Cowry Processes ₦3B Monthly in Lagos Transport Fares

In Short

Cowry is handling a growing share of fare payments across Lagos’ regulated public transport network. Touch and Pay Technologies (TAP) says the platform now processes about ₦3 billion in fares each month.

What Happened

Cowry is the electronic fare payment system used on Lagos services regulated by LAMATA. It lets commuters pay digitally instead of cash, while also recording each trip as data that operators can reconcile later.

In an interview, TAP CEO Afolabi Olamide said Cowry processes an average of ₦3 billion in public transport fare revenue monthly in Lagos. He said this is a 60% increase from about two years ago, driven by higher transaction volumes and fare adjustments.

Olamide also said Cowry processes more than 500,000 passenger trips per day. He added that transaction volumes have grown by about 50% over the last two to three years, as adoption expanded across buses and rail.

TAP says Cowry serves around 2 million unique commuters. Active users make Cowry-paid trips at least twice a week, which suggests the wallet is used for routine commuting, not only occasional travel.

On usage by mode, TAP said regulated buses account for over 5 million passenger trips monthly. The Blue Line accounts for roughly 500,000 trips monthly. The interview also referenced the Red Line and other modes, but the published excerpt did not include the full figures.

Why It Matters

Electronic fare collection can reduce “leakage,” which is lost revenue from cash handling, poor reconciliation, or fraud. It can also make it easier for transport authorities and operators to track demand by route and time, then adjust scheduling.

For fintech and mobility operators, Cowry’s scale is a signal that everyday payments in public services are moving further into digital rails. The data layer also matters, because trip records can inform planning, service improvements, and future ticketing products.

If rail routes keep expanding in Lagos, Cowry’s mode mix will be worth watching. A shift from buses to rail could change peak patterns, corridor volumes, and how fare payment tools are deployed across the city.