United Bank for Africa Plc has announced a $100 million vehicle financing partnership with CIG Motors and LagRide, aimed at expanding access to vehicle ownership and supporting urban mobility in Lagos State.
Under the partnership, branded “Drive to Own,” UBA will serve as the lead financier, providing structured loan facilities that enable eligible participants to acquire vehicles with an initial equity contribution of 10 percent of the total vehicle cost.
The balance will be repaid over a period of up to 48 months, subject to agreed financing terms.
The initiative is being implemented in collaboration with CIG Motors, the exclusive dealer of the vehicles, and LagRide, Lagos State’s ride-hailing and mobility platform.
The Lagos State Government is also a strategic partner in the programme, aligning the scheme with its broader transport and mobility objectives.
UBA said the financing structure is designed to lower entry barriers for vehicle ownership, particularly for operators within the ride-hailing and transport ecosystem, while supporting income generation and financial inclusion.
Beneficiaries under the scheme will transition from vehicle operators to owners over the tenor of the loan, creating a sustainable ownership model within the transport sector.
CIG Motors is expected to supply the vehicles deployed under the programme, while LagRide will provide the operational platform through which participating drivers can generate consistent cash flows to service their loan obligations.
The structure is intended to reduce default risk while ensuring operational efficiency across the value chain.
The $100 million commitment underscores UBA’s growing involvement in structured consumer and asset-backed financing, as well as its focus on partnerships that deliver measurable economic impact.
The bank noted that the initiative supports job creation, transport system efficiency, and inclusive access to credit.
The “Drive to Own” scheme is expected to be rolled out in phases, with further details on eligibility criteria, onboarding, and deployment to be communicated to the public in due course.