$100m Vehicle Finance Deal Redefines Urban Mobility In Lagos
By TAYO TAIWO (T. T.) OLUWOLE
UBA Leads $100m Vehicle Ownership Initiative
UBA Plc has entered a $100 million financing partnership with CIG Motors, LagRide and the Lagos State Government to promote asset ownership, improve urban mobility and expand access to formal credit for commercial drivers.
Flexible Credit for Commercial Drivers
Under the Drive to Own initiative, beneficiaries are required to make a 10 per cent equity contribution, with UBA financing the balance over 48 months. The scheme is expected to benefit 3,500 drivers, providing long-term financial stability through vehicle ownership.
Banking Beyond Traditional Models
UBA GMD/CEO Oliver Alawuba said the initiative reflects the bank’s focus on inclusive growth and practical solutions to everyday economic challenges. He added that UBA plans to scale similar models beyond Lagos.
UBA’s Babatunde Ajayi said the partnership recognises commercial drivers as entrepreneurs, while LagRide Chairman Diana Chen highlighted the role of performance data in enabling credible, bankable financing across the mobility ecosystem.
