Digital Payments Fuel Growth in Nigeria’s $11.09 Billion Food Service Industry
A Moniepoint study shows digital payments are transforming Nigeria's food service sector, which is projected to grow to $19.31 billion by 2030 at an 11.73% annual rate.
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Nigeria’s food service industry, valued at $11.09 billion, is undergoing a structural transformation driven by the rapid adoption of digital payment infrastructure, according to a new study by Moniepoint. The findings, reported by Peoples Gazette, indicate that digital payments are helping businesses overcome long-standing operational inefficiencies and scaling challenges.
The study projects the sector will expand to $19.31 billion by 2030, growing at a compound annual rate of 11.73%. This growth trajectory is closely tied to improvements in financial technology, with digital transactions enabling faster service delivery, improved cash flow management, and greater access to formal credit for small and medium-sized enterprises.
Vanguard News corroborated the transformative impact of digital payments, noting that the infrastructure is enabling food service operators to streamline operations and reduce reliance on cash. This shift is particularly significant in a country where cash-based transactions have historically dominated small business operations.
Moniepoint’s research highlights the role of fintech innovation in supporting sector resilience and competitiveness. As digital payment platforms become more integrated into daily operations—from point-of-sale transactions to supply chain financing—the industry is becoming more attractive to investors and financial institutions.
With mobile and internet penetration on the rise, and regulatory support for digital financial services strengthening, Nigeria’s food service industry is positioned for sustained expansion. The projected increase in market value reflects growing confidence in the sector’s ability to adapt and scale through technology.