Uber Stock: Company Exits Four African Markets as Rivals Undercut Fares

TLDR

• Uber shut down operations in Nigeria and Uganda on September 2, 2026, following earlier exits from Tanzania and Ivory Coast.
• Around 50,000 Nigerian drivers relied on the platform for income before the abrupt closure.
• Cheaper rivals Bolt, inDrive and Yango are winning riders with lower fares across African markets.
• Nigeria’s competition regulator has launched an investigation into Uber’s exit.
• UBER stock closed up 1.81% at $71.51, with shares still rising slightly after hours.

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Uber stock closed at $71.51 on Friday, up 1.81% on the day. The move came as Bloomberg reported fresh details on the company’s retreat from several African markets.

Uber Technologies, Inc., UBER

Uber ended operations in Nigeria and Uganda on September 2. Those exits followed earlier departures from Tanzania and Ivory Coast over the past year.

The pullback leaves a hole for drivers who depended on the app. In Nigeria alone, roughly 50,000 drivers used Uber to earn a living, according to the Amalgamated Union of App-Based Transporters of Nigeria.

Many of those drivers say the shutdown came without warning. One driver in Abuja told Bloomberg he found out through an Instagram post, not from Uber itself.

Cheaper Rivals Close the Gap

Price has been the deciding factor for many riders. In Nairobi, a typical trip costs 273 Kenyan shillings on Uber, compared to 220 shillings on Bolt.

In Johannesburg, Uber’s cheapest fare for a similar trip was 50 rand. Bolt charged 39 rand for the same ride.

Bolt now runs in eight African countries, ahead of Uber’s six. The company counts more than a million drivers and couriers on its continental platform.

inDrive takes a different approach, letting riders and drivers negotiate fares directly. Yango has also expanded its footprint across the continent.

Uber built its African business around higher vehicle standards and stronger safety features. Those selling points have been harder to turn into revenue in markets where riders consistently choose the lowest price.

Regulatory and Market Fallout

Nigeria’s Federal Competition and Consumer Protection Commission said it will investigate Uber’s departure. The union representing drivers has also contacted the country’s labor ministry.

Uber still operates in Nigeria through a local unit of its Delivery Hero food-delivery business. It remains unclear if regulators can take any action against the ride-hailing side of the business.

Moove, a Nigerian mobility startup valued at $2.1 billion, announced on October 8 that it also plans to exit the country. Moove had built part of its business supplying vehicles to Uber drivers.

Economists point to income levels as the core issue. Equity Group Holdings’ chief economic adviser said Uber’s realistic market likely starts around $2,500 GDP per capita, a threshold Nigeria and Uganda fall below.

South Africa’s GDP per capita sits near $7,500, while Kenya’s is about $2,700. Those are currently the lowest income levels among countries where Uber still runs.

Despite the exits, Uber says it remains committed to the region. The company points to more than one billion trips completed across Africa to date.

Uber also has plans to invest over $300 million in South Africa. In that market, the company recently introduced an electric vehicle option to compete with Bolt’s cheaper offerings.

Mordor Intelligence projects Africa’s ride-hailing market will grow nearly 30% by 2031, reaching $3.25 billion. The forecast points to rising urbanization and smartphone use as key drivers.

For now, drivers who lost access to Uber are adjusting to lower pay on other platforms. One Abuja driver said his weekly income dropped by a third after switching to Bolt and inDrive.