Lagride, the Lagos State–backed e-taxi service, has set a target of deploying 3,500 vehicles through its Drive-to-Own scheme, supported by a $100 million financing facility from United Bank for Africa (UBA).

The target was disclosed in Lagos at the handover ceremony for the first batch of qualifying captains, marking the formal launch of the ownership programme.

Under the model, drivers transition from structured rentals to long-term asset ownership, with eligibility determined by documented performance, compliance and operational discipline.

Executive Director of Lagride, Mildred Ekanem, described the rollout as a substantive milestone rather than a symbolic event.

Ekanem explained that eligibility followed a data-driven process, including a 90-day structured rental and training period during which captains were assessed on ride completion rates, safety compliance, customer feedback, income generation and overall conduct on the platform.

“We are marking a major milestone with the first cohort receiving keys under Drive-to-Own. This pathway is designed to move hardworking captains from daily earnings to long-term ownership, built on structure, consistency, safety and discipline.

“Eligibility is not random. Standards unlock opportunity. When captains commit to a standard, the platform commits back,” she added.

Lagride said the structured rental phase produced measurable operational records that enabled UBA to assess risk and support the first cohort under the facility.

Confirming the partnership, Head of SME Banking at UBA, qBabatunde Ajayi, said the bank aimed to finance up to 3,500 vehicles through the programme, describing it as a practical model of financial inclusion.

Ajayi disclosed that the facility has a four-year tenor at 25 per cent per annum on a reducing balance basis, with repayments structured to align with drivers’ earning capacity.

Responding to concerns about projected weekly revenue benchmarks of N375,000 for electric vehicles and N450,000 for Sports Utility Vehicles (SUVs), Lagride said the estimates were based on years of operational research and current demand data.

The company noted that between September and January, it was unable to meet full ride demand due to fleet constraints, suggesting room for revenue growth.

For beneficiaries, the scheme represents a shift from rental payments to equity building.

Aminu Ganna, one of the first captains to receive keys, said the programme had moved from appearing “not doable” to achievable through discipline and consistency.

Lagride added that the pace of subsequent deployments would depend on the performance of the initial cohort, whose adherence to operational standards would determine how quickly the 3,500-vehicle target is reached.