The United Bank for Africa (UBA) Plc, in partnership with CIG Motors, Lagride, and the Lagos State Government, has launched a $100 million vehicle ownership scheme aimed at redefining urban mobility and promoting financial inclusion in Nigeria.
Under the initiative, beneficiaries can acquire a CIG/Lagride vehicle by paying just 10% of the total cost upfront, with the balance spread over 48 months, providing structured financing that empowers drivers and small business operators to own assets and grow their businesses.
The scheme, tagged “Drive to Own,” is expected to benefit 3,500 drivers in Lagos State, creating transformative opportunities for asset ownership while setting a new benchmark for structured credit in Africa’s mobility sector.
The partnership combines the strengths of the three organisations, with UBA providing the financial backbone, CIG Motors 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.
At the unveiling ceremony, which took place in Alausa, Lagos, yesterday, UBA Group Managing Director Oliver Alawuba highlighted the bank’s commitment to inclusive economic growth, MSME development, and creating opportunities for the younger generation.
Alawuba shared a personal story, noting that his father started as a driver and that he was able to go to school thanks to that income, adding that the scheme could create similar opportunities for others.
According to him, “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.”
The UBA GMD emphasised that the scheme is designed to tackle immediate, on-the-ground challenges faced by drivers and small business operators, particularly in Lagos, while also linking the initiative to broader urban development goals.
“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,” he said.
Building on this, Babatunde Ajayi, Head of SME Banking at UBA, explained that the scheme represents a fundamental rethinking of traditional banking models, designed to meet the unique needs of drivers and mobile entrepreneurs who have traditionally been excluded from formal finance.
“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.
On her part, Lagride Chairman 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. This data enables UBA to evaluate driver performance with accuracy and confidence, creating a new standard for bankable driver financing,” she said.
