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. During peak hours, transfers outnumber card payments by nearly two million transactions.

Timing of transactions was another notable insight. Spending begins climbing sharply from 8pm, peaks before midnight, and steadily declines even as venues remain full. This has operational implications for bar owners on staffing, stocking, and cash flow management.

Community nightlife also plays a significant role in employment. Local bars expand their workforce by 30 to 50 percent on peak nights, and conservative estimates suggest at least 54,000 Nigerians work in the nightlife sector every night.

Food remains a stabilising factor in the informal night economy. While alcohol drives revenue, street food, meals, and bottled water often outsell drinks, particularly earlier in the evening.

Lagos leads in the concentration of nightlife establishments, with 4,856 venues on Moniepoint’s network. It is followed by FCT (2,515), Rivers (2,362), Delta (1,930), and Edo (1,574). This shows nightlife is widely distributed across urban centres, not limited to elite districts.

Katsina leads the country in nighttime food truck payment value, raking in over ₦130 million in 12 months, while Kwara State tops transaction counts. The study highlights that informal nightlife is economically vibrant nationwide.

The research also showed that most common transaction narrations—“food,” “pay,” “sent,” “pos,” and “cash”—reflect the broad range of expenditures, including club entries, lounge tabs, street food, transport, and after parties

Moniepoint also noted that a significant share of loans requested by bar and lounge operators is directed toward renovations, furniture, lighting, and sound systems, reflecting investments made to enhance ambience and attract patrons in a competitive sector.

To support growth, Moniepoint provides innovative tools like POS Transfers and assigns dedicated bank accounts to each terminal, offering instant audio-visual confirmation for seamless transactions, reducing operational friction.

Safety is also a priority. Moniepoint cards are designed without visible card numbers, expiry dates, or CVVs to protect customer financial information in public settings.

Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint, said, “Nigeria’s local bars and night-time operators are not peripheral to the economy. They employ hundreds of thousands every night and deserve attention comparable to sectors like agriculture, healthcare, and retail.”

As Nigeria’s largest distributor of financial services, Moniepoint processes billions in transactions monthly, supporting millions of businesses with payments, banking, credit, and business management solutions, further cementing its role as a catalyst for economic growth.

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