United Bank for Africa (UBA) Plc has partnered with CIG Motors, Lagride, and the Lagos State Government to introduce a $100 million vehicle financing scheme designed to redefine urban mobility and enhance financial inclusion in Nigeria.

The initiative, titled “Drive to Own”, allows beneficiaries to acquire a CIG or Lagride vehicle by paying just 10% upfront, with the balance payable over 48 months. The scheme targets 3,500 drivers in Lagos State, providing them with structured financing and the opportunity for asset ownership.

UBA’s Group Managing Director/CEO, Oliver Alawuba, emphasized the bank’s commitment to inclusive economic growth, MSME development, and creating opportunities for younger Nigerians. “This partnership with Lagride is transformational. It will drive inclusivity and economic progress, starting in Lagos and expanding beyond,” he said.

Babatunde Ajayi, Head of SME Banking at UBA, highlighted the innovation behind the program: “We designed credit that fits the reality of commercial drivers, many of whom operate without traditional shops but run businesses on wheels.”

Lagride Chairman, Diana Chen, noted the platform’s data-driven and credit-ready approach, which enables accurate evaluation of driver performance and establishes a new standard for bankable mobility financing in Nigeria.