United Bank for Africa has launched a $100 million partnership with the Lagos State Government and LagRide to finance vehicles for 3,500 ride-hailing drivers, enabling them to move from renting cars to owning their vehicles. The initiative, formalised through a Memorandum of Understanding signed in Ikeja, Lagos, aims to provide economic empowerment, structured training, and safer transport services across the state.
UBA’s Group Managing Director, Oliver Alawuba, explained that the programme will transition drivers to vehicle ownership over four years while promoting financial inclusion and employment opportunities for Lagos’ youth. A key feature is the integration of CNG vehicles, which run on clean energy, supporting a more sustainable environment.
“Proper training for drivers will improve road conduct, ensuring passengers enjoy safer rides. This model is designed to be replicable, and other states have already shown interest,” Alawuba said, highlighting the long-term repayment structure that allows drivers a smooth path to ownership.
LagRide Chairman Diane Chen described the initiative as a significant shift from simple platform access to an empowerment and structured success model. She confirmed that CIG Motors and GAC Motor will manage vehicle maintenance, ensuring safety and functionality across the fleet. Chen also expressed openness to partnerships beyond the banking sector to expand the programme’s reach.
Driver Dorothy Etim, who has been in the e-hailing industry for seven years, praised the initiative. She described it as a life-changing opportunity for women in the sector, recalling how previous bank support helped her grow a nationwide network of female drivers from 21 to 500. “Determination is key,” she said. “Financial independence is achievable, and today, more women can come on board and start driving.”
The partnership reflects a growing effort to combine financial support, training, and sustainability in Nigeria’s ride-hailing sector, providing both economic empowerment and improved transport services for Lagos residents.
