Riby Targets 1.5 Million Unbanked Nigerians

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  • Riby Targets 1.5 Million Unbanked Nigerians

A financial technological company, Riby Finance Life Technologies Limited, trading as Riby, has said it is helping trade groups and cooperatives in the formal and informal sectors to digitise their operations and get access to loans, savings and other financial services through its digital online and offline platforms.

A statement said issued by the firm said that through the ‘Riby 1.5 Million Campaign”, the company would provide support for cooperatives, communities and trade groups, enabling them save money and get interest over time.

The Founder and Chief Executive Officer, Riby, Salami Abolore, said, “We are focused on working with a segment of the market that has been neglected for a long time yet has immense potential.

“Our aim remains to enhance our users’ ability to generate liveable income, support them in securing a lifetime savings system and help them in the future to secure a home. We consider these three things as the foundation of financial stability.

“Cooperatives are an important tool that Nigeria must put special focus on if we are to reduce the levels of poverty in our country. With over 83 million Nigerians reportedly living in poverty, there is a pressing need for intervention at several levels and Riby is strategically positioned to deliver services that contribute to the reduction the level of poverty.

“Cooperatives, for example, have been used to solve housing and feeding problems in developed countries and there is no reason we can’t do the same here and even better.”

The statement said the Riby train would first roll-out in 10 out of the 36 states in the country, and would recruit small business owners, traders and artisans among others in states which include Kano, Kogi, Benue and Oyo.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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