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”.