Lagos: Moniepoint Inc. has revealed that digital payments have become the primary mode of transaction in Nigeria’s nightlife economy, especially in local bars and informal community venues.
According to News Agency of Nigeria, Moniepoint is a Nigerian financial technology firm providing digital banking and financial services to businesses and individuals. It is recognized as one of the fastest-growing fintech companies in Africa. The Lagos-based company offers a range of services including digital payments, banking, credit, and business management tools to millions of users.
In a recent statement from Moniepoint, the company highlighted findings from its study titled ‘The Business of Community Nightlife in Nigeria.’ The study analyzed transactions from over 27,000 bars, clubs, and lounges using Moniepoint’s payment network, alongside field research conducted across various cities. According to the report, bank transfers are the most common form of payment in nightlife settings, followed by card transactions, while cash usage is decreasing due to security concerns.
The report further detailed that transaction volumes increase starting at around 8:00 p.m., peaking before midnight, and then decline, indicating that the most crucial business hours occur earlier in the night. Additionally, the study noted that local bars generally increase their workforce by 30 to 50 percent on peak nights, with estimates showing that at least 54,000 individuals are engaged in nightlife-related work every night across Nigeria.
Tosin Eniolorunda, Co-founder and Group Chief Executive Officer of Moniepoint Inc., commented on the findings, emphasizing that community nightlife operators play a vital role in Nigeria’s economic framework.