LagRide and the United Bank for Africa (UBA) have commenced the disbursement of vehicles under their $100 million financing partnership, marking the operational rollout of the Drive-To-Own programme aimed at transitioning drivers from rental arrangements to full ownership.
The initiative, formally launched in December by LagRide Chairman, Diana Chen, and UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, is structured as a performance-based ownership scheme. The programme targets the deployment of 3,500 vehicles as it scales.
Speaking at the vehicle disbursement event in Lagos, LagRide’s Executive Director, Mildred Ekanem, said the handover signals the practical implementation of a structured financing model built on measurable performance.
According to her, the Drive-To-Own initiative is anchored on safety standards, service quality, compliance, and operational discipline. She explained that drivers who meet clearly defined benchmarks are eligible for ownership support from the platform and its financial partners.
Ekanem added that the model relies on verifiable performance data generated during drivers’ rental periods, creating the financial credibility required to secure funding at scale.
UBA described the partnership as a practical example of performance-backed enterprise financing. The bank’s Head of Business Banking, Babatunde Ajayi, said the $100 million facility reflects confidence in a system that combines governance, performance tracking, and a transparent pathway to asset ownership.
He noted that the scheme represents inclusive finance in action, supporting livelihoods while maintaining responsible risk management standards.
One of the beneficiary drivers, Aminu Ganna, described the vehicle handover as transformational, stating that consistent work and discipline had now translated into an opportunity for ownership.
LagRide reiterated that participation in the programme will remain strictly performance-led, with continued 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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