In Brief: Microtraction has invested in Nigeria's Riby

In Brief: Microtraction has invested in Nigeria's Riby

    News

Microtraction has made an undisclosed investment into Riby, a Nigerian startup automating the way cooperatives do their business. Founded by Salami Abolore (CEO), the startup has built a Cloud-based Core Banking Application for Cooperatives.

This digitizes their entire operations and financial activities from the group-admin-level up to individual members account management.

At the time of investing into the startup, "over 100,000 loans at a $150 average had been originated to users on their platform by banking partners". They had over 20,000 groups registered with 10% onboard, and others on a “wait list”.

Source: Microtraction.

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