The United Bank for Africa (UBA) Plc has provided a financing facility worth about $100 million to assist Lagride expand its electric vehicle charging infrastructure in Lagos State.
The loan would also be used by the company to scale its Drive-to-Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.
The partnership strengthens Lagos State’s transportation ecosystem and accelerates 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 UBA and other financial institutions to assess driver performance with accuracy, confidence and transparency.
Eligibility for the programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency.
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.
EV Infrastructure Expansion
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility.
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. By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.
“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind.
“The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers.
“This $100 million partnership with UBA 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,” the chairman of Lagride, Ms Diana Chen, said.
On his part, the chief executive of UBA, Mr Oliver Alawuba, said Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.