Nigeria’s UBA partners with LagRide, CIG Motors, and Lagos State Government to enable 3,500 drivers to own vehicles through structured loans.
United Bank for Africa (UBA) Plc has launched a $100 million vehicle financing program aimed at empowering 3,500 drivers across Lagos State, signaling a major push for financial inclusion and urban mobility transformation in Nigeria.
The initiative, called “Drive to Own,” was unveiled at a ceremony in Lagos, with UBA partnering with CIG Motors, LagRide, and the Lagos State Government. The program allows beneficiaries to acquire vehicles with just a 10% initial equity contribution, repaying the balance over a 48-month period.
Speaking at the launch, UBA’s Group Managing Director and CEO, Oliver Alawuba, highlighted the broader socio-economic impact of the scheme. “This partnership with LagRide is transformational. It will drive inclusivity for economic growth and ensure progress for everyone. We are committed to helping you, and please believe me, this is just the beginning,” he said.
Alawuba shared a personal anecdote to illustrate the power of opportunity, noting that his own education was funded by his father’s work as a driver. “That will be the story of some of you, and even better,” he added.
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The bank emphasized that the program goes beyond financial support, linking it to broader urban development efforts. “I am personally looking at the immediate problems we have right here in Lagos as we will be connecting the initiative to broader urban development. Lagos will change because of us. And we will not stop in Lagos; we will move beyond,” Alawuba said.
Babatunde Ajayi, UBA’s Head of SME Banking, stressed the program represents a departure from traditional banking models. “Not every business has a shop. Some businesses have wheels. Every commercial driver is running a business, yet they have remained outside formal finance. We did not ask if they fit our old structures; we designed credit that fits their reality, and that is the way we work at UBA,” he explained.
LagRide Chairman Diana Chen described the company’s platform as data-driven and credit-ready, enabling precise assessment of driver performance. “LagRide now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria. This data enables UBA to evaluate driver performance with accuracy and confidence, creating a new standard for driver financing,” Chen said.
The program is expected to significantly enhance asset ownership among Nigeria’s commercial drivers, support micro, small, and medium enterprises (MSMEs), and establish a model for structured mobility financing across Africa. By targeting urban transport, UBA and its partners aim to combine financial inclusion with practical infrastructure improvements, potentially reshaping the country’s mobility landscape.
