The initiative, rolled out through the Equipment Leasing Registration Authority (ELRA) in collaboration with Century Information Systems Ltd. and the National Commercial Tricycle and Motorcycle Owners and Riders Association of Nigeria (NATOMORAS), offers a structured financing alternative expected to benefit thousands of operators nationwide.
According to a statement issued in Abuja on Thursday by ELRA’s Head of Media and Corporate Communication, Adebola Sunday, the new model seeks to address systemic disadvantages embedded in existing financing systems that have long placed riders at a disadvantage.
Registrar and Chief Executive Officer of ELRA, Donald Wokoma, described the partnership as a significant milestone in advancing financial inclusion and economic empowerment within Nigeria’s informal transport ecosystem. He noted that the scheme is tailored to tackle barriers such as high upfront costs and inflexible repayment structures that have historically restricted access to motorcycles and tricycles.
He explained that the leasing model eliminates heavy initial payments while introducing structured and manageable repayment plans, enabling operators to retain working capital, enhance productivity, and boost daily earnings. Beyond individual benefits, Wokoma added, the initiative is expected to strengthen the broader economy by expanding participation in income-generating activities.
The programme also promises improved operational efficiency, as access to newer and better-maintained vehicles is expected to reduce downtime caused by frequent breakdowns.
Managing Director of Century Information Systems Ltd., Abdul Balarabe, highlighted the role of technology in the scheme, noting that advanced tracking systems would be deployed to monitor leased vehicles, enhance security, and support asset recovery efforts. He added that the company is actively engaging trade associations, cooperatives, and other stakeholders to scale participation and expand access to the leasing ecosystem.
Balarabe further encouraged interested organisations to begin onboarding processes to take advantage of the financing opportunities.
Reacting to the development, National President of NATOMORAS, Usman Gwoza, described the initiative as a long-awaited intervention for operators struggling under high-cost and often unsustainable financing arrangements. He pledged that the association would mobilise its members nationwide to participate, noting that the scheme could restore dignity, stability, and financial independence among riders.
The new leasing model aligns with the Federal Government’s broader strategy to deepen financial inclusion and formalise key segments of the informal economy, particularly the transport sector, which provides livelihoods for millions of Nigerians.
For years, commercial riders have depended on informal hire-purchase systems widely criticised for high interest rates, opaque conditions, and harsh repossession policies. Such practices have limited operators’ ability to build equity, scale their businesses, or achieve long-term financial security—challenges the new initiative now seeks to address.