Ride-hailing platform Lagride has deployed a new batch of vehicles in Lagos under its Drive To Own programme, an initiative designed to transition drivers from rental arrangements to vehicle ownership. The company, at a vehicle handover event held in Lagos on Tuesday, said the target is to deploy a total of 3,500 vehicles under the scheme.

The initiative, backed by a $100 million facility from United Bank for Africa (UBA) evaluates drivers using measurable criteria such as service quality, safety records, regulatory compliance, ride completion rates, customer feedback, and operational discipline on the platform.

Lagride indicated that eligibility for vehicle ownership is tied to verifiable performance records generated during a prior rental period, which serves as a track record for both the company and its financing partners.

Also speaking at the event, Head of Business Banking at UBA, Babatunde Ajayi, said the $100 million facility backing the programme reflects the bank’s confidence in a framework that combines performance data, governance, and a pathway to asset ownership.

“This programme reflects what banking should be in the modern African economy: practical, inclusive, responsible, and forward-looking,” he said.

In December last year, Lagride announced that it had secured a $100 million financing facility from UBA to expand its Drive-To-Own programme.

Lagride Chairman, Chief Diana Chen, said the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.

According to the company, the new funding facility will be deployed to increase the number of vehicles available under this model, enabling more drivers to participate without relying on informal lending or high-cost vehicle leases.

Lagride’s Drive-To-Own programme is designed to move drivers from short-term rental models into gradual vehicle ownership based on performance and repayment history.

If sustained, such arrangements could gradually expand the pool of bankable transport operators and introduce greater structure into urban mobility financing.