Lagride Launches $100M Vehicle Ownership Scheme in Lagos

Lagride has introduced a new batch of vehicles in Lagos as part of its $100 million drive-to-own scheme, financed by the United Bank for Africa (UBA). The initiative, which aims to enhance vehicle ownership among drivers, was launched during an event in Lagos on Tuesday.

The target is to deploy a total of 3,500 vehicles under this scheme. The program evaluates drivers based on service quality, safety records, regulatory compliance, ride completion rates, and customer feedback.

Eligible drivers must have a verified performance record during their prior rental periods. Babatunde Ajayi, head of business at UBA, stated that the $100 million facility reflects the bank's confidence in the framework that combines performance data to govern pathways to asset ownership.

Diana Chen, chairman of Lagride, emphasized that the ultimate goal is to transition drivers from short-term rental models to gradual vehicle ownership, enabling them to participate in the economic value chain without relying on high-cost vehicle leases.