UBA, Lagos State seal $100m deal to finance vehicles for LagRide drivers

United Bank for Africa (UBA) has entered into a $100 million partnership with the Lagos State Government and LagRide to finance vehicles for about 3,500 ride-hailing drivers operating on the LagRide platformt

The partnership, formalised through a memorandum of understanding (MoU) signed on Tuesday, is designed to support drivers in transitioning from vehicle rental arrangements to car ownership, thereby improving their livelihoods and long-term financial stability.

Under the agreement, UBA will provide structured financing to enable eligible LagRide drivers to acquire vehicles, reducing the cost burden associated with daily rentals and creating a pathway to asset ownership.

LagRide is a Lagos State Government-owned e-hailing service established to deliver safe, affordable and efficient transportation for residents of the state, while also creating sustainable employment opportunities for drivers.

The initiative aligns with the state government’s broader transport and mobility reforms aimed at strengthening the ride-hailing ecosystem, promoting professionalism in the sector, and enhancing commuter safety across Lagos.