The United Bank for Africa (UBA) Plc has provided a financing facility worth about $100 million to support Lagride in expanding its electric vehicle charging infrastructure across Lagos State. The funding will also be used to scale the company’s Drive-to-Own programme, enabling about 3,500 Lagos drivers to move from daily income earners into long-term asset owners, business operators and mobility investors.
The financing partnership is expected to strengthen Lagos State’s transportation ecosystem and speed up the shift toward a more structured, technology-enabled and financially bankable mobility sector. It aligns with growing efforts to improve urban transport while supporting drivers with access to sustainable financing options.
Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The company introduced a performance-led Drive-to-Earn structure supported by weekly and monthly rental models. This system has produced consistent 90-day usage and repayment data across its fleet, allowing UBA and other financial institutions to assess driver performance with greater accuracy, confidence and transparency.
Eligibility for the Drive-to-Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency. Through this structured approach, Lagride has positioned itself as a data-driven and credit-ready mobility platform, setting a benchmark for bankable driver financing and asset ownership in Nigeria.
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos. The facility is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient and sustainable transportation at scale. By combining driver financing with practical EV infrastructure, the company is targeting long-term improvements in clean mobility.
“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind,” the chairman of Lagride, Ms Diana Chen, said. She added that the goal is for drivers, known as Captains, to become business owners, fleet partners and mobility investors, not just drivers.
“This $100 million partnership with UBA moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos,” Chen said.
The chief executive of UBA, Mr Oliver Alawuba, said Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support.
