Lagride has secured a $100 million financing facility from United Bank for Africa to expand its Drive To Own programme, enabling 3,500 Lagos drivers to shift from informal daily earnings into structured asset ownership and small business operation.
For Lagos’ transport SMEs, the facility represents a rare pathway to bankable financing, replacing traditional rentals with performance-based credit that allows drivers to become fleet owners, not just wage earners.
Over ten months, Lagride’s revamped onboarding and repayment data system has positioned drivers as credit-ready micro-entrepreneurs—giving banks reliable performance metrics and reducing lending risk for mobility SMEs.
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The programme’s structure supports MSMEs through:
- asset financing access
- repayment transparency
- compliance-driven operations
- scalable fleet ownership models
The expanded EV charging facility in Alausa further opens opportunities for SMEs operating in logistics, ride-hailing, and sustainable transport.
Chairman Chief Diana Chen said the goal is to elevate drivers into business owners and future investors—strengthening wealth creation, job generation, and SME participation in Lagos’ mobility sector.
