TMORIDE DAY 1 AT THE PARK: FROM INNOVATION TO IMPACT — PARTNERSHIPS, TECHNOLOGY & THE FUTURE OF MOBILITY

TMORIDE APPRECIATES CMS-T&M, FINANCIAL PARTNERS AND STAKEHOLDERS FOR A SUCCESSFUL LAUNCH – DAY 1 AT THE PARK

Tmoride sincerely appreciates the leadership of CMS-T&M and all partners for their continued support and collaboration towards the successful launch of the Tmoride App.

DAY 1 AT THE PARK – OVERVIEW

The launch event was brief but highly impactful, with strong participation from key financial and insurance institutions. Representatives from UBA Plc were present to advance documentation for the N5M loan facility, while MoneyField MFB Limited—led by the Managing Director and relationship team—visited to inspect our spare parts warehouse as part of the due diligence process supporting the proposed N100M facility.

We also received engagement from GTI Insurance and NEM Insurance, who held discussions around the insurance framework required to support the new mobility ecosystem.

Although the event was concise, it generated significant interest, particularly around the TMO Cards. Many attendees asked detailed and thoughtful questions about how the system works, reflecting strong curiosity and early adoption interest in the technology.

My presentation focused primarily on the transition from analogue to digital transportation systems, highlighting the long-term benefits of technology-driven mobility. This message resonated strongly with attendees and sparked further engagement and follow-up discussions.

CHALLENGES AND PRE-EVENT CONCERNS

In the days leading up to the launch, concerns were raised by certain stakeholders who feared that the introduction of new technology and new buses could negatively impact third-party operators within the park.

This led to an emergency meeting aimed at addressing fears that existing businesses might be threatened by the transition. As a result, I was advised by some stakeholders to delay the rollout of technology to third-party buses.

A key question that emerged during this period was: Who truly owns the park—CMS T&M or the third-party operators?

MY POSITION

In response to these concerns, my position remains clear: the long-term solution is to deepen and expand the entire ecosystem—strengthening CMS T&M Logistics, CMS T&M Cooperative structures, and progressively integrating or transforming the third-party segment through structured participation and technology adoption.

History has shown that sustainable success comes from building ahead of resistance. When fear arises in response to innovation, it often signals a natural resistance to change rather than a viable alternative path.

CMS mT&M remains the owner and custodian of the park infrastructure, and the third-party segment, while significant, is also the most risk-averse component of the ecosystem. Resistance to change is not unusual in such environments, but it must be managed through structure, inclusion, and scale.

With potential funding support of up to N1.4B from banking partners, the long-term vision is to strengthen CMS T&M’s operational capacity, acquire additional buses, and distribute them through the seven cooperative societies within the park. This would enable structured participation, technology integration, and improved efficiency across the board.

Ultimately, the goal is to reduce fragmentation, strengthen cooperative ownership, and build a fully integrated transport ecosystem powered by technology.

TODAY’S BUSINESS INSIGHTS

A key lesson from today is the clear demand for the product among riders. Many users immediately showed interest upon receiving flyers, while others were drawn in after seeing banners and learning about the system.

Interest increased significantly once it was communicated that onboarding is free and time-limited. This created urgency and accelerated engagement.

I am confident that card issuance will scale rapidly over the coming days and weeks, with the expectation of reaching critical mass within 60–70 days. At this stage, we anticipate a stable base of cardholders who will contribute meaningfully to daily revenue generation.

KEY OBSERVATIONS

1. Card Issuance Performance
The POS system performed effectively for card issuance. After initial challenges, it became clear that POS devices offer greater reliability and efficiency compared to mobile-only solutions.
Additionally, NFC-enabled phones worked effectively for driver onboarding of riders.
2. Card Quality Concerns
Some issues were observed with card print durability, as peeling and fading were noticeable. While this is a concern, user priority remains functionality—access to transport services.
Moving forward, we will either improve production quality through better vendors or consider in-house control of card production.
3. Scalability Through Technology
The business demonstrates strong scalability potential as technology integration deepens and expands beyond traditional transport operations.
4. Operational Efficiency and Staffing
With the right tools—reliable POS devices, stable internet connectivity, and proper support systems—new team members such as Ganiu can significantly accelerate growth. His performance today, working independently with minimal legacy interference, was encouraging and demonstrated strong operational potential.

CONCLUSION

Day 1 at the park has reinforced a clear direction: demand exists, technology is viable, and the ecosystem is ready for structured expansion.

While challenges and resistance are natural in transformation processes, the long-term opportunity lies in building a fully integrated, technology-driven transport system that benefits all stakeholders.

Tmoride remains committed to strengthening partnerships with CMS-T&M, UBA, MoneyField MFB, GTI Insurance, NEM Insurance, and all stakeholders as we continue to build a safer, smarter, and more efficient mobility ecosystem.

TMORIDE — Connecting People, Transforming Mobility.