FG Partners to Improve Financing for Tricycle Riders

The Federal Government of Nigeria has formed a partnership with Century Information Systems Ltd and the National Association of Tricycle and Motorcycle Owners and Riders (NATOMORA) to implement a structured leasing model. This initiative, announced by Adebola Sundai, aims to eliminate exploitative hire purchase arrangements that burden motorcycle and tricycle operators with heavy upfront costs and rigid repayment conditions.

Donald Wokoma, the Registrar and Chief Executive Officer of ELRA, emphasized that this partnership represents a significant step towards financial inclusion and economic empowerment for transport operators. The structured leasing model is designed to enhance affordability and provide a clearer pathway to asset ownership, thereby improving the livelihoods of individuals and contributing to the national economy.

Abdul Balarab, Managing Director of Century Information Systems Ltd, highlighted the use of technology-driven solutions to enhance safety and curb theft. Usman Gwoza, President of NATOMORA, welcomed the initiative, describing it as a long-awaited relief for members facing high financing costs.