UBA Launches $100 Million Initiative to Help 3,500 Ride-Hailing Drivers Own Vehicles
United Bank for Africa (UBA) has partnered with the Lagos State Government and LagRide to provide $100 million in financing for 3,500 ride-hailing drivers, enabling them to transition from renting vehicles to owning their own cars. The agreement, formalised through a Memorandum of Understanding in Ikeja, aims to deliver economic empowerment, structured training, and safer transport services across Lagos.
UBA’s Group Managing Director, Oliver Alawuba, stated that the programme will enable drivers to achieve vehicle ownership within four years, while promoting financial inclusion and creating employment opportunities for young people in the state. A key element of the initiative is the inclusion of CNG vehicles, which use clean energy and support environmental sustainability.
“Proper training for drivers will improve road conduct, ensuring passengers enjoy safer rides. This model can be replicated, and other states have already expressed interest,” Alawuba added, noting that the long-term repayment plan provides drivers with a smooth path to ownership.
LagRide Chairman Diane Chen described the programme as a shift from simply providing platform access to offering a structured path to success and empowerment. She confirmed that CIG Motors and GAC Motor will handle vehicle maintenance to ensure safety and reliability, and expressed openness to partnerships beyond the banking sector to expand the initiative’s reach.
Driver Dorothy Etim, who has been in the e-hailing industry for seven years, praised the programme as a life-changing opportunity, particularly for women. She recalled how previous bank support helped her grow a nationwide network of female drivers from 21 to 500. “Determination is key,” she said. “Financial independence is achievable, and today, more women can join and start driving.”
The partnership reflects a growing effort to combine financial support, training, and sustainability in Nigeria’s ride-hailing sector, providing both economic empowerment and improved transport services for Lagos residents.
