Nigeria’s food service industry is experiencing rapid growth, with digital payment systems playing a major role in improving business operations, increasing financial inclusion, and expanding access to credit.
According to a new industry report by fintech company Moniepoint, Nigeria’s food service market was valued at $11.09 billion in 2025 and is projected to grow to $19.31 billion by 2030.
The report noted that digital payment infrastructure has transformed the sector by replacing cash-based transactions with real-time payment systems that improve transaction speed, reduce settlement delays, enhance transparency, and minimise cash handling risks.
It also highlighted that digital transaction records are helping food businesses, particularly small and medium-sized enterprises, access financing by providing lenders with reliable data on their cash flow and business performance.
The study found that women account for 86.8 per cent of businesses in Nigeria’s accommodation and food services sector, making digital financial services an important tool for supporting female entrepreneurs.
Beyond payments, digital platforms are helping restaurants integrate inventory management, procurement, sales tracking, and operational reporting, enabling them to improve efficiency, reduce waste, and make better business decisions.
Moniepoint also reported a significant rise in the use of cashless payment terminals by quick-service restaurants, reflecting the growing adoption of digital payment solutions across Nigeria’s food industry.
The report concluded that continued investment in digital infrastructure will help food businesses become more efficient, financially inclusive, and better positioned for long-term growth.
