By Juliet Umeh
A new study has revealed that digital payment infrastructure is transforming Nigeria’s food service industry, helping businesses overcome longstanding operational challenges and driving the sector to an estimated $11.09 billion market in 2025.
The report, released by a digital bank, Moniepoint, projected that the industry would grow to $19.31 billion by 2030, representing an annual growth rate of 11.73 percent, driven by the expansion of food delivery platforms, cloud kitchens and wider adoption of digital financial services.
Tracing the industry’s evolution over four decades, the study highlighted the journey from the era of Kingsway Rendezvous and Mr Bigg’s to today’s technology-driven quick-service restaurant, QSR, chains. It also noted that food and beverage businesses have become the second-largest merchant category on Moniepoint’s platform, behind only retail.
Group Chief Executive Officer of Moniepoint, Tosin Eniolorunda, said financial inclusion should go beyond providing access to banking services to helping businesses operate more efficiently.
