The United Bank for Africa (UBA) has entered into a $100 million agreement with the Lagos State government and its e-hailing platform, LagRide, to finance vehicles for 3,500 drivers in Lagos.
The memorandum of understanding (MoU), signed on Tuesday, marks a significant step toward empowering ride-hailing drivers to become car owners rather than renters. Under the partnership, UBA will provide financing support for the acquisition of vehicles to be deployed on the LagRide platform.
LagRide, a Lagos State-owned initiative, is designed to offer residents safe, affordable, and reliable transportation services while creating sustainable livelihood opportunities for drivers.
Speaking during the signing ceremony, representatives from both UBA and the Lagos State government noted that the collaboration aligns with the state’s goals of modernizing public transport and promoting economic inclusion. The scheme is also expected to strengthen the local mobility ecosystem and enhance the efficiency of urban transportation in Africa’s most populous city.
