Lagride has secured a $100 million financing facility from United Bank for Africa (UBA) to scale its Drive To Own programme, enabling about 3,500 Lagos drivers to transition from daily earners into asset owners, business operators and mobility investors.
The facility will expand Lagride’s technology-driven mobility platform and strengthen Lagos State’s transport ecosystem by providing bankable, structured financing for drivers based on verified performance data.
Over the past 10 months, Lagride rebuilt its onboarding and operations for its drivers, known as Lagride Captains, introducing a performance-led Drive To Earn model supported by weekly and monthly rental plans. The system has generated reliable 90-day usage and repayment data, giving lenders such as UBA clear visibility into driver performance, discipline and creditworthiness.
Entry into the Drive To Own programme is based on defined benchmarks, including repayment consistency, safety compliance and service quality, positioning Lagride as one of Nigeria’s most data-driven and credit-ready mobility platforms.
EV Charging Expansion
As part of the partnership, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, to support the growing EV segment of its fleet. The infrastructure is aimed at reducing downtime, lowering operating costs and advancing cleaner, more sustainable urban transport.
Vision: From Drivers to Investors
Chief Diana Chen, Chairman of Lagride, said the programme is designed to move drivers up the value chain—from operators to owners, and eventually to fleet partners and mobility investors managing multiple vehicles.
“This partnership brings thousands of captains closer to owning productive assets and building long-term financial security. It is about prosperity, not just driving,” she said.
UBA’s Backing
Oliver Alawuba, UBA Group Managing Director and CEO, described transportation as critical to inclusive growth, noting that Lagride’s structured, data-backed model aligns with the bank’s focus on financing real-sector projects that create jobs, build assets and deliver lasting economic impact.
