Moniepoint Data Reveals Bank Transfers Outpace Cards in Nigeria’s Nightlife

While high-end Detty December lounges making ₦360 million in daily revenue often grab the headlines, a new deep-dive into Nigeria’s informal night economy suggests the real action is happening at the grassroots.

Moniepoint Inc., Africa’s leading all-in-one financial ecosystem, has released a sector-specific study titled “The Business of Community Nightlife in Nigeria.”

Drawing from transaction data across 27,000 clubs, bars, and lounges, the report provides a rare, ground-level view of how money and labor intersect once the sun goes down.

Cash is Dying After Dark: The “Ping” is King

In a significant departure from wider informal economy trends where cash remains stubborn, Nigeria’s nightlife is rapidly digitizing. According to the study, cash is actively discouraged in late-night venues due to security concerns.

Transfer Dominance: Bank transfers outpace card payments by nearly 2 million transactions during peak nighttime hours on the Moniepoint network.

The Audio-Visual Confirmation: To eliminate the friction of waiting for SMS alerts or verifying screenshots, Moniepoint’s POS Transfer system, which provides an instant audio confirmation, has become the standard operating procedure for bars to keep service moving.

Security-First Cards: In a move to protect night-time revelers, Moniepoint cards are now designed without visible card numbers or CVVs, preventing sensitive data theft in crowded environments.

The Economic Clock: Peak Spending vs. Peak Crowds

One of the report’s most operationally significant findings is that while the party may last until 6 am, the economic night is decided much earlier.

The Spending Timeline:

• 8:00 PM: Transaction volumes begin a sharp climb.
• 11:59 PM: Spending hits its absolute peak.
• 12:00 AM – 6:00 AM: Even as venues remain full, purchasing activity steadily declines.

For operators, this suggests that the critical window for inventory management and vendor payments occurs in the very early hours of the morning, even as consumer spending slows down.

Beyond Lagos: Katsina and Kwara’s “Quiet” Boom

While Lagos leads in the sheer number of establishments (4,856 venues), the data shows that Nigeria’s night economy is widely distributed and far from elitist.

The Food Truck Surge: Katsina State leads the country in nighttime food truck payment value, with vendors raking in over ₦130 million in the last 12 months.

High Frequency: Kwara State leads the nation in the total count of transactions, proving that high-volume, low-value spending is the bedrock of the community night economy.

The Revenue Anchor: While alcohol drives profit, food is the quiet stabilizer. In many neighborhood joints, bottled water and meals actually outsell beer and spirits early in the evening.

Employment and the Credit Gap

Nightlife is a massive labour engine. Conservative estimates from the study suggest at least 54,000 people are engaged in nightlife labour every night across Nigeria, with local bars typically expanding their workforce by 30-50% on weekends.

Tosin Eniolorunda, co-founder and Group CEO of Moniepoint Inc., noted that this sector deserves the same strategic attention as agriculture or healthcare.

“Our goal is to make sure every one of those businesses has the tools to grow, from credit for sound systems to same-day settlement that allows vendors to restock,” he said.

Interestingly, the report finds that most loan requests from bar operators are not for working capital, but for Ambience Upgrades, investments in lighting, furniture, and sound systems, reflecting a highly competitive market where the vibe determines the customer retention.

Techecnomy analysts believe Moniepoint’s data confirms that Nigeria’s nightlife is no longer a peripheral informal activity; it is a structured, digitally-powered industry.

The transition from cash to “POS Transfers” is a massive win for financial inclusion, bringing thousands of roadside suya spots and neighborhood bars into the formal financial fold.

However, the midnight-to-dawn slowdown in spending despite full venues suggests that operators need better data-driven tools to manage table lingering, where customers occupy space but stop spending.

As the sector professionalizes, the next phase of growth will likely come from Embedded Finance, where bar owners can access instant credit based on their nightly pings to upgrade their facilities.

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