UBA, CIG Motors, Lagride Launch $100m Vehicle Financing Scheme to Boost Urban Mobility

United Bank for Africa (UBA) Plc has unveiled a $100 million vehicle financing partnership with CIG Motors, Lagride and the Lagos State Government, aimed at transforming urban transportation and deepening financial inclusion in Nigeria.

Under the initiative, known as “Drive to Own,” UBA will serve as the principal financier, providing structured loans that enable beneficiaries to acquire CIG/Lagride vehicles with an initial equity contribution of just 10 per cent of the vehicle cost. The balance will be repaid over a 48-month period.

The scheme was launched at a ceremony in Alausa, Lagos, and is designed to empower about 3,500 drivers across the state with asset ownership opportunities, while setting a new standard for structured credit within Africa’s mobility sector.

Speaking at the event, UBA Group Managing Director and Chief Executive Officer, Mr. Oliver Alawuba, said the partnership reflects the bank’s commitment to inclusive growth, MSME development and youth empowerment.

“This partnership with Lagride is transformational. It will drive inclusivity for economic growth and ensure progress for everyone. We are committed to helping you, and please believe me, this is just the beginning,” Alawuba said.

He added that UBA is focused on addressing practical challenges at the grassroots level, noting: “I am personally looking at the immediate problems we have right here in Lagos as we will be connecting the initiative to broader urban development. Lagos will change because of us. And we will not stop in Lagos; we will move beyond.”

Also speaking, UBA’s Head of SME Banking, Mr. Babatunde Ajayi, said the partnership represents a shift from traditional banking approaches.

“Not every business has a shop. Some businesses have wheels. Every commercial driver is running a business, yet they have remained outside formal finance. We did not ask if they fit our old structures; we designed credit that fits their reality, and that is the way we work at UBA,” Ajayi said.

Chairman of Lagride, Ms. Diana Chen, noted that the company has developed a data-driven, credit-ready mobility platform that supports bankable financing for drivers.

“Lagride now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria,” Chen said. “This data enables UBA to evaluate driver performance with accuracy and confidence, creating a new standard for bankable driver financing.”

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