Lagride, a leading mobility platform in Africa, has secured a $100 million funding facility from United Bank for Africa (UBA) to accelerate its driver asset ownership initiative. The facility is expected to transform the livelihoods of thousands of drivers by enabling them to own the vehicles they operate, fostering financial independence and long-term economic stability.
Founded to address the challenges faced by drivers in the ride-hailing and logistics sectors, Lagride’s platform has long championed sustainable ownership models. Traditionally, drivers have relied on rental arrangements or informal financing, which often limits earnings and perpetuates financial insecurity. With this new UBA-backed facility, Lagride aims to create an accessible, structured financing ecosystem that allows drivers to gradually acquire vehicles while benefiting from flexible repayment plans tailored to their income streams.
Speaking on the partnership, Lagride’s CEO highlighted that driver empowerment is central to the company’s mission. “Our goal is to give drivers more than just access to rides; we want to give them assets that appreciate in value and build generational wealth. Partnering with UBA, a financial institution with deep local expertise, allows us to scale this initiative effectively and sustainably,” the CEO said.
UBA’s role in the partnership extends beyond financing. The bank will provide technical support in areas such as credit assessment, risk management, and digital payment integration. This collaboration ensures that the program is not only financially viable but also technologically seamless, enabling drivers to monitor payments, vehicle maintenance, and ownership status through Lagride’s mobile app.
The initiative comes at a time when Africa’s mobility sector is experiencing rapid growth, with millions of drivers relying on digital platforms for income. By enabling drivers to own the vehicles they operate, Lagride is poised to redefine the ride-hailing ecosystem in Africa, fostering a culture of asset accumulation, financial literacy, and entrepreneurial growth.
Industry analysts see this partnership as a significant step in bridging the gap between access to capital and economic empowerment for informal sector workers. As the program rolls out, it could serve as a model for other mobility platforms across the continent seeking to balance profitability with social impact.
With UBA’s backing, Lagride is not just expanding its fleet; it is laying the groundwork for a more inclusive and sustainable future for African drivers.
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