Riby rolls out expansion plans, targets 1.5m unbanked Nigerians

TECHNOLOGY company, Riby Finance Life Technologies Limited, has announced plans to expand its business frontiers into ten states, across the nation’s six geographical zones.

The expansion bid, the company says, is in tune with its 1.5 Million Campaign, aimed at enhancing financial inclusion and  bringing over 1.5 million unbanked Nigerians to the nation’s financial sector.

Disclosing this at a media briefing held at the company’s corporate office in Lagos,  recently, the company’s Chief Executive Officer, Mr. Salami Abolore, explained that the campaign, which will see the company recruit small business owners, traders, artisans and others, will also enable such groups save money and get interest over time.

According to him,  the initiative had become imperative if the country is to reduce the high level of poverty among its citizens.

“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 83million  Nigerians reportedly living in poverty, there is a pressing need for  an intervention and shared economic model to solve these problems.

“Riby is, therefore, strategically positioned to deliver services that contribute to the reduction of such levels of poverty in the country,” he stated.

He expressed regrets that despite the fact that cooperatives are being used in other economies to solve their housing and feeding problems, Nigeria is yet to avail itself of such opportunities.

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

Abolore added that the company was founded to help cooperatives, trade groups and their individual members save, borrow and invest altogether.

“The goal is to see everyone using our system achieve a sustainable business and personal finance growth.

As part of the company’s 1.5 million  Campaign, the company, he added, would be implementing an innovative program that converts loan repayments into savings that grow over time as it generates  interest, thereby converting every credit into a savings opportunity.

In his remarks at the event, the founder and Chief Executive Officer, Optiss, one of the company’s partners, Mr. Olusiji Aina, stated that the 1.5 million Campaign had become imperative if the nation was to frontally address the high level of poverty in Nigeria.

He expressed the belief that the initiative would go a long way in liberating more Nigerians from the clutches of poverty and enhance the financial inclusion drive of the federal government.