By Oluchi Omai,
Lagos-based, state-supported ride-hailing firm Lagride said on Thursday it has secured a US$100 million financing facility from United Bank for Africa (UBA) to expand its Drive To Own programme and help 3,500 city drivers shift from daily rentals to long-term vehicle ownership. Lagride said the deal would strengthen Lagos’s transport ecosystem and accelerate a shift toward a more structured, technology-driven, bankable mobility sector. The funding is part of a broader partnership involving Lagride, UBA and Chinese automaker CIG Motors Group.
Lagride said it spent the past ten months overhauling its driver onboarding and operations, introducing a performance-driven “Drive To Earn” rental scheme. The company said this platform generates consistent 90-day usage and repayment data across its fleet, giving UBA and other banks the data needed to assess drivers’ track records.
For eligibility in the Drive To Own scheme, drivers must meet defined performance, repayment and safety criteria. Lagride said this makes its platform “the most structured, data-driven and credit-ready mobility platform in Nigeria,” setting a new benchmark for financing drivers who aim to buy their vehicles.
In a statement, Lagride added: “Transportation is the backbone of Africa’s economic future, and platforms like Lagride are creating the blueprint for how African cities can build modern, technology-driven and people-centred mobility systems”.
Lagride also said it has expanded its electric-vehicle (EV) charging infrastructure in Alausa, a commercial district of Lagos, to support a growing fleet of EV taxis and reduce downtime. The move underscores the platform’s commitment to clean electric mobility and sustainable transport. The company has already added 100 new EVs to its fleet under a wider plan to electrify city transport in Lagos.
Chief Diana Chen, Lagride’s chairman, said the goal is to move drivers up the economic value chain from operators to owners and investors. She told reporters: “Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind. The goal is for drivers, whom we call Captains, to become business owners, fleet partners and mobility investors, not just drivers. This US$100 million partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos,” she said.
Chen added that the Drive To Own scheme is a “starting point, not an endpoint,” laying the foundation for long-term enterprise building, governance and scalable wealth creation in the transport sector.
UBA Group CEO Oliver Alawuba, whose father was a professional driver, said transportation is a source of dignity and livelihood, and that UBA sees the sector as critical to inclusive growth. He said Lagride’s plan was aligned with UBA’s focus on financing real-economy projects that create jobs and deliver long-term growth.
Representatives from Lagride, UBA and CIG Motors Group said the partnership illustrates a shared commitment to building a disciplined, scalable mobility ecosystem in Lagos, where drivers can grow into business leaders and asset owners.
Sources: Official statements and media reports from Lagride and UBA
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