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Important Things You Need to Know About LagosRide

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Lagos Ride is a smart mobility solution that allows users to book and share the cost of a ride from their preferred pickup to drop-off locations respectively. It will link users up based on their preferred pick and drop-off points, each not more than 1km apart respectively, and a pick-up time not more than 5 minutes apart. We believe this service will contribute to a reduction in traffic congestion in Lagos as it will encourage ridesharing and therefore reduce the frequency of single-occupancy driving.

Important Things You Need to Know

The following are guidelines that govern the relationship between you and Lagos Ride

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Vehicle Ownership

  • The vehicle assigned to you after your successful onboarding remains the property of Ibile Holdings till you complete your debt service.
  • Title and ownership will only be completely transferred to you upon complete payment of all outstanding obligations.
  • You are required to service debt using your daily fares for the first two years, after this, you can pay down your debt and get out of the obligation, no outright payment shall be honoured in the first 2 years of being in possession of this asset.

Maintenance & Insurance

  • Maintenance and all insurance considerations shall be executed on your behalf You are required to comply with all maintenance service schedules or calls for maintenance, on-compliance attracts a penalty.
  • All maintenance requests or complaints about the vehicle in your possession are meant to be logged in the maintenance module in your mobile app.
  • Any cost or damage incurred from taking the vehicle to an unauthorized service centre or without prior notice shall be borne by you.
  • Insurance considerations cover the following: Comprehensive insurance, Protection against accident, disability and/or loss of life, Health insurance for you and your immediate family
  • A pension scheme and a defined contribution scheme are also in place.

Debt Service

  • A mandatory fee of N8,709 shall be deducted from your wallet daily to service your debt obligation.
  • Where you have insufficient funds, your account will be debited and value deducted once it is sufficiently funded.
  • You can fund your wallet from other sources aside from fares to service your daily debt obligation

Deductions and Disbursements

  • All deductions shall be made according to the table shown above
  • Your account will show your cumulative net earnings at the end of each day
  • Disbursements to you will happen twice a week for now, on Mondays and Thursdays
  • You will be responsible for fuelling your car from your net earnings

Cash Collection

  • You may only collect physical cash from a rider after he/she has indicated that preference while requesting a trip.
  • Where cash is the selected mode of payment, once you confirm receipt of cash from the rider, the equivalent sum will be deducted from your net position in your wallet.
  • Bank transfers to your personal account are prohibited

This scheme was set up as part of ongoing efforts of the Lagos state government to optimize the transit experience of Lagosians. The state through its investment company, Ibile Holdings intervened in the acquisition of 1,000 brand-new cars to be used on the LagosRide platform.

The cars would be made available to interested partners/drivers after a down payment of 20% has been made and the balance payment will be deducted from daily fares/earnings over a maximum period of 4 years

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