the informal economy. The study, titled “The Business of Community Nightlife in Nigeria,” is based on transaction data from over 27,000 bars, clubs, and lounges on Moniepoint’s payment network, combined with field interviews and observational research across multiple cities. One of the key findings is the declining role of cash. Bank transfers dominate payments, closely followed by card transactions, as venue operators discourage cash due to security risks. D...