Fintech as Developmental Catalyst or Exploitative Mechanism? A Case Study of Moove in Lagos, Nigeria

Situating in the scholarly debate on whether Fintech serves as a development catalyst for African leapfrogging or a new mechanism for capitalist exploitation, the chapter asks how Fintech—as a socio-technical infrastructure—reshapes urban economy and experiences of urban living. The empirical case focuses on the Nigerian ride-hailing sector, examining the collaboration between Fintech companies and ride-hailing platforms. Using a case study of Moove, a Fintech company, and Uber, a global giant of ride-hailing platform, we explore how such partnerships transform the urban mobility landscape in Lagos on the one hand, and tremendously influence drivers’ livelihoods and wellbeing, on the other. Specifically, we argue that Fintech expands vehicle financing solutions, enabling more Nigerians to participate in the digital economy. However, the collaboration between Fintech companies and ride-hailing platforms also exacerbates employment vulnerability in times of economic hardships and policy change in Nigeria. The case sheds light on the complexities and socio-economic implications of Fintech-platform collaborations in Nigeria’s ride-hailing sector and inform future scholarly conversation about and policy intervention towards urban mobility and financial inclusion.