United Bank for Africa (UBA) has signed a Memorandum of Understanding with Lagride and the Lagos State Government for a $100 million vehicle financing programme that will deploy 3,500 cars to support Lagride’s ride-hailing operations across Lagos.
Speaking at the signing in Lagos, UBA Group Managing Director, Oliver Alawuba, said the partnership is designed to help drivers transition from vehicle rentals to ownership within four years. He noted that beyond financing, the programme includes structured driver training aimed at improving professionalism, road discipline and passenger safety, while deepening financial inclusion.
According to Alawuba, the initiative reflects UBA’s commitment to bold interventions that create sustainable jobs, empower young people and support Lagos’ fast-growing urban economy.
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Head of SME Banking at UBA, Babatunde Ajayi, said the bank is building a full support ecosystem involving cooperatives, insurance firms and vehicle suppliers to ensure drivers succeed. He added that the impact goes beyond drivers, contributing to MSME growth, job creation and improved urban mobility.
A Lagride representative welcomed broader partnerships, stressing the company’s goal of building an inclusive success story.
One of the beneficiaries, Lagride captain Dorothy Akpan, described the programme as life-changing, saying it empowers drivers—especially women—to achieve financial independence and scale their livelihoods through structured support and ownership opportunities.
