Finance technology company, Riby, has said it is poised to empower Nigeria’s unbanked population with an array of financial services available at its disposal.
The company, headquartered in Lagos, affirmed during a recent media conference, that it aimed to provide access to finance to about 1.5 million Nigerians who find it hard to access credits from commercial banks.
Adopts group-based banking model: To achieve its dream of lifting millions of Nigeria out of poverty, Riby has adopted group-based banking model to deliver financial services to customers through cooperatives, trade groups and associations. According to Salami Abolore, Founder and Chief Executive Officer of the company, “one system that has delivered financial stability solutions to Nigeria and other nations in Africa is group-based banking through regimented economic models like, Isusu, Ajo, etc.”
In the same vein, Riby’s value proposition leverages the power of mobile banking to provide many Nigerians access to financial services that commercial bank apps offer. Riby CoBanking has features that perform transactions ranging from sending money to requesting loan from cooperatives, