We all know that this Tricycle (Keke) is a very big business this day. Many family families depend on it for their daily bread and many people have raised money for many business through this Keke business. Lagos state in particular is a hot place for Keke busines. From busy roads in Agege to developing areas around Ikorodu and outskirts connecting neighboring communities, tricycles (Keke) continue to play an important role in moving passengers and goods. Their ability to navigate traffic and reach places larger buses may avoid has made them highly valuable.
However, one major challenge remains: the cost of buying a brand-new tricycle (Keke).
Not everyone can pay millions of naira at once to purchase a new keke as new one is around ₦5,500,000 and ₦6,000,000. Because of this, many drivers and business owners now prefer the hire purchase system. Instead of paying the full amount upfront, the buyer pays gradually over an agreed period while using the tricycle for work and income generation.
With this, i am going to explains everything you need to know about Where to Get Brand New Tricycle (Keke) For Hire Purchase in Lagos, how the system works, what to expect, and how to avoid costly mistakes. Make sur you follow my instruction in this article. Feel free to reach out to me by writing in the comment section.
You can also check:
How to Get a Mini-Bus for Hire Purchase in Lagos ( Practical Guide)
What Does Hire Purchase Mean?
Before searching for a brand-new tricycle, it is important to understand what hire purchase actually means.
Hire purchase is a payment arrangement where a buyer receives a product immediately but pays for it in installments over time.
In simple language:
You do not need to pay the full price of the keke at once.
Instead:
- You make an initial deposit or down payment.
- The dealer or financing company releases the tricycle.
- You pay agreed installments weekly or monthly.
- Once full payment is completed, ownership becomes entirely yours.
This system has become common in Nigeria because many people have the skill and willingness to work but lack large capital.
For transport businesses, hire purchase creates an opportunity to start earning immediately.
For example:
If a brand-new keke costs ₦5 million and the company requests a ₦1 million deposit, the remaining amount will be spread over 12–24 months depending on the agreement.
This allows the rider to work daily and repay gradually.
Why Many Lagos Residents Prefer Hire Purchase
Lagos is one of the busiest commercial cities in Africa.
The cost of living is high, and raising millions at once is difficult for many families.
Because of this, hire purchase has become attractive.
Here are some reasons.
1. Low Startup Capital
Many people cannot buy a tricycle outright.
Hire purchase reduces financial pressure.
Instead of waiting years to save full payment, they begin operating and earning while paying gradually.
2. Faster Entry Into Transport Business
Transport business depends heavily on timing.
Opportunities may come suddenly.
Waiting too long to gather full cash could mean losing business chances.
Hire purchase allows immediate participation.
3. Income Can Fund Repayment
One major attraction of keke hire purchase is that repayment often comes from business income.
A rider may transport passengers daily and use part of the proceeds for installment payments.
This makes the system practical.
4. Opportunity for Investors
Not everyone driving a keke owns it.
Some investors purchase tricycles and assign riders to operate them under payment agreements.
This creates another income stream.
A person may own several tricycles without driving any.
Where to Get Brand New Tricycle (Keke) For Hire Purchase in Lagos! (2026 Complete Guide)
Step-by-Step Guide to Getting a Brand-New Keke on Hire Purchase in Lagos
Finding a company or dealer is only the beginning. Many people lose opportunities or fall into bad agreements because they do not understand the actual process involved.
The good news is that hire purchase usually follows a predictable pattern.
If you understand the process ahead of time, you will avoid unnecessary delays and confusion.
Below is a practical guide.
This are what you should do from my own personal experience:
- Go for brand new Passenger Keke (Dont accep anything sencond hand)
- Try do deal with known person (Someone that is trustworthy)
- Make sure you already know how theKeke business works before going for hir purchase
- Let every agreement be writing on paper
- Your initial deposit should not be more than 20%
- Make sure your weekly or monthly remitance is not affecting your personal life
Documents You Need for Keke Hire Purchase Agreement in Lagos
Before a company or dealer approves a brand-new tricycle (keke) hire purchase agreement, you will usually be asked to provide some important documents. These documents help verify your identity and repayment ability.
- A valid ID is very compulsory.
- Accepted IDs may include:
- National Identification Number (NIN) slip or card
- Driver’s License
- Voter’s Card
- International Passport
- The ID helps confirm your identity and prevents fraud.
2–4 passport photos Clear and recent image
You will be asked to prove where you live.
Examples include:
- Utility bill (electricity or water bill)
- Tenancy agreement
- House address verification form
Guarantor Documents
Many hire purchase agreements require one or two guarantors.
