UBA’s $100m auto finance scheme to empower 3,500 drivers

Determined to redefine urban mobility and promote financial inclusion in Nigeria, United Bank for Africa (UBA) Plc has announced a $100 million vehicle financing partnership with CIG Motors, Lagride, and the Lagos State Government. The partnership, tagged “Drive to Own,” positions UBA as the key financier, providing structured loan subscriptions that enable beneficiaries to own […]

Determined to redefine urban mobility and promote financial inclusion in Nigeria, United Bank for Africa (UBA) Plc has announced a $100 million vehicle financing partnership with CIG Motors, Lagride, and the Lagos State Government.

The partnership, tagged “Drive to Own,” positions UBA as the key financier, providing structured loan subscriptions that enable beneficiaries to own CIG/Lagride vehicles with an initial equity contribution of just 10 per cent of the vehicle cost. The outstanding balance will be repaid over a 48-month period.

Unveiled at a ceremony in Lagos, the scheme is designed to empower 3,500 drivers across the state by offering transformative asset ownership opportunities, while setting a new benchmark for structured credit within Africa’s mobility sector.

Speaking at the event, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, highlighted the bank’s strong commitment to inclusive economic growth, MSME development, and the creation of tangible opportunities for young Nigerians.

“This partnership with Lagride is transformational. It will drive inclusivity for economic growth and ensure progress for everyone. We are committed to helping you, and please believe me, this is just the beginning,” Alawuba said.

He also shared a personal story underscoring the power of opportunity. “My father started as a driver. I went to school thanks to that income. That will be the story of some of you, and even better,” he added.

Alawuba further stressed UBA’s focus on addressing real, on-the-ground challenges, noting that the initiative would be linked to broader urban development efforts. “I am personally looking at the immediate problems we have right here in Lagos as we will be connecting the initiative to broader urban development. Lagos will change because of us. And we will not stop in Lagos; we will move beyond,” he said.

Echoing this vision, UBA’s Head of SME Banking, Babatunde Ajayi, explained that the partnership reflects a deliberate shift from traditional banking models.

“Not every business has a shop. Some businesses have wheels. Every commercial driver is running a business, yet they have remained outside formal finance. We did not ask if they fit our old structures; we designed credit that fits their reality, and that is the way we work at UBA,” Ajayi said.

Chairman of Lagride, Diana Chen, noted that the company has developed a data-driven, credit-ready mobility platform that supports bankable driver financing. She described transportation as a critical pillar of Africa’s economic future.

“Lagride now stands as the most structured, data-driven and credit-ready mobility platform in Nigeria. This data enables UBA to evaluate driver performance with accuracy and confidence, creating a new standard for driver financing,” Chen said.