Riby’s Digital Products to Help Millions of Africans Achieve Better Financial Access

Abolore Salami, Founder and Managing Partner at Riby, Nigeria’s foremost digital platform designed to help millions of africans achieve better financial access and services, gives an overview of the company’s main products.

“There are three major products that we already have in the market today that have served millions of people. These products put us in a unique position in the market. One of those products is designed to help multiple people in various groups effectively run their own bank. You can jump on our product today and you can start managing your savings, start running loans for yourself, start making your own investments without the need to spend a lot of money on technology. One of the employee banks that use our products is the CFAO Group. Their Nigeria business has an employee group that has done hundreds of thousands of dollars in savings and loans to their own employees, run by themselves. Before they started using our product, some of the employees had a problem tracking their savings or applying for loans. But now, you just bring out your mobile phone and with a few button clicks, you see your savings, you can make a request for a loan, and the process is extremely easy. They have not spent more than $3,000 in four years on annual subscription fees. There is a mobile app, a web app, USSD, banking payment services – all of that without having to build a single line of code for less than $5,000. You cannot get that anywhere in the world. One million of those groups can exist. Each of them does not have to worry about the cost of building technology, integrating to telecommunications companies, integrating to multiple services, AWS, email servers, SMS servers, etc. Imagine the sheer amount of work that each of those groups will have to do if they are to create their own technology or digitize their own bank. I will digitize that bank for them in 10 minutes and they can be up and running. Another product that we have created that is really distinct is a product that has helped the likes of the Bank of Industry in Nigeria and now we are working with Sterling Bank and the World Bank to automate microcredit to all of Kaduna State micro businesses or small businesses. This type of product has served 3 to 4 million people now on the continent. It is very scalable. If, for example, the World Bank, African Development Bank, United Nations, the Nigerian government, or anybody with capital says they want to help 10 million people on the continent, first, they do not have the last mile operations for that. They are not a bank. They do not have the technology for it because they are not a technology company. We have built up all of that capacity or that capability and in a couple of days, they can plug into that and they can reach millions of people in the country. We plan to replicate this across the continent. Those unique products we build make it easy to do things like this”, says Abolore Salami.

For more information, please visit: https://riby.me.

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