LAGRIDE, UBA LAUNCH DRIVE TO OWN PROGRAMME WITH FIRST VEHICLE DISBURSEMENTS
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Agency Report
LagRide, a leading e-hailing company, in partnership with the United Bank for Africa (UBA), has begun disbursing vehicles under their $100 million financing initiative, marking the operational rollout of the Drive To Own programme. The scheme is designed to transition drivers from rental arrangements to full vehicle ownership.
The initiative, formally launched in December by LagRide Chairman Diana Chen and UBA Group Managing Director/CEO Oliver Alawuba, is structured as a performance-based ownership model. The programme aims to deploy 3,500 vehicles as it scales.
Speaking at the vehicle handover event in Lagos on Tuesday, LagRide Executive Director Mildred Ekanem described the disbursement as the practical implementation of a carefully structured financing model.
“Drive To Own is built on structure and measurable performance. This disbursement demonstrates that when captains meet defined standards in safety, service quality, compliance, and operational discipline, the platform and its financial partners are prepared to back them with real ownership opportunities,” Ekanem said.
She highlighted that the programme relies on verifiable performance data collected during captains’ rental periods, providing the financial credibility necessary for large-scale funding.
“Access to finance at this scale requires trust and data. The rental framework created a disciplined operating structure that produced the performance history needed for this partnership to stand on solid ground,” she added.
UBA described the initiative as a practical example of performance-backed enterprise financing. Babatunde Ajayi, Head of Business Banking at UBA, said:
“The $100 million facility reflects confidence in a system that combines governance, performance tracking, and a transparent pathway to asset ownership. This is inclusive finance in action, supporting livelihoods while maintaining responsible risk management.”
For beneficiaries, the disbursement marks a transformative milestone. Driver Aminu Ganna said:
“This is more than receiving a vehicle. It shows that consistent work and discipline can lead to ownership. It gives captains confidence that there is a future to build on this platform.”
LagRide emphasized that continued participation in the programme will remain performance-led, with eligibility tied to professionalism, safety compliance, customer feedback, and responsible vehicle use, as the partnership works toward its 3,500-vehicle target.
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