UBA Launches $100 Million “Drive to Own” Vehicle Financing Scheme for Lagos Drivers

UBA Launches $100 Million “Drive to Own” Vehicle Financing Scheme for Lagos Drivers

United Bank for Africa (UBA) Plc has unveiled a $100 million financing partnership with CIG Motors, Lagride, and the Lagos State Government to transform urban mobility and enhance financial inclusion in Nigeria. The initiative, tagged “Drive to Own”, allows beneficiaries to acquire a CIG/Lagride vehicle by paying only 10% equity upfront, with the balance payable over 48 months.

The program, launched at a ceremony in Alausa, Lagos, targets 3,500 commercial drivers, offering structured credit solutions that enable asset ownership and set a benchmark for mobility financing in Africa.

Speaking at the event, UBA Group Managing Director/CEO, Oliver Alawuba, highlighted the bank’s commitment to inclusive economic growth, MSME development, and creating opportunities for the younger generation. He said, “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 this is just the beginning.”

READ ALSO:

• Pastor Chris Okafor Faces N1 Billion Lawsuit from Nollywood Actress Doris Ogala
• CBN Interventions Keep Naira Stable Amid Black Market Pressure
• Army Foils Terrorist Drone Attack on Military Base in Borno

Alawuba added that the scheme would directly address urban transportation challenges in Lagos and extend beyond the state to foster broader economic development.

UBA Head, SME Banking, Babatunde Ajayi, emphasized the innovative nature of the program, noting that many commercial drivers operate businesses on wheels and have traditionally been excluded from formal financial services. He stated, “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.”

Lagride Chairman, Diana Chen, described the company’s data-driven mobility platform as a game-changer for driver financing. “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 bankable driver financing,” she said.

The “Drive to Own” scheme represents a landmark collaboration between financial institutions, mobility platforms, and government, aimed at empowering drivers, fostering financial inclusion, and shaping the future of urban transport in Nigeria.

UBA Launches $100 Million “Drive to Own” Vehicle Financing Scheme for Lagos Drivers