Ride-hailing platform LagRide and the United Bank for Africa (UBA) have commenced vehicle disbursements under their $100 million financing partnership, activating the Drive-To-Own programme aimed at helping drivers transition from rental arrangements to full ownership.
The scheme, launched in December by LagRide Chairman Diana Chen and UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, is structured as a performance-based financing model. It targets the deployment of 3,500 vehicles as the programme expands.
Speaking at the handover event in Lagos on Tuesday, LagRide Executive Director Mildred Ekanem described the disbursement as a milestone in the implementation of a carefully designed ownership framework.
“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,” she said.
Ekanem explained that the initiative relies heavily on verified operational data generated during drivers’ rental periods, creating a track record that supports access to large-scale financing.
“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 arrangement as a model of performance-backed enterprise lending. Head of Business Banking at UBA, Babatunde Ajayi, said the bank’s participation reflects confidence in the programme’s governance and accountability structure.
“UBA is proud to partner with LagRide because this is a structured model with clear accountability. The $100m 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,” Ajayi said.
For drivers, the rollout represents more than asset acquisition. One beneficiary, Aminu Ganna, described the initiative as transformative.
“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,” he said.
LagRide said continued participation in the programme will remain strictly performance-driven, with eligibility tied to professionalism, safety compliance, customer ratings and responsible vehicle use as the partnership works toward its 3,500-vehicle target.
