Cowry Card Lagos: Transforming Cashless Transit Experiences with a 291% Surge in Usage
A customer using a contactless prepaid card for seamless cashless payment.
Cowry Card Lagos has revolutionized cashless transportation, driving a 291% surge in closed-loop prepaid card usage between 2021 and 2024. According to a report by Euromonitor International, the adoption of these cards has significantly improved Nigeria’s informal transit sector by reducing reliance on cash transactions.
Closed-loop prepaid cards, like Cowry Card Lagos, are preloaded with funds and can only be used within specific networks or with designated merchants. This system has enhanced commuter convenience while minimizing security risks such as theft and robbery.
The number of closed-loop prepaid card transactions in Nigeria soared from 2.2 million in 2021 to 8.6 million in 2024, with transaction value increasing from ₦6.16 billion to ₦18.03 billion. Touch and Pay (TAP) Technologies Limited, the company behind Cowry Card Lagos, is the primary payment provider for Lagos State’s mass transit system.
“The rise of prepaid cards is linked to road infrastructure developments and the launch of the Lagos Blue Line train, which has driven demand for Cowry cards since their introduction in 2021,” the Euromonitor report noted.
Launched in 2020, Cowry Card Lagos now has over five million users, up from 3.8 million in 2023. TAP CEO Olamide Afolabi stated that 552,000 cards were issued in 2024, surpassing the 400,000 issued in 2023. TAP claims to have processed over ₦20 billion in transactions in the past year.
User Experiences with Cowry Card Lagos
For daily commuters like Precious Kuye, a consumer data analyst who purchased her Cowry Card Lagos in 2021 for ₦400, the card has become an essential travel tool.”I can easily add money through the app or at the terminal,” she shared.
Similarly, Deborah Innocent, a graphic artist, prefers the Cowry Card Lagos system over unpredictable commercial buses.“It’s user-friendly and much easier to use,” she said.
Future of Cowry Card Lagos and Cashless Transit in Nigeria
In August 2024, SmartCash Payment Service Bank, a subsidiary of Airtel Nigeria, partnered with TAP to introduce new top-up features for Cowry Card Lagos users.
“The growth in card usage demonstrates how technology can subtly influence consumer behavior, even in unstructured markets,” said Uchenna Uzo, a professor of marketing at Lagos Business School.
As awareness of cashless transportation benefits grows, Cowry Card Lagos is set to play a key role in Nigeria’s evolving digital payment ecosystem. With continued adoption, seamless and secure cash-free travel will soon become the norm for millions.