Guarantor requirements may include:
- Valid ID card
- Passport photograph
- Residential address
- Phone number
- Signed guarantor form
Bank Verification Number (BVN) or Bank Details
Some organizations request:
- BVN
- Bank account details
- Account verification
Companies that offer Keke hire purchase in Lagos
This are companies that can give you Keke for hire purchase in Lagos:
Mega Pro Plus Concept (Ikorodu, Lagos)
Mega Pro Plus Concept provides hire purchase financing for:
- Tricycles (Keke)
- Korope minibuses
- Commercial vehicles
Their website states they offer customizable repayment plans for transport businesses.
They also advertise brand-new keke hire purchase plans with deposit and installment structures.
Office Location:
Ikorodu area, Lagos
Website:
Mega Pro Plus Concept
Fomas Hire Purchase Scheme (Ikeja, Lagos)
Fomas operates a hire-purchase and cooperative system:
- Keke (tricycle) hire purchase
- Cars and buses
- Savings and financing support
Their Lagos office information is publicly listed on their site.
Website:
Fomas Hire Purchase
Orbis Rent
Orbis Rent operates as a hire purchase and leasing marketplace where users can browse available assets including:
- Cars
- Motorcycles
- Tricycles (keke)
- Other lease or hire-purchase listings
Availability depends on active listings and location.
Website:
Orbis Rent
TVS / Simba Financing Partnerships
The company behind TVS tricycles in Nigeria has partnered with financing institutions to support asset ownership for mobility operators. Financing access for keke buyers may be available through partner institutions and dealerships.
Website:
Simba Group Nigeria
Motorcycle and Tricycle Dealers That May Offer Financing or Referral Options
Some Lagos dealers may provide installment arrangements directly or connect buyers with financing partners.
Qlink company
•0807 901 2094
Motorcycle and mobility dealer in Lagos.
Speedy Express Motorcycle Nigeria Limited
•0814 504 3613
Commercial motorcycle dealer in Ikeja.
Daylong & Qlink Motorbike
•0806 454 9596
Dealer handling motorcycle and mobility products.
Ask specifically:
- Do you sell brand-new keke?
- Is hire purchase available?
- What deposit is required?
- Weekly or monthly repayment?
- What documents are needed?
Important Before You Pay
Before paying any company:
✔ Visit physical office
✔ Request official agreement
✔ Confirm repayment schedule
✔ Collect receipts
✔ Avoid personal bank transfers to agents
✔ Verify whether insurance and registration are included
Some online offers may look attractive but turn out to be fraudulent or poorly structured, so verification matters.
Is It Better to Drive Yourself or Hire a Rider?
This depends on your goals.
Both methods have advantages.
Driving Yourself
Self-driving may increase direct earnings.
Advantages include:
- Personal control
- Reduced misuse
- Better expense monitoring
However, it requires time and energy.
Hiring a Rider
Some owners prefer assigning riders.
Benefits include:
- Passive income
- Multiple vehicle ownership
- Reduced personal workload
But supervision becomes necessary.
Poor management may create losses.
Frequently Asked Questions About Where to Get Brand New Tricycle (Keke) For Hire Purchase in Lagos
Where can I get a brand-new keke for hire purchase in Lagos?
You can get a brand-new tricycle for hire purchase through authorized dealers, vehicle financing companies, transport cooperatives, and some transport unions in Lagos.
How much deposit do I need to get a keke on hire purchase in Lagos?
The required deposit depends on the company, tricycle brand, and repayment plan. Some providers may request a percentage of the total cost as an initial payment, while others offer flexible installment plans. Always compare both the deposit amount and the total repayment cost before choosing an offer.
What documents are required for keke hire purchase agreement?
Most companies request documents such as:
- Valid means of identification
- Passport photographs
- Proof of address
- Guarantor information
- Bank details or BVN
- Completed application form
- Deposit payment receipt
Requirements may vary depending on the financing provider.
Is keke hire purchase business profitable in Lagos?
Yes, keke business can still be profitable in Lagos when managed properly. Profit depends on factors such as operating route, passenger demand, fuel cost, maintenance, and rider discipline. Choosing a good location and maintaining the tricycle properly can improve long-term earnings.
How do I avoid scams when applying for keke hire purchase?
To avoid fraud:
- Visit the company’s physical office
- Ask for an official agreement
- Avoid paying personal accounts without verification
- Collect receipts for every payment
- Read all repayment terms carefully
- Be cautious of unrealistically cheap offers or promises of instant approval without documentation
Taking these precautions can help protect your money and investment.
Final Take
Getting a brand new tricycle (keke) on hire purchase in Lagos can be a smart path into the transport business, especially for people who may not have enough money to buy outright. With the right agreement, a keke can become more than just a vehicle it can be a steady source of income and financial growth.
However, success does not depend on getting a tricycle alone. It also depends on choosing the right dealer, understanding repayment terms, selecting profitable routes, and maintaining the vehicle properly. A rushed decision or poorly reviewed agreement can create financial stress, while a well-planned purchase can provide long-term rewards.
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