Lagride, the Lagos State Government-supported e-hailing platform, has secured a $100 million financing facility from United Bank for Africa to scale its Drive-To-Own initiative.

The company stated that the funding will enable approximately 3,500 drivers to move from daily rental arrangements to long-term vehicle ownership, fostering small business opportunities within Lagos’ transportation sector.

The funding underscores growing confidence from banks in organized mobility platforms.

Commenting on the landmark funding, Lagride Chairman, Chief Diana Chen, said the Drive-To-Own programme aims not to keep drivers behind the wheel indefinitely, but to help them climb the economic value chain.

She added that Lagride is deliberately structured to enable drivers to progress from operators to owners, and eventually to investors and partners overseeing multiple vehicles and teams.

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind,” she said.

She added that the goal is for drivers, whom they call Captains, to become business owners, fleet partners and mobility investors, not just drivers.

“This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures,” she stated.

Speaking on the partnership, UBA Group Managing Director and CEO, Oliver Alawuba, said the bank views the mobility sector as vital to inclusive economic growth.

He noted that Lagride exemplifies the kind of transformational, well-governed, and data-driven initiative that UBA aims to support across Africa.

The Drive-To-Own programme is structured to help drivers transition from short-term rentals to vehicle ownership gradually, based on their performance and repayment history.