Uber Goes Big on Fintech in Nigeria

Uber Goes Big on Fintech in Nigeria

From Mastercard data, out of $301 billion consumer transactions in Nigeria, about 98% were done with cash as at 2018. Simply, digitizing financial services is the gold rush as we enter a decade of application utility in Nigeria. That is why fintech is hot in Nigeria, and investors are deploying capital in the sector. If you win, glory awaits, massively.

That would take you to the primary source, Mastercard.com, where it notes “According to research done by The Fletcher School and Mastercard Center for Inclusive Growth, of the $301 billion of funds flows from consumers to businesses in Nigeria, 98 percent is still based on cash.”

When OPay executed a massive unification with OBus, ORide, etc, all linked to a payment system, a double play strategy was made evident. Other companies are learning fast, and Uber is in the game; “Uber Money provides financial products that help you access, manage, and grow your money, putting opportunities you want within reach”.

Sample Uber Wallet (source: Uber)

Uber Nigeria has the following products:

  • Uber Debit Card: Access earnings after every trip, and grow your money with real-time cash-back savings.
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