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In line with the Central Bank of Nigeria (CBN) guideline on financial inclusion as well as to reduce poverty in Nigeria, Riby Finance Life technologies has said it is targeting 1.5 million Nigerians accross the country to ensure they can get access to loans, savings and other financial services through digital online and offline platforms.
Aside this, the firm said it would provide support for cooperatives, comunities and trade groups and would first roll-out in 10 out of the 36 states.
Its Managing Director, Salami Abolore, speaking to the media in Lagos, noted that the cooperative society setting has been ignored as well as untapped, adding that the company is looking to effectively digitising the cooperative banking system for market penetration.
“We are focused on working with a segment of the market that has been neglected for a long time despite its 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 as we consider all these as foundation of financial stability”.
Abolore added that cooperatives are an important tool on which Nigeria must put special focus to attain reduction in the levels of poverty in the nation.
“With over 90 million people reportedly living in poverty, there is a pressing intervention at several levels and Riby is strategically positioned to deliver services that contribute to the reduction of the level of poverty”, he explained.
For her part, Senior Grants Manager, Enhancing financial innovation and access (EFInA), Suzanne Adeoye, while congratulating the company on embarking on the initiative, noted that the most financially excluded regions remain the North east and the North west and it is very encouraging that women and youths and entire adults in these regions will now have access to riby’s financial products and services as a result of this expansion.
