LagRide, an e-hailing service, has partnered with the United Bank for Africa to roll out a $100 million financing initiative called Drive To Own, which focuses on empowering drivers to move from rental agreements to full vehicle ownership. This program, which targets the provision of 3,500 vehicles, was officially launched in December and is celebrated for its performance-based ownership model.

During a recent event in Lagos, LagRide officials including Executive Director Mildred Ekanem emphasized the importance of structured financing in ensuring accessibility and sustainability in vehicle ownership for drivers. The goal is to create a measurable impact as drivers achieve defined standards in various operational areas, including safety and service quality, thereby making vehicle ownership attainable for more individuals in the sector.

The Drive To Own program not only seeks to benefit drivers by reducing reliance on rental services but also aims to stimulate economic growth by fostering entrepreneurship among transport operators. This initiative could potentially reshape the e-hailing landscape in Nigeria by enhancing drivers' independence and operational effectiveness, ultimately contributing to a more robust economy in the transportation sector.