North-East Nigeria traders embrace digital payments to curb theft, improve records and grow businesses, according to a new Moniepoint study on financial inclusion

North-East Nigeria traders embrace digital payments as a safer and smarter alternative to cash, according to a new study by Moniepoint Inc.

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The study revealed a sharp increase in the use of digital tools in livestock and crop trading across Borno and surrounding areas.

Over 45 per cent of traders in the region now accept digital payments, with 28.6 per cent relying on bank transfers and 17 per cent using POS terminals.

The adoption of digital transactions has been driven by concerns about theft and the need for better accounting systems.

Many traders say they now feel more secure and organised, especially after Nigeria’s 2023 cash crunch exposed the risks of cash-based trade.

“Digital payments are becoming part of everyday trade in the North-East. From market stalls to livestock yards, traders are seeing real benefits,” the study noted.

North-East Nigeria traders embrace digital payments not only for security, but also to stay connected to larger market systems.

Tools like Moniepoint’s POS terminals and instant credit alerts have transformed how food sellers and livestock merchants operate.

Smallholder farmers make up the majority of food producers in the area, cultivating under two hectares each and contributing more than two million metric tonnes of food annually in Borno alone. Yet, most transactions still bypass formal banks.

The report revealed that 51.2 per cent of traders source goods from Maiduguri, a city that functions as a central trade hub.

From Maiduguri, goods like grains, livestock, and vegetables move across Nigeria and into neighbouring countries.

Despite this scale, many payments remain informal and undocumented. “Records are often stored by memory or on handwritten ledgers,” the study explained.

In terms of transport, the report found that 30.4 per cent of traders use shared trucks for large consignments, while 23.2 per cent prefer commercial tricycles for flexible deliveries. Others use motorcycles depending on the route, distance, and urgency.

Tosin Eniolorunda, Chief Executive Officer of Moniepoint Inc., said the changes happening in the North-East are monumental.

“North-East Nigeria traders embrace digital payments not just for access, but for dignity. This is about real people joining a national digital network,” Eniolorunda said.

He emphasised that digital tools are helping traders manage risks and grow. “Our role is to empower them with secure and reliable solutions tailored to their needs,” he added.

Moniepoint’s research builds on previous reports covering Onitsha Market, women-owned businesses, family enterprises and pharmacies, which all show how digital innovation is reshaping Nigeria’s informal economy.

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As the country’s agricultural heartland adapts, North-East Nigeria traders embrace digital payments as the path forward—offering them structure, safety and a real chance to scale their businesses.