Nigerian fintech, Riby, makes 1776 Challenge Cup world finals

by | September 7, 2017 6:00 am

Nigerian-based financial technology (fintech) startup, Riby is set to represent the country in November at the 1776 Challenge Cup world finals after emerging winner of the Lagos competition last week.

The 1776 Challenge Cup is a competition that brings together global start-ups that provides solutions that are changing people’s lives and solving meaningful problems on a global stage.

The Lagos challenge which held at Passion Incubator – owned by Leadspace, saw fourteen start-ups across Nigeria pitch for two minutes to a team of judges.

“We are encouraged to continue to intensify our efforts. This needs to be done. Our people need better access to finance (including everyone I know) and we all need to know and apply better ways to manage our finance and build lasting wealth,” said Salami Abolore, founder of Riby.

Riby is a fintech startup that offers online-based financial management solutions. It’s primary objective is to have a platform that makes it easy for people to be able to save, invest or plan expenses and also to collaborate with other people.

“People have problems saving their money, planning for things they want to achieve like buying a car, building a house etc. We help them plan all these activities,” Abolore told BusinessDay in an exclusive interview recently, “Today we automate different types of groups’ cooperatives and company groups. And we work with different partners like financial institutions, development banks, and microfinance banks.”

Riby which has agencies like Bank of Industry as on the list of its clientele, competed against young firms like Delivery Bros; DavtonLearn; Cornerstibles Nigeria; ArtshopNG; Doctorshub Nigeria; Hubrif, Ecofuture Nigeria; Suvenia; Voucher Pay Limited; Flowes; Legit Car; and Freshmarte Global Limited.

Delivery Bros, a delivery app that aims to eliminate incidences of returned and missed deliveries using internet of things (IoT) innovation, was the first runner-up. DavtonLearn which provides online video learning for professionals and corporate institutions took the third position. Both start-ups will have two months of flexible workspace in all Leadspace facilities across Nigeria.

The Challenge Cup takes place in 75 cities.


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