LagRide has begun handing over vehicles to drivers under its $100m financing partnership with the United Bank for Africa, formally kicking off the operational phase of its Drive To Own programme aimed at helping drivers transition from rental arrangements to full ownership.
The initiative, unveiled in December by LagRide Chairman Diana Chen and UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, is designed as a performance-driven financing model. It targets the rollout of 3,500 vehicles as the scheme expands.
At a disbursement ceremony held in Lagos on Tuesday, LagRide’s Executive Director, Mildred Ekanem, described the vehicle handover as the realisation of months of structured planning between the mobility platform and its financial partner.
According to her, the programme is anchored on measurable standards that drivers—known as captains on the platform—must meet before qualifying for ownership support.
“Drive To Own is built on structure and measurable performance,” Ekanem said. “When captains meet defined standards in safety, service quality, compliance and operational discipline, the platform and its financial partners are ready to support them with real ownership opportunities.”
She explained that the scheme leverages data generated during drivers’ rental periods to establish a verifiable performance history, which in turn provides the credibility required for large-scale financing.
“Access to finance at this scale requires trust and reliable data. The rental framework created a disciplined structure that produced the performance record needed for this partnership to succeed,” she added.
UBA said the collaboration reflects its commitment to structured and inclusive enterprise financing. Head of Business Banking at UBA, Babatunde Ajayi, noted that the facility demonstrates confidence in a transparent model that balances opportunity with accountability.
“The $100m facility reflects confidence in a system that combines governance, performance tracking and a clear pathway to asset ownership,” Ajayi said. “This is inclusive finance in action—supporting livelihoods while maintaining responsible risk management.”
Under the scheme, eligible drivers can move from leasing vehicles to owning them outright, provided they consistently meet operational benchmarks tied to safety, customer satisfaction, and compliance with platform rules.
For beneficiaries, the vehicle disbursement represents a significant milestone. One of the drivers, Aminu Ganna, described the opportunity as life-changing.
“This is more than receiving a vehicle,” he said. “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 reaffirmed that continued participation in the programme would remain strictly performance-based, with eligibility tied to professionalism, safety compliance, positive customer feedback and responsible vehicle use.