Urban mobility in Lagos is entering a new phase as Lagride deploys an additional batch of vehicles under its Drive To Own programme, an initiative designed to transition ride hailing drivers from renters to vehicle owners. The company says it aims to deploy 3,500 vehicles through the scheme over time.
The programme is supported by a 100 million dollar financing facility provided by United Bank for Africa. The partnership highlights growing collaboration between financial institutions and technology driven mobility platforms to strengthen income stability and asset creation within the gig economy.
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Unlike conventional leasing arrangements, the Drive To Own model ties ownership eligibility to measurable performance indicators. Drivers are assessed using data points such as safety records, ride completion rates, customer ratings and regulatory compliance. These metrics are collected during a rental phase and serve as proof of performance before drivers qualify to acquire the vehicles.
Babatunde Ajayi described the initiative as part of a broader shift in African banking, where data, governance and financial inclusion intersect to create structured credit pathways for workers who may struggle to access traditional loans.
The programme builds on momentum generated in 2025 when the funding facility was first announced. Diana Chen said the long term objective is to enable drivers to move beyond daily income generation toward vehicle ownership and fleet management. The expanded funding is expected to increase vehicle availability while reducing reliance on costly lease agreements and informal lending channels.
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Company executives, including Mildred Ekanem, noted that the rollout will be scaled responsibly with a focus on service quality. By linking asset ownership to consistent performance, the initiative is designed to reduce lending risks while strengthening the financial profiles of participating drivers.
Industry observers say the Lagride and UBA collaboration could reshape urban mobility financing in Nigeria. The model demonstrates how digital platforms can connect independent drivers to formal credit systems and structured asset ownership, potentially setting a precedent for similar partnerships across Africa’s rapidly expanding gig economy.
