Moniepoint Inc. says digital payments now dominate Nigeria’s nightlife economy, particularly among local bars and informal community venues.
The News Agency of Nigeria (NAN) reports that Moniepoint is a Nigerian financial technology (fintech) company that offers a wide range of digital banking and financial services for businesses and individuals.
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It is one of the fastest-growing fintech firms in Africa.
The Lagos-based Fintech provides digital payments, banking, credit, and business management tools to millions of users.
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The company said in a statement on Monday in Lagos that its study, “The Business of Community Nightlife in Nigeria,” analysed 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 use continues to decline due to security concerns.
It said transaction volumes rose from about 8.00 p.m., peaked before midnight and declined thereafter, indicating that the most critical business hours occurred earlier in the night.
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The study noted that local bars typically expanded their workforce by 30 per cent to 50 per cent on peak nights, with estimates showing that at least 54,000 people 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 were a vital part of Nigeria’s economic structure.
According to the report, Lagos leads in the number of nightlife outlets on the Moniepoint network, followed by the Federal Capital Territory, Rivers, Delta and Edo respectively.
(NAN)
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