Moniepoint Inc. says digital payments now dominate Nigeria’s nightlife economy, particularly among local bars and informal community venues.
Moniepoint is a Nigerian financial technology (fintech) company that offers a wide range of digital banking and financial services for businesses and individuals. It is one of the fastest-growing fintech firms in Africa.
The Lagos-based company provides digital payments, banking, credit, and business management tools to millions of users.
In a statement issued on Monday in Lagos, Moniepoint said its study, titled “The Business of Community Nightlife in Nigeria,” analyzed transactions from more than 27,000 bars, clubs, and lounges on its payment network, alongside field research across several cities.
According to the report, bank transfers account for the majority of nightlife payments, followed by card transactions, while cash usage continues to decline due to security concerns.
The study found that transaction volumes rise from about 8:00 p.m., peak before midnight, and then decline, indicating that the most critical business hours occur earlier in the night.
It noted that local bars typically expand their workforce by 30 to 50 per cent on peak nights, with estimates showing that at least 54,000 people are engaged in nightlife-related work nightly across Nigeria.
Commenting on the findings, Tosin Eniolorunda, Co-founder and Group Chief Executive Officer of Moniepoint Inc., said community nightlife operators are a vital part of Nigeria’s economic structure.
The report also revealed that Lagos leads in the number of nightlife outlets on the Moniepoint network, followed by the Federal Capital Territory, Rivers, Delta, and Edo states respectively.
