Ride-hailing platform Lagride has deployed a new batch of vehicles in Lagos under its Drive To Own programme, an initiative designed to transition drivers from rental arrangements to vehicle ownership.
The company, at a vehicle handover event held in Lagos on Tuesday, said the target is to deploy a total of 3,500 vehicles under the scheme.
The initiative, backed by a $100 million facility from United Bank for Africa (UBA) evaluates drivers using measurable criteria such as service quality, safety records, regulatory compliance, ride completion rates, customer feedback, and operational discipline on the platform.
What they are saying
Lagride indicated that eligibility for vehicle ownership is tied to verifiable performance records generated during a prior rental period, which serves as a track record for both the company and its financing partners.
- “With UBA as a key partner and a strong financial backbone behind the programme, we are building a credible ownership engine that strengthens service quality and expands opportunity for captains over time. Our ambition is clear: scale responsibly and reach a deployment target of 3,500 vehicles as the programme grows,” said Lagride Executive Director, Mildred Ekanem, said
Also speaking at the event, Head of Business Banking at UBA, Babatunde Ajayi, said the $100 million facility backing the programme reflects the bank’s confidence in a framework that combines performance data, governance, and a pathway to asset ownership.
“This programme reflects what banking should be in the modern African economy: practical, inclusive, responsible, and forward-looking,” he said.
Backstory
In December last year, Lagride announced that it had secured a $100 million financing facility from UBA to expand its Drive-To-Own programme.
Lagride Chairman, Chief Diana Chen, said the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.
- “This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures,” she said.
According to the company, the new funding facility will be deployed to increase the number of vehicles available under this model, enabling more drivers to participate without relying on informal lending or high-cost vehicle leases.
What you should know
Lagride’s Drive-To-Own programme is designed to move drivers from short-term rental models into gradual vehicle ownership based on performance and repayment history.
- Under the programme, drivers who meet predefined criteria are eligible to transition from daily or weekly rental arrangements into structured ownership plans tied to consistent earnings and repayment schedules.
- By anchoring ownership to measurable performance indicators, the programme aims to reduce default risks that have historically limited bank financing for individual drivers.
- The Lagride-UBA facility illustrates a model in which technology platforms act as intermediaries between drivers and banks, aggregating data and enforcing operational standards that individual operators typically cannot provide on their own.
If sustained, such arrangements could gradually expand the pool of bankable transport operators and introduce greater structure into urban mobility financing.
