We report on the development of a new mathematical expression to estimate local daytime (0700–1700 LT) vertical E × B drift in low latitudes using a combination of ground‐based magnetometer measurements and Communications and Navigation Outage Forecasting System (C/NOFS) satellite observations. The expression was developed over Jicamarca (11.8°S, 77.2°W; 0.8°N geomagnetic) and validated with Jicamarca Unattended Long‐Term studies of the Ionosphere and Atmosphere (JULIA) mode and incoherent scatter radar (ISR) measurements during the period 2008–2014. The obtained correlation coefficient (R) values computed using observed and derived vertical E × B drift velocities are 0.79 and 0.84 for ISR and JULIA, respectively when data are available during 2008–2014. Storm‐time comparison between observed and derived vertical E × B drift velocities agreed well with R of 0.92 and 0.87 during 5–8 August 2011 and 8–11 March 2012 geomagnetic storm periods for ISR and JULIA observations, respectively. Overall, we found that the developed expression is applicable in estimating vertical E × B drift response during quiet and geomagnetic storm periods. Based on these findings, we suggest that it is possible to develop accurate daytime global vertical E × B drift model over the equatorial latitude regions using inexpensive magnetometer observations and available satellite data.