United Bank for Africa (UBA) Plc has unveiled a $100 million financing collaboration with CIG Motors, Lagride, and the Lagos State Government, designed to transform urban transportation while expanding access to finance across Nigeria.

Under the initiative, branded “Drive to Own,” UBA will serve as the principal funding institution, providing tailored loan facilities that enable participants to acquire CIG/Lagride vehicles with an initial equity contribution of only 10 per cent of the vehicle’s total value. The outstanding balance will be spread over a repayment period of 48 months, making vehicle ownership more attainable for commercial drivers.

The programme was formally launched at an event held in Alausa, Lagos, and is expected to benefit about 3,500 drivers within the state. By creating structured pathways to asset ownership, the scheme aims to empower drivers economically while setting a new standard for organised credit delivery within Africa’s mobility industry.

Speaking at the unveiling, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, reaffirmed the bank’s commitment to inclusive growth, the development of micro, small and medium enterprises (MSMEs), and the creation of real economic opportunities for young Nigerians. He described the partnership as a game-changing initiative that would promote broad-based economic participation and long-term progress, stressing that the project marks only the beginning of UBA’s wider ambitions.

Alawuba further noted that the bank is deliberately focused on addressing practical, everyday challenges, particularly in Lagos. He explained that the initiative would be aligned with broader urban development goals, adding that the bank intends to expand the model beyond Lagos to other parts of the country.

In the same vein, UBA’s Head of SME Banking, Mr Babatunde Ajayi, said the partnership reflects a deliberate shift away from conventional banking approaches. According to him, many commercial drivers operate viable businesses on wheels but have historically been excluded from formal financial systems. He explained that instead of forcing such entrepreneurs into rigid structures, UBA designed credit solutions tailored to their realities.

Also speaking, the Chairman of Lagride, Ms Diana Chen, said the company has developed a robust, data-driven mobility platform that supports credit readiness for drivers. She described transportation as a critical pillar of Africa’s economic development, noting that Lagride’s data infrastructure enables banks like UBA to accurately assess driver performance and risks, thereby establishing a new benchmark for financing commercial drivers in Nigeria.