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Lagride has secured a $100 million financing facility from United Bank for Africa (UBA) Plc to expand its Drive To Own programme. 

This facility will enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators, and mobility investors, Lagride said in a statement sent to Financial Nigeria. It added that the partnership will strengthen Lagos State’s transportation ecosystem and accelerate the shift toward a structured, technology-enabled, and financially bankable mobility sector.

Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The platform introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models. This system has generated consistent 90-day usage and repayment data across the fleet, allowing United Bank for Africa and other financial institutions to assess driver performance with accuracy, confidence and transparency, according to the mobility company.

“Eligibility for the Drive To Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency,” according to the statement. “Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.”

Lagride has also unveiled an expanded electric vehicle charging facility in Alausa, Lagos. The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale. 

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind,” said Diana Chen, Chairman, Lagride. “The goal is for drivers, who we 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. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos.”