Fintech

Nigerian Fintech Start-up Riby Help Clients Digitize Operations for Easy Access to Finance

Riby - cfamedia
Credit: YouTube

Lagos-based fintech start-up, Riby has, officially, launched a platform that helps communities, trade groups, cooperatives and SMEs go digital in order to increase their chances of accessing more financial services that include – saving, fast loans and payments, through its digital platforms and offline channels.

Launched in 2016, by Salami Abolore, the start-up, is split into three, (3), categories namely, Riby CoBanking, The Riby Enumerator and finally, Riby Agent network.

Riby CoBanking – This is a digitalized form of group-based savings and loans organisations activities that helps the members of the group, to be better positioned, for quick recognition, by the formal financial system.

The Riby Enumerator – This allows the start-up’s bank, DFI and enterprise partners, to digitise their engagement, with various groups and individual users. This enables them to extend credit and other forms of financial services.

The Riby Agent Network – This is an on-the-ground network of trained agents, skilled at offering value and support to customers, all across the country.

“So, we are providing access to basic banking facilities to individuals and SMEs, through the financial support system they already recognise and trust, like cooperatives, trade groups and other financial groups and providing business.

Personal loans and savings that support the most excluded and under-served members of the middle-to-low income class”, stressed Salami Abolore, Chief Executive Officer, CEO, of Riby

Abolore further stated that “We believe our customers need more than a platform, or technology.

This reality drives us and we believe this, also, sets us apart from our competitors, which include other Nigerian fintech start-ups, like PiggyVest, CowryWise, Kuda and Kudi”, Abolore further stated.

“Going forward, our business imperative is to focus on our paying customers, serve them well, secure additional capital, when we can, and build a sustainable business that supports, one million, two million, 10 million Nigerians – both individuals and small businesses – in their quest, to be prosperous, attain lofty heights and be financially stable”, Abolore concluded.


Featured Image: Salami Abolore, Founder, Riby


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