Digital payments drive Nigeria's $11 billion food industry expansion
via Punch Nigeria11 min read
Digital payment infrastructure is accelerating growth in Nigeria's $11.09 billion food service industry, according to a new report by fintech company Moniepoint. The study, titled "What It Takes to Feed Nigeria Every Day: The Payment Story Behind Its Food Service Industry," highlights how real-time payments, business management tools, and data-driven financial services are transforming the sector. Digital infrastructure has resolved issues like settlement delays, unreliable confirmation, and inaccessible credit, moving the industry from a cash-based model to a more connected commercial ecosystem. The Nigerian food service market, which includes traditional restaurants, delivery platforms, and cloud kitchens, is projected to reach $19.31 billion by 2030. Moniepoint's Group Chief Executive Officer, Tosin Eniolorunda, emphasized the integration of payments with inventory, procurement, and growth plans. Digital payment histories are also enabling small and medium-sized food operators, particularly women-owned businesses which constitute 86.8% of the sector, to access financing by providing reliable revenue patterns to lenders. Tools like Moniebook and Orda are helping businesses integrate payments, inventory, and operational reporting, allowing them to track stock, reduce losses, and scale. The adoption of cashless payment methods has led to a 2,823% increase in quick-service restaurant terminal usage on Moniepoint's platform, with food and beverage businesses being the second-la
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