How Moniepoint is Powering Nigeria’s $11bn Food Service Industry

Nigeria's food service industry, now valued at $11.09 billion and projected to reach $19.31 billion by 2030, has seen significant transformation driven by Moniepoint's financial ecosystem. A new case study highlights how the platform's real-time digital infrastructure has resolved long-standing payment challenges.

Historically, the sector struggled with issues such as settlement delays, unreliable transaction confirmations, unchecked theft, and limited access to credit. Moniepoint's solutions have directly tackled these persistent problems, enabling smoother commerce and fostering growth.

Tosin Eniolorunda, Group CEO of Moniepoint, emphasized the company's commitment to financial inclusion, stating, "Moniepoint believes financial inclusion is not just about access. It’s about dignity, about enabling people to transact on their terms." He noted that the company is integrating payment systems with crucial business operations like inventory, procurement, and credit, effectively providing a digital operating system for culinary entrepreneurs.

The study traces the industry's evolution from early establishments like Kingsway Rendezvous in 1973 and Mr. Biggs in 1986, through the rise of quick-service chains like Chicken Republic, to the current digital era. Food and drinks now represent the second-largest merchant sector on Moniepoint's platform, surpassed only by retail.

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Moniepoint believes financial inclusion is not just about access. It’s about dignity, about enabling people to transact on their terms. What’s happening in the food service sector today is significant. The real competitive question today is how deeply that payment infrastructure is woven into the way the business actually runs day to day. Moniepoint is sitting right at the centre of that shift. We are ensuring that payments are connected to inventory, to recipes, to procurement, to credit, and to growth plans. By building out tools like Moniebook and Orda that match the operational reality of these culinary entrepreneurs, who act as mini-factories converting perishable raw materials into time-sensitive output, we are providing the digital operating system that drives sustainable scale for Nigeria’s socio-economic development.