According to the report, traders at Kasuwan Shanu in Gamboru coordinate the movement of hundreds of cattle, goats, and rams during peak periods, with an average of 50 trucks dispatched daily to major cities like Lagos, Port Harcourt, and Onitsha.

Prices soar during these periods, with rams rising by over 230% and goats commanding increases of 400% to 470%, depending on demand.

Beyond seasonal trading, the report highlights a shift toward a more investment-minded approach among livestock traders.

Rather than relying solely on quick-turnover sales, many now purchase and raise livestock in advance to increase resale value.

This added layer of value creation is contributing to a more stable and profitable business model for traders across the region, underscoring the growing sophistication of Nigeria’s informal livestock economy.

The agricultural sector, which is the bedrock of Nigeria’s non-oil economy, contributed 24.64% to the nation’s real GDP in the fourth quarter of 2024.

The positive trends amplified in this study must be viewed against the backdrop of Nigeria’s North East, as a region that has been grappling with the economic fallout of the area’s volatility and decade-long conflict, estimated to have cost the nation over US$100 billion.

Smallholder farmers dominate food production in the region, with over 80 per cent cultivating less than two hectares and producing nearly 90%  of Nigeria’s food.

In Borno State alone, farmers produce more than 2 million metric tons of staple crops annually, and the informal market remains the primary engine driving the movement of these goods.

The report found that 51.2% of traders in Borno source their goods from Maiduguri, a hub that serves as a conduit for livestock, grains, vegetables, and agrochemicals to cities across Nigeria. Yet despite this scale, most transactions still happen outside formal banking structures.

“Our research shows that credit is mostly informal, payments are often made in person, and records are kept by memory or handwritten ledgers,” the report noted. 

Furthermore, the study highlights the deep trust underpinning informal trade in Borno’s livestock markets, where buyers often place high-value orders using only phone numbers and voice notes.

In many cases, no formal contracts or documentation are exchanged as longstanding relationships and reputation bridge this gap.

This trust-based system enables rapid, large-scale transactions across distances, especially during peak festive demand.

Tosin Eniolorunda, CEO of Moniepoint Inc., noted that

“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 North East today is significant. Farmers and traders who were once excluded from formal systems are now part of a national digital network, able to access capital, manage risk, and grow. This shift isn’t just tech-enabled, but it’s structurally impactful work. It’s about creating an economy where everyone can participate, no matter their location or background.”

He continues,

“The story of Nigeria’s food chain is a story about people. Our role is to empower them with tools that are built for their reality. By providing secure, reliable, and instant payment solutions, we are helping to de-risk their operations and connect them to the broader national economy. The data shows that when you build on the organic, trust-based networks that already exist, you don’t just support socio-economic development, you accelerate it. These are not just individual livelihoods, they are the hidden engines of Nigeria’s economy.”

Some Insights from the Study:

• Over 51% of traders source and dispatch their goods from Maiduguri to cities across Nigeria and neighbouring countries, reinforcing its critical position as a site that contributes significantly to Nigeria’s food security. 
• Nearly 37% of food chain actors surveyed have been in business for over a decade, underscoring the depth of local knowledge and the continuity of food-related enterprise in the region, which has been forged on the back of generational expertise and resilience.
• Traders employ a diverse array of transportation methods, depending on their needs: 30.4% use shared trucks for bulk transport, while 23.2% rely on smaller, more nimble commercial tricycles, and others use motorcycles. This flexibility allows traders to tailor their logistics to the security of a given route, the size of the consignment, and the need for speed or discretion. 

Digital tools are gradually becoming embedded in these systems. The study found that over 45% of traders in Borno now accept digital payments, with transfers accounting for 28.6% and POS usage at 17%.

This adoption has grown significantly since Nigeria’s cash crunch in 2023 highlighted the risks associated with cash-based trade.

In response, tools like Moniepoint’s POS and credit alerts, enabled mobile transfers, have become vital to how these farmers and traders operate.

“Digital tools have reduced theft, simplified accounting, and made payments safer,” said Isiaka, a pepper farmer in Zabarmari. “Before, we carried wads of cash. Now, I use transfers and get alerts instantly.”

This latest case study joins the growing pool of thought leadership materials curated by Moniepoint for the benefit of stakeholders, including regulators, investors, and the general public, aimed at enhancing their understanding of the financial services ecosystem in Nigeria.

Previous case studies have explored family-owned businesses, South East’s Onitsha Market, community pharmacies, women-owned businesses and the definitive Informal Economy Report, collectively demonstrating how digital payment solutions are transforming Nigeria’s commercial landscape across diverse sectors and market structures.

As majority of food producers and traders in Nigeria’s North East – ranging from smallholder farmers to livestock dealers and poultry merchant – continue to rely on informal systems to power agricultural trade, demonstrating remarkable resilience despite years of conflict, Moniepoint’s hyperlocal approach woven around the company’s on-the-ground personnel, who speak local languages and provide real-time support, is helping bridge long-standing gaps in access to finance while deepening its roots as a trusted market leader driving inclusive growth from the ground up.

Meeting informal sector actors where they are through tools that match their realities is key to unlocking the agricultural value chain’s full economic potential.

Moniepoint case studies can be found here.

This prestigious event which was hosted by the Central Bank of Nigeria (CBN) had in attendance, several key stakeholders in the financial services industry that include Deputy Governor, Financial System Stability, Central Bank of Nigeria, Philip Ikeazor, director-general, National Pension Commission (PenCom), Omolola Oloworaran, Country Manager and Area Business Head for West Africa, Mastercard, Folasade Femi-Lawal, and Chairman of Committee of e-Business Industry Heads (CeBIH), Ajibade Laolu-Adewale among others.

Themed “Inclusive Growth: Harnessing Inclusion for Economic Development,” this year’s conference brought together global experts, policymakers, and industry leaders to explore strategies for advancing financial access and fostering economic development.

Moniepoint’s stellar contributions and nationwide impact in promoting financial inclusion across underserved communities were celebrated alongside its innovative products and solutions that bridge gaps and provide a secure, fast and transparent way to access digital financial services .

In addition to this accolade, in recent weeks Moniepoint has received several other industry awards, further cementing its position as a leader in driving financial inclusion and economic empowerment across Nigeria.

Commenting on the awards and wins, Tosin Eniolorunda, CEO Moniepoint Inc, said,

“These recognitions underscore our commitment to engineering financial happiness via solutions that empower individuals, small businesses and communities at large. At Moniepoint, we believe that financial inclusion is not just a goal but a necessary foundation for sustainable economic growth and development. We are honored to contribute and support the Federal Government’s aspirations and agenda to become a trillion dollar economy by 2030 and we remain dedicated to making a meaningful impact.”

He continued,

“the laurels and accolades are a strong validation of the hard work and dedication that our DreamMakers put into powering the dreams of millions of Nigerians, and it will continue to fuel our passion for driving excellence in Nigeria’s financial services sector. It’s just Day One for us and we will continue to develop solutions that make financial services more accessible to all.”

Scoring an uncommon hattrick, Moniepoint Inc was listed for the third year in a row in the seventh edition of CB Insights annual Fintech 100, a list of the 100 most promising private fintech companies in the world and described as high-momentum companies shaping the future of financial services.

At the prestigious BusinessDay Banks & Other Financial Institutions BAFI Awards 2024, now in its 12th year, which highlights excellence and innovation within the financial services sector and celebrates the institutions that have set new standards in performance, customer service, and leadership, Moniepoint Microfinance Bank won the award for “SME Microfinance Bank of the Year” and Tosin Eniolorunda emerged as the Fintech CEO of the Year.

At the Phillips Consulting (pcl.) Digital Jurist Awards 2024, which celebrates the remarkable achievements of organizations that have exemplified innovation and excellence in leading digital transformation across various sectors in Nigeria, Moniepoint was recognised for Best Digital and Best Website in the Microfinance Bank sector, while winning the award for the Overall Best OFI in Digital Banking Solution Delivery (Vision Category) at the NEXUS 2024 Gala and Awards Night organized by Qore, a leading fintech infrastructure and Banking-as-a-Service platform provider.

Moniepoint Inc. is Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019.

As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $17 billion monthly for its customers while operating profitably.

Efemena Ogie, head of Partnerships at Moniepoint Inc., gave this commitment at the Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos.

According to Ogie, it was in line with this commitment that the company developed an innovation of point of sale (PoS) alert for mobile transfers.

According to him, this is helping businesses using Moniepoint’s PoS machines to receive instant credit alerts when their customers make transfers to their accounts. He said this has also taken the customers’ burden of waiting for merchants to receive alerts before they can leave.

Ogie said: “We had to think outside the box to make life easy when you want to make payments. If you go to a supermarket and you forget your card and you want to make a payment, you will have to make a transfer. But at some point, you have to wait until the merchant gets an alert before you can leave. You can just get angry at that point because your account has been debited. We saw that there is a better way to do that, so what we did was that instead of waiting, when you do a transfer, the alert should just hit the PoS, and that transaction will be seen as a card transaction and the merchant is able to print your receipt right there.”

Ogie added that more innovations are coming into the payment space in Nigeria, especially with the ongoing implementation of the Central Bank of Nigeria’s Payment System Vision 2025.

“In a couple of months from now, you’re going to see some massive innovation in the payment space because if you look at the CBN’s Payment System Vision 2025, in the documents, you have things like big data, artificial intelligence, contactless payments, and open banking. As we are talking, the CBN has also released the guidelines for open banking, so it’s not something that will happen in 10 years but it’s happening right now. The CBN has also released the circular for contactless payments. At Moniepoint, we are already working for our customers, we are already thinking outside the box to see how we can deploy services around these platforms.”

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In his opening remarks at the forum with “Harnessing Nigeria’s Fintech Potentials: Challenges and Opportunities” as the theme, Mr. Chike Onwuegbuchi, the NITRA Chairman, said fintech has become the most exciting sector in the ICT industry, and in Nigeria as a whole. He added that the focus on the sector which is seen as the engine of financial dealings, economic growth, and transactional unification, was to present and aid various other sectors from the grassroots to international business/trade.

Also speaking, Mr. Bemigho Awala, the PR Manager at MoniePoint Inc., used the forum to share perspectives around how opportunities in Nigeria’s fintech space can be robustly captured. He cited the need for increased talent development in the industry while signposting the Moniepoint NITHub initiative as an exemplar.

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Awala also made the case for innovative systems, enhanced due diligence and innovative solutions that meet market demand as critical pillars that undergird the emergence of a fintech ecosystem that works for all stakeholders.

He said: “Know Your Customer (KYC) has become a cornerstone in establishing trust, ensuring security, and complying with regulatory standards. KYC is not merely an acronym; it represents a crucial set of processes designed to verify and authenticate the identity of customers engaging in financial transactions. As a responsible and compliant organisation, we will continue to explore innovative tools and methodologies while actively collaborating and cooperating with all stakeholders in the financial services value chain to reduce the menace of fraud-related transactions.”