Big Deal: Fintech Startup, Riby Finance Now Has Over a Million Customers!

Riby for co-operatives

Nigeria based Fintech company, Riby Finance, has reached a milestone of one Million users of its cooperative banking solution.

They help to provide a simple and smart financial management platform has reached the milestone of One million customers. The startup announced the milestone on Twitter, yesterday:

Riby profers provides cooperatives, company groups, employees, individuals, associations, and financial development institutions with solutions to manage their financial activities. These solutions can also be customized to solve specific client problems.

CEO, RIBY, Salami Abolore
RIBY’S BUSINESS MODULE

Founded by Salami Abolore in 17th May 2016, Riby’s unique value proposition is built around 3 major modules that guarantee access to financial services and better financial management.

The first is Riby for co-operatives allows co-operatives to onboard their group on its platform, manage the finances of the group as well as the finances of its members. The Riby peer-to-peer lending module allows companies to run internal co-operatives within their fold.

A case in point is a savings rotation mechanism that auto-debits employees and credits whoever is due to receive money for the month.

The third is The agent management platform, which is another exciting proposition that has raised suspicion as to whether Riby is taking the competition to the commercial banks.

“Commercial banks hardly provide people loans but through co-operatives, people can get loans for financial progress,”

THE SUCCESS STORY

Riby was part of the FINTECH100 , a list of the top 100 Fintechs across the globe compiled by KPMG and H2 Venture as of the emerging Fintech companies in the world for 2017. The startup was also one of the 20 finalists for the 1776 Challenge Global cup.

Riby now boasts of over 1 million users on its cooperative banking system. With its customer goals of 5 million and with the way people go about co-operatives, we just might never be able to tell what the market for Riby would be like. But we can always hope for the best!


If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


SUBSCRIBE

Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


Related Posts