More than 80% of ride-hailing transactions in South Africa are still processed in cash, according to a Bolt gig economy report conducted in partnership with research firm Ipsos. In contrast, over 85% of trips in Nigeria are settled through cashless channels, a gap that reflects broader differences in how the gig economy is structured in both countries. In Nigeria, the Bolt-Ipsos report obtained by TechCabal noted that ride-hailing accounts for 24% of gig activity within a $5.17 billion ecosystem supporting about 3 million workers.

E-commerce leads at 38%. In contrast, South Africa’s market is valued at $5.03 billion with between 1.8 million and 2 million participants, where ride-hailing and e-commerce each make up 29% of activity. The findings come as South Africa’s payments system continues to evolve, though cash still accounts for 56% of all consumer transactions by volume, according to the South African Reserve Bank’s Payments Study Report.

While digital payments are expanding through cards, mobile wallets, and instant payment systems such as PayShap, cash remains deeply entrenched, particularly in informal and low-income segments. At the same time, digital payments are gaining ground in formal retail and e-commerce. According to the 2025 State of Consumer Payments in South Africa report by fintech firm Stitch, more than 90% of respondents used payment methods beyond traditional cash and cards in the past year.

Still, this broader shift has not fully extended into ride-hailing, where cash remains dominant. In Nigeria, platforms revised fare structures following the removal of the fuel subsidy in May 2023, and also gave drivers faster access to their earnings, according to the Nigerian version of the Bolt-Ipsos report. These changes have been part of a broader shift toward cashless ride-hailing in the country.

In South Africa, although the South African Reserve Bank published a digital payments roadmap in 2024, ride-hailing remains heavily cash-dependent. These differences are already affecting how drivers earn and access credit. In Nigeria, ride-hailing platforms are collaborating with fintechs to offer micro-loans and vehicle financing solutions, expanding drivers’ access to formal banking and digital credit products, with platforms like Bolt partnering with Advancly to provide in-app micro-loans.

In South Africa, where cash still dominates, drivers have had comparatively less exposure to those digital credit products, though the report notes that fintech collaborations with local banks are beginning to expand access to instant transfers, micro-loans, and insurance. Beyond payments and financial access, the report also sheds light on how drivers earn and depend on platform work. The report, which surveyed 250 respondents in South Africa across ride-hailing, e-commerce, freelancing, remote work, and micro-task platforms, found that 70% use ride-hailing to supplement other earnings, while 30% depend on it as their primary source of income.

More than half earn 50% or less of their total income from the platform. Although most use it as a supplementary income source, ride-hailing is contributing to improved living standards. Over 90% reported an improvement in their standard of living since joining the platform.

Earnings are commonly directed toward essentials, including food, rent, transport, and education, while 32% of respondents cited financial independence as the most valued benefit. “In South Africa’s current economic climate, ride-hailing is no longer just about mobility. It’s about opportunity,” said Simo Kalajdzic, Senior Operations Manager at Bolt.

“Many drivers are using platforms like Bolt to build income streams, support their households, and take control of their financial futures. What we are seeing is the rise of everyday entrepreneurship, where individuals are creating flexible, self-directed livelihoods on their own terms.” The sector remains heavily male-dominated in both markets. In South Africa, 92% of ride-hailing participants are men and 8% are women, while in Nigeria, men account for 96% and women 4%.

In Nigeria, a majority of drivers have been active on the platform for more than a year, indicating sustained participation. On the regulatory front, 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, a step toward greater worker protection. Beyond regulation, platforms are also exploring new ways to reduce operating costs for drivers. In 2025, Uber launched its first fleet of electric vehicles in South Africa.