InDrive Has No Plans to Launch Its Credit Service for Drivers in Nigeria, Despite Financial Struggles in the Ride-Hailing Industry

Even though many e-hailing drivers in Nigeria are struggling with low earnings and financial difficulties, the ride-hailing company inDrive has confirmed that it does not plan to introduce its credit service, called inDrive.Money, in Nigeria anytime soon.

This decision comes after inDrive successfully launched inDrive.Money in Peru, in partnership with a Latin American financial technology company called R2. The service is designed to help gig workers, such as drivers and couriers, access loans and credit to improve their financial stability. With the Peru launch, the service is now available in four countries: Mexico, Colombia, Indonesia, and Peru.

Earlier this year, in January 2024, inDrive announced plans to offer loans and credit services to drivers in several African countries, including Nigeria, Kenya, Tanzania, Botswana, Ghana, and Namibia. The goal was to help drivers manage expenses like vehicle repairs and other financial challenges. However, when asked if Nigeria would get the service soon, an inDrive spokesperson said that while Nigeria has strong potential, there are no immediate plans to launch inDrive.Money there.

The company explained that inDrive.Money is currently focused on Latin America, but it recognizes the opportunities in Nigeria. For now, Nigerian drivers will have to wait, as the service is not yet coming to the country.

Why inDrive is Expanding into Financial Services

inDrive is not just a ride-hailing company anymore—it is also moving into financial services as part of its plan to become a multi-service platform. The company believes that offering loans and credit will not only help drivers but also increase their loyalty to the platform. Since its launch, inDrive.Money has already provided over 100,000 loans in different countries, showing strong demand for such services.

Mark Loughran, President of inDrive, said that financial inclusion is an important part of the company’s mission. He explained that many drivers rely on ride-hailing income for their daily needs, and providing credit options can help them manage emergencies and grow their businesses.

Other Ride-Hailing Companies Offering Financial Help

inDrive is not the only ride-hailing company offering financial support to drivers. In May 2024, Bolt, another major ride-hailing platform, started giving short-term loans to its drivers in partnership with a credit technology company called Advancly. The loans are available based on a driver’s reward level (Silver, Gold, or Platinum), with higher levels allowing access to larger loans.

Uber, another big player in the industry, has not yet introduced loans for drivers in Nigeria. However, it recently launched a feature called Flex Pay, which lets drivers withdraw their earnings daily instead of waiting for weekly payments. This helps drivers access their money faster to cover daily expenses.

What This Means for Nigerian Drivers

For now, Nigerian e-hailing drivers will not be able to access loans through inDrive, even though many are facing financial difficulties. If inDrive eventually brings inDrive.Money to Nigeria, it will join other companies like Bolt in providing financial solutions for drivers. However, it remains to be seen how well these services will work in Nigeria’s challenging economic environment.

Until then, drivers in Nigeria will have to rely on other options, such as Bolt’s loan system or Uber’s daily payout feature, to manage their finances.