Digital payments now dominate Nigeria’s nightlife economy – Moniepoint

Transfers and card payments surge as cash declines across bars and lounges

Digital payments are rapidly transforming Nigeria’s nightlife economy, with bank transfers and card transactions now dominating spending at bars, clubs, and lounges, according to a new study by Moniepoint.

The fintech company disclosed this in its report titled The Business of Community Nightlife in Nigeria, which analysed transaction data from over 27,000 nightlife businesses on its payment network alongside field research conducted across major cities.

The findings highlight a significant shift away from cash, driven largely by security concerns and the growing convenience of digital payment channels.

Transfers lead as cash declines

According to the report, bank transfers account for the largest share of nightlife transactions, followed by card payments, while cash usage continues to decline steadily.

The shift reflects broader trends in Nigeria’s digital economy, where more consumers and businesses are adopting electronic payments for speed, safety, and easier record-keeping.

Moniepoint noted that concerns about theft, robbery, and cash-handling risks have accelerated the transition, particularly in informal nightlife venues such as neighbourhood bars and lounges.

The report added that the adoption of digital payments is helping businesses improve accountability and streamline operations, while also enhancing customer convenience.

Nightlife activity peaks before midnight

The study also revealed clear patterns in nightlife spending, with transaction volumes typically rising from around 8:00 p.m., peaking shortly before midnight, and gradually declining afterwards.

This indicates that the most critical business hours occur earlier in the night, reshaping how nightlife operators manage staffing and inventory.

To meet increased demand, many nightlife venues expand their workforce by between 30 per cent and 50 per cent during peak periods.

Overall, the report estimates that at least 54,000 people are engaged in nightlife-related economic activities across Nigeria each night, highlighting the sector’s importance as a source of employment.

Lagos leads Nigeria’s nightlife payment activity

Geographically, Lagos recorded the highest number of nightlife businesses on Moniepoint’s payment network, followed by the Federal Capital Territory, Rivers, Delta, and Edo states.

This reflects Lagos’ status as Nigeria’s commercial and entertainment hub, with a vibrant nightlife that attracts both residents and visitors.

Commenting on the findings, Moniepoint co-founder and Chief Executive Officer, Tosin Eniolorunda, described community nightlife operators as a vital part of Nigeria’s economic ecosystem.

He noted that increased adoption of digital payments is helping small and informal businesses integrate more fully into the formal financial system.

The report underscores how fintech adoption is reshaping everyday economic activities in Nigeria, extending beyond traditional retail and e-commerce into nightlife and informal sectors.

Similar read: CAC’s PoS Registration Order Sparks Industry Rift as 2026 Deadline Looms