Nigeria's ride-hailing goes cashless (>85%), unlocking fintech credit for drivers

Over 85% of ride-hailing trips in Nigeria are now settled through cashless channels, per a Bolt-Ipsos report obtained by TechCabal—sharply contrasting with South Africa where >80% remain cash-based. This shift follows Nigeria's May 2023 fuel subsidy removal, prompting platforms to revise fare structures and give drivers faster earnings access. Within Nigeria's $5.17 billion gig economy supporting 3 million workers, ride-hailing accounts for 24% of activity (e-commerce leads at 38%). Crucially, platforms like Bolt are partnering with fintechs such as Advancly to offer in-app micro-loans and vehicle financing, expanding drivers' access to formal banking and digital credit products. Meanwhile, South Africa's $5.03 billion gig economy (1.8-2M workers) shows ride-hailing and e-commerce each at 29%, with cash still dominant despite the Reserve Bank's 2024 digital payments roadmap—limiting driver exposure to fintech credit solutions. Over 90% of Nigerian ride-hailing drivers report improved living standards since joining platforms, directing earnings toward essentials like food, rent, and education, while 32% cite financial independence as their top benefit. With men comprising 96% of Nigeria's ride-hailing workforce and most drivers active over a year, this cashless transition creates tangible pathways to financial inclusion. Will you leverage your ride-hailing earnings to access platform-linked micro-loans or vehicle financing programs, or stick to informal savings methods given your income goals?

SOURCE: https://techcabal.com/2026/04/17/over-80-of-south-africa-ride-hailing-trips-are-cash-based/