Photo Credit: Punch
2025-12-17
As reported by *The Punch*, UBA has unveiled a ₦100 million vehicle support/financing scheme in Lagos aimed at helping qualifying drivers access vehicles under structured repayment terms.
The programme is positioned as a mobility and financial inclusion play—lowering entry barriers for commercial drivers while giving the bank a scalable consumer-credit product tied to income-generating assets.
For participants, the big variables are affordability (interest, fees, insurance), vehicle quality, and the clarity of default rules—issues that have derailed similar schemes in the past.
Other reporting on the same development includes:
– BusinessDay: “Banks are expanding asset-backed lending as consumer credit demand grows.”
– Nairametrics: “Driver-focused vehicle financing is returning as platforms seek more stable fleets.”
Analysis/Echotitbits take: If the underwriting is data-driven (earnings history, telematics, repayments automation), this could be a model for MSME credit. Watch adoption rates, default performance, and whether other banks replicate it across other states.
Source: The Punch — December 17, 2025 (https://punchng.com/drivers-benefit-from-ubas-100m-lagos-vehicle-scheme/)