Lagride and UBA hand keys to first batch of drive-to-own beneficiaries
Officials of Lagride and UBA, today, handed over keys to the first batch of drivers who are beneficiaries of the UBA’s drive-to-own scheme on the e-mobility platform. The handing over took place at the company’s Alausa officewhere at least 20 drivers were given keys to their vehicles.
The occasion marked a major milestone for the drivers who have been in training for 90 days as they transition from driving to earn for the company to driving to own the vehicles.
See also: Lagride secures $100m financing from UBA to scale its drive-to-own business
Speaking at the occasion, the Executive Director of Lagride, Mildred Ekanem, noted that the ceremony goes beyond merely handing out keys to the captains, as it is also a celebration of progress that can be measured. Describing it as a major milestone, she noted that it is a culmination of months of hard work and commitment.
“It is a pathway that we have designed to move hard-working drivers from daily earnings to long-term ownership. Drive-to-own is built on structure. It is for comfort, safety, customer excellence and professional discipline. This handover is not just a word; it is proof that when an individual focuses on something and commits to something, for the captains in particular today, the partner commits back to them in return,” she said.
Mildred Ekanem, Executive Director, Lagride
She noted that the rental period, which the drivers went through, created a disciplined framework where performance could be measured consistently over time, from trip completion and reliability to safety, compliance and customer feedback. She said it was that the operational record is what enabled the financial department to assess needs properly and support the programme with new data.
She also stated that selecting beneficiaries wasn’t done randomly, as they were selected based on measurable standards.
“Captains were selected based on measurable standards: service quality, safety, compliance, cooperation, income generation, customer feedback, and overall discipline on the platform. The lesson for every captain is simple. Standards unlock opportunity. These, we cannot take for granted,” she said.
New Lagride drive-to-own is powered by UBA’s $100m facility
Recall that last December, Lagride announced a $100 million financing facility from the United Bank for Africa (UBA). According to a statement to Technext, the facility will be deployed to expand its Drive To Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.
Today’s ceremony represents the first fruits of that endeavour.
On his part, Head of Business Banking at UBA, Babatunde Ajayi, noted that aside from simply handing keys over to captains, the drive-to-own programme is a new way for the beneficiaries to think about opportunity, pointing out that it is an investment of trust, progress, and transformation.
“The drive-to-own program, in partnership with LagRide, represents a new way of thinking about opportunity. It tells us that financial inclusion is not charity. At UBA, we do not see loans as transactions. We see them as investments in human potential. We are investing in what you are able to do. You’ve done it in a little way. And we see the future becoming bigger for you,” he said.
He further admonished the beneficiaries, noting that the handover represents a transition as they are moving from participation to ownership, from dependence to independence, from earning a daily income to building lasting assets. This, he said, is real economic empowerment, which is how nations grow, how communities are strengthened, and how families are secured through individuals who are given opportunities and who prove worthy of it.
He further pointed out that the drive-to-own program reflects what banking should be in the modern African economy: Practical, inclusive, responsible, and forward-looking.
“It shows that when institutions trust people and people, progress becomes inevitable,” he said.
He further explained that the drivers will be paying a 25 per cent interest rate on the cars for their drive-to-own program. He said this translates to about 2 per cent of their earnings per month, as against as much as 10 to 15 per cent a month obtainable elsewhere.
And what we’ve done is that you do it consistently for four years. What you pay, repayment on a monthly basis, is just N835,000. That means someone who has been on drive-to-earn, who has been consistent, as soon as you move to drive-to-own, there’s no way you will not see an extra 900,000 in the month, just working the way you worked on the drive-to-earn,” he said.
The post Lagride and UBA hand keys to first batch of drive-to-own beneficiaries first appeared on Technext.
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