FG Launches Leasing Scheme for Okada, Tricycle Riders to Boost Ownership
- FG has launched a structured leasing model for motorcycle and tricycle operators
- Riders will benefit from flexible repayment plans and easier access to vehicle ownership
- Technology, such as tracking systems, will be used to improve safety and asset monitoring
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Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The federal government has introduced a structured leasing model for motorcycle and tricycle operators through a partnership involving the Equipment Leasing Registration Authority (ELRA), Century Information Systems Ltd (CIS), and the National Commercial Tricycle and Motorcycle Owners and Riders Association of Nigeria (NATOMORAS).
According to a statement signed by Adebola Sunday, Head of Media and Corporate Communication at ELRA, the initiative is designed to address exploitative hire purchase arrangements and improve access to financing for operators nationwide.
Source: Twitter
Initiative targets affordability, inclusion
As reported by Business Day, the Registrar and Chief Executive Officer of ELRA, Donald Wokoma, described the collaboration as a step towards promoting financial inclusion and economic empowerment within Nigeria’s informal transport sector.
He explained that the scheme aims to reduce the burden of high upfront costs and rigid repayment terms that have traditionally limited operators’ ability to own motorcycles and tricycles.
“Leasing opens the door to economic participation for many who were previously excluded,” Wokoma said.
He added that the model allows riders to adopt flexible repayment plans, helping them preserve capital, improve productivity, and increase daily earnings.
Pathway to ownership for operators
Wokoma noted that the structured leasing framework provides a clearer path to asset ownership while improving operational efficiency.
He added that access to newer and well-maintained vehicles would reduce breakdowns and minimise income losses among operators.
Technology to enhance safety, tracking
Speaking on the initiative, Managing Director of CIS, Abdul Balarabe, said the programme would incorporate technology-driven solutions, including advanced tracking systems.
According to him, the tracking feature will help monitor leased assets, improve security, and reduce cases of theft.
Balarabe added that the company plans to work with trade associations, cooperatives, and other stakeholders to expand access to the leasing system.
He also encouraged interested organisations to participate in the onboarding process.
Riders’ association welcomes move
In his remarks, National President of NATOMORAS, Alhaji Usman Gwoza, described the initiative as a timely intervention for riders dealing with costly financing options.
He said the association would mobilise its members across the country to take part in the programme, noting that it could improve financial stability and independence among operators.
Source: Getty Images
FG invites Nigerians to apply for zero-interest loans
Legit.ng earlier reported that the federal government is set to empower market women, small-scale traders, and artisans with access to zero-interest loans of up to N100,000 through its upcoming programmes.
The loans will be given under the federal government’s MarketMoni and TraderMoni programmes. The programmes target women, micro-entrepreneurs, artisans, and cooperatives nationwide.
Beneficiaries will enjoy zero collateral, a 3-month moratorium before repayment, and nationwide coverage across all six geopolitical zones. From breaking news to viral moments.
Source: Legit.ng
