In a landmark move set to redefine urban mobility and promote financial inclusion in Nigeria, United Bank for Africa (UBA) Plc has announced a $100 million financing partnership scheme with CIG Motors, Lagride and Lagos State Government.
By the partnership, tagged “Drive to Own”, UBA will be the key financier, offering loan subscriptions that will allow beneficiaries to own a CIG/Lagride vehicle by contributing an equity payment of just 10% of the total vehicle cost, with the remaining amount payable over a period of 48 months.
The scheme, unveiled during a ceremony in Alausa, Lagos, on Wednesday, aims to empower 3,500 drivers in the state with transformative asset ownership opportunities, thereby setting a new benchmark for structured credit in Africa’s mobility sector.
UBA’s Group Managing Director/CEO, Oliver Alawuba, who delivered the keynote remarks at the event, highlighted the bank’s visionary commitment to inclusive economic growth, fostering MSME development, and creating tangible 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 please believe me, this is just the beginning.”
He took the opportunity to share a deeply personal testament about the power of opportunity: “My father started as a driver. I went to school thanks to that income… That will be the story of some of you, and even better,” he said.
Alawuba also emphasised UBA’s focus on solving immediate, on-the-ground challenges, adding, “I am personally looking at the immediate problems we have right here in Lagos as we will be connecting the initiative to broader urban development. Lagos will change because of us. And we will not stop in Lagos; we will move beyond.”
Echoing the GMD’s vision, UBA’s Head, SME Banking, Babatunde Ajayi, noted that this partnership is built on a fundamental rethinking of traditional banking models.
“Not every business has a shop. Some businesses have wheels. Every commercial driver is running a business, yet they have remained outside formal finance. 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,” Ajayi added.
The Chairman, Lagride, Diana Chen, who noted that the company has built a data-driven and credit-ready mobility platform for drivers, stressed that transportation is the backbone of Africa’s economic future.
“Lagride now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria,” Chen said. “This data enables UBA to evaluate driver performance with accuracy and confidence, creating a new standard for bankable driver financing,” he said.
The partnership strategically aligns the strengths of the three organisations, with UBA providing the financial backbone, CIG acting as a trusted provider of viable business opportunities, and Lagride offering a technology-driven platform that guarantees a sustainable and dignified livelihood for its driver-partners.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
Group Managing Director/CEO, United Bank for Africa(UBA) and Chairman, Lagride, Chief Diana Chen, flagged by Lagride drivers, at the signing ceremony of $100 Million Expansion Facility, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA in partnership with Lagos State Government and Lagride, held in Lagos on Tuesday.
Group Managing Director/CEO, United Bank for Africa(UBA) and Chairman, Lagride, Chief Diana Chen, at the signing ceremony and launching of $100 Million “Drive to Own” Vehicle Financing Scheme, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA, in partnership with Lagos State Government and Lagride, held in Lagos on Tuesday.
Group Managing Director/CEO, United Bank for Africa(UBA) and Chairman, Lagride, Chief Diana Chen, at the signing ceremony and launching of $100 Million “Drive to Own” Vehicle Financing Scheme, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA, in partnership with Lagos State Government and Lagride, held in Lagos on Tuesday.
Lagride Driver, Dorothy Akpan Etim; Head, Small and Medium Enterprise(SME) United Bank for Africa(UBA), Babatude Ajayi; Group Managing Director/CEO, United Bank for Africa(UBA) and, Chairman, Lagride, Chief Diana Chen; Head, Lagride Drivers Academy, Ademola Adeyemi; and Special Adviser to Chairman of Lagride on Government Relations, Chukwuemeka, Udaya, at the signing ceremony and launching of $100 Million “Drive to Own” Vehicle Financing Scheme, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA, in partnership with Lagos State Government and Lagride, held in Lagos on Tuesday.
l-r: Group Managing Director/CEO, United Bank for Africa(UBA) and Chairman, Lagride, Chief Diana Chen, flagged by Lagride drivers, at the signing ceremony and launching of $100 Million “Drive to Own” Vehicle Financing Scheme, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA, in partnership with Lagos State Government and Lagride, held in Lagos on Tuesday.
Sitting(l-r): Beneficiary and Lagride Driver, Dorothy Akpan Etim; Head, Small and Medium Enterprise(SME) United Bank for Africa(UBA), Babatude Ajayi; Head, Lagride Drivers Academy, Ademola Adeyemi; Special Adviser to Chairman of Lagride on Government Relations, Chukwuemeka, Udaya. Standing are Group Managing Director/CEO, United Bank for Africa(UBA) and, Chairman, Lagride, Chief Diana Chen, during the signing ceremony and launching of $100 Million “Drive to Own” Vehicle Financing Scheme, strengthening smart mobility, driver asset ownership of over 3,500 cars, financed by UBA, in partnership with Lagos State Government and Lagride, held in Lagos on Tuesday.
