LagRide Partners With UBA For 3,500 Electric And Petrol-Powered Vehicles, Boosting Driver Ownership And Safety

United Bank for Africa (UBA) has signed a $100 million partnership with the Lagos State Government and LagRide to finance, build and maintain 3,500 ride‑hailing vehicles, and guide drivers from renting to full ownership over the next four years.

On a crisp Tuesday morning in Ikeja yesterday, the Memorandum of Understanding (MoU) was exchanged between UBA and LagRide, sealing a collaboration that promises to reshape Lagos’s transportation landscape.

Oliver Alawuba, Group Managing Director and Chief Executive Officer of UBA, addressed the gathering with a clear vision: “Today we are signing a partnership among UBA Plc, LagRide, and the Lagos State Government to finance up to 3,500 vehicles for LagRide drivers. Within four years, at least that many drivers will transition from renting to owning their own cars. This represents real economic empowerment, and it comes with structured training that will improve orderliness and road conduct, delivering a safer, more secure ride experience for Lagos passengers.”

Alawuba emphasised further that the initiative is more than a loan; it is a catalyst for financial inclusion and youth employment. “Lagos deserves more,” he declared. “Beyond the immediate benefits, the $100 million investment aims to drive financial inclusion, empower people, and create jobs for the teeming youth population across the state and beyond.” He enthused.

A novel feature of the program is the introduction of CNG‑powered vehicles, which will run on clean energy and contribute to a healthier environment. The repayment terms have been carefully crafted to be long enough for drivers to manage comfortably, ensuring a sustainable transition to ownership. Alawuba also noted growing interest from other states, but the focus remains on perfecting the model in Lagos before expanding elsewhere.

Chief Diane Chen, Chairman of LagRide, echoed the optimism: “From today we move from a platform where people merely walk up to a service to one that offers empowerment, structure, and success to the vehicle owner. For riders, this means more capital, more vehicles, and consequently better service. CIG Motors, with a decade of experience, will handle maintenance, while GAC Motor’s nationwide workshops guarantee that every vehicle stays functional and safe.” She added that LagRide is open to further partnerships beyond banking institutions, aiming to make the success story inclusive for all stakeholders.

Among the attendees was Dorothy Etim, a veteran driver who stood as the sole woman at the ceremony. Her voice carried both gratitude and inspiration:
“Being the only woman here feels like a dream come true. I have been in the e‑hailing space for seven years and with LagRide for six months. I gave my all because I knew it was a learning process, and now I see the reward. UBA’s support has been timely; four years ago a bank empowered me, helping me grow a network of female drivers from 21 to 500 nationwide. I created a women‑drivers’ group and encouraged many riders to join the profession. I am a proud female driver, and I urge every woman to believe that determination can turn idle time into financial independence.” She said with joy written all over her face .

Through financing, training, and a commitment to clean energy, the partnership seeks to transform Lagos’s ride‑hailing sector, delivering economic uplift, safer streets, and a greener future for drivers, passengers, and the city alike.