Lagride has secured a $100 million financing facility from United Bank for Africa (UBA). The Lagos State Government-backed e-hailing platform will use the funds to expand its Drive-To-Own programme.
Okay News reports that the financing targets the transition of around 3,500 drivers into vehicle ownership. It shifts participants from daily rentals to longer-term asset management in urban transportation.
Lagride Chairman Chief Diana Chen described the programme’s core objective. It aims to elevate drivers from operators to business owners and investors.
“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind,” Chen stated.
“This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures,” she added.
UBA Group Managing Director Oliver Alawuba highlighted the mobility sector’s role in economic growth. He noted that Lagride exemplifies governed, data-supported initiatives the bank backs across Africa.
The Drive-To-Own model links ownership to performance and repayment records. Eligible drivers move from short-term rentals to structured plans based on earnings.
The new facility increases available vehicles under this scheme. It reduces reliance on informal or high-cost leasing options.
By using platform data and standards, the arrangement lowers default risks for banks. It positions technology intermediaries to bridge drivers and financial institutions.
This partnership demonstrates potential for scaled, structured financing in urban transport. It could broaden access for operators previously outside formal banking channels.
Lagride recently added electric vehicles to its fleet. The company plans further expansion to support cleaner mobility in Lagos.
These developments strengthen Lagride’s position in the competitive e-hailing market while promoting driver empowerment and sustainable urban transport.
