Lifestyle & Wellness DeskUBA Teams Up with CIG Motors, Lagride to Roll Out $100m Vehicle Financing Scheme
United Bank for Africa (UBA) Plc has launched a $100 million vehicle financing partnership with CIG Motors, Lagride, and the Lagos State Government, designed to transform urban mobility and promote financial inclusion in Nigeria. Branded “Drive to Own,” the initiative positions UBA as the principal financier, allowing beneficiaries to acquire a CIG/Lagride vehicle by paying just 10% of the total cost upfront, with the balance payable over 48 months. Unveiled at a ceremony in Alausa, Lagos, the scheme targets empowering 3,500 drivers in the state with opportunities for asset ownership, setting a new standard for structured credit in Africa’s mobility sector.
UBA Group Managing Director/CEO, Oliver Alawuba, highlighted the bank’s commitment to inclusive economic growth, MSME development, and creating opportunities for younger Nigerians. He said, “This partnership with Lagride is transformational. It will drive inclusivity and economic growth for all. We are committed to supporting you, and this is only the beginning.”
Alawuba added that UBA is focused on addressing immediate, real-world challenges, stating, “We are connecting this initiative to broader urban development. Lagos will change because of this program, and we plan to expand beyond the city.”
Babatunde Ajayi, UBA Head of SME Banking, explained that the partnership redefines traditional banking models. “Not every business has a shop; some operate on wheels. Commercial drivers run businesses but have largely been outside formal finance. We designed credit to fit their realities, and that’s the UBA way,” he said.
Lagride Chairman Diana Chen noted that the company has developed a data-driven, credit-ready mobility platform for drivers. “Transportation is key to Africa’s economic future. Lagride is now the most structured and data-driven mobility platform in Nigeria, enabling UBA to assess driver performance with accuracy and confidence, creating a new standard for bankable driver financing,” Chen said.
