Ride-hailing in South Africa remains overwhelmingly cash-based, with more than 80% of transactions still settled in physical currency, according to a joint report by Bolt and research firm Ipsos. This contrasts sharply with Nigeria, where over 85% of trips are paid through cashless channels, reflecting deeper structural differences in both markets.
In Nigeria, ride-hailing makes up 24% of the country’s $5.17 billion gig economy, which supports around 3 million workers. E-commerce leads the sector at 38%. South Africa’s gig economy is valued at $5.03 billion, with between 1.8 million and 2 million participants, and ride-hailing and e-commerce each accounting for 29% of activity.
The persistence of cash in South Africa comes despite an evolving payments landscape. The South African Reserve Bank reports that cash still represents 56% of all consumer transactions by volume. While digital payments are expanding through cards, mobile wallets, and systems like PayShap, cash remains deeply entrenched, particularly among informal and low-income users. A 2025 Stitch report found that more than 90% of South Africans used non-traditional payment methods in the past year, yet ride-hailing has not fully embraced this shift.
In Nigeria, platforms adapted fare structures after the removal of the fuel subsidy in May 2023 and introduced faster access to driver earnings. These changes have contributed to the growth of cashless ride-hailing. In South Africa, the Reserve Bank published a digital payments roadmap in 2024, but ride-hailing remains heavily cash-dependent.
The payment divide is affecting drivers’ access to credit. Nigerian platforms are partnering with fintechs to offer micro-loans and vehicle financing, expanding drivers’ access to formal banking and digital credit. Bolt, for example, works with Advancly to provide in-app micro-loans. In South Africa, where cash dominates, drivers have had comparatively less exposure to such products, though fintech collaborations with local banks are beginning to expand access to instant transfers, micro-loans, and insurance.
Beyond payments, the Bolt-Ipsos survey of 250 South African gig workers found that 70% use ride-hailing to supplement other earnings, while 30% rely on it as their primary income source. Over half earn 50% or less of their total income from the platform. Despite this, more than 90% reported an improvement in their standard of living since joining the platform. Earnings are typically spent on essentials such as food, rent, transport, and education, with 32% citing financial independence as the most valued benefit.
Simo Kalajdzic, Senior Operations Manager at Bolt, said: “In South Africa’s current economic climate, ride-hailing is no longer just about mobility. It’s about opportunity. Many drivers are using platforms like Bolt to build income streams, support their households, and take control of their financial futures.”
The sector remains male-dominated in both markets: 92% of South African ride-hailing participants are men, compared with 96% in Nigeria. In Nigeria, most drivers have been active for more than a year, indicating sustained participation.
On regulation, South Africa’s National Land Transport Amendment Act of 2023 formally recognised ride-hailing operators as part of the public transport system for the first time, introducing licensing requirements, safety features such as panic buttons, and standardised fares. Platforms are also exploring ways to reduce operating costs: in 2025, Uber launched its first fleet of electric vehicles in South Africa.
