BY Comfort Asemota
United Bank for Africa (UBA) Plc has announced a $100 million financing partnership with CIG Motors, Lagride, and the Lagos State Government to redefine urban mobility in Nigeria and drive financial inclusion.
The initiative, branded “Drive to Own”, positions UBA as the key financier, offering flexible loan options that enable beneficiaries to own a CIG/Lagride vehicle. Participants can start with an equity payment of just 10% of the total vehicle cost, while the balance is payable over 48 months.
Unveiled at a ceremony in Alausa, Lagos, the program targets 3,500 Lagos drivers, providing transformative asset ownership opportunities and setting a new benchmark for structured credit in Africa’s mobility sector.
UBA’s Group Managing Director/CEO, Oliver Alawuba, emphasized the bank’s commitment to inclusive economic growth and MSME development, highlighting tangible opportunities for young Nigerians.
“This partnership with Lagride is transformational. It drives inclusivity for economic growth and ensures progress for all. This is just the beginning,” Alawuba stated. He further highlighted UBA’s focus on solving real urban mobility challenges in Lagos, noting plans to expand the initiative nationwide.
Babatunde Ajayi, UBA’s Head of SME Banking, added that the scheme rethinks traditional banking by designing credit solutions that match the realities of drivers. “Not every business has a shop—some have wheels. Every commercial driver is running a business, yet many remain outside formal finance. This is how UBA is redefining banking for mobility,” Ajayi explained.
Lagride Chairman Diana Chen emphasized the company’s data-driven and credit-ready mobility platform, calling transportation the backbone of Africa’s economic future. “Lagride now stands as the most structured and reliable mobility platform in Nigeria, enabling UBA to evaluate driver performance with confidence and set new standards for bankable driver financing,” Chen said.
