United Bank for Africa (UBA) has committed $100 million to a new partnership with the Lagos State government and its ride-hailing service, LagRide. This significant financial injection aims to enable 3,500 drivers to transition from renting vehicles to outright ownership under the LagRide platform.

The memorandum of understanding (MoU) solidifies the collaboration between the financial institution and the state-backed e-hailing service, a move designed to foster economic empowerment and enhance transportation infrastructure within Nigeria’s commercial hub.

UBA Group Managing Director, Oliver Alawuba, hailed the agreement as “transformational,” emphasizing its role in promoting inclusivity and driving economic progress for all stakeholders involved. He highlighted the bank’s confidence in LagRide’s operational model and its potential for growth.

Alawuba described the initiative as a pilot program with ambitious long-term objectives, forecasting substantial positive changes for drivers and the wider Lagos metropolis over the next four years. The bank’s commitment extends beyond Lagos, with plans to replicate the success in other regions.

He also commended LagRide’s high service standards, citing positive feedback from users who have noted the cleanliness of vehicles, professionalism of drivers, and overall cost-effectiveness and security compared to other ride-hailing options.

This strategic alliance underscores UBA’s dedication to supporting the gig economy and its participants, providing a pathway for drivers to build sustainable livelihoods and contribute to the evolving transportation landscape. UBA will continue to work closely with LagRide to achieve the partnership’s stated goals.

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Keywords: UBA, Lagos State government, LagRide, ride-hailing financing, vehicle ownership, Oliver Alawuba, transportation infrastructure, economic growth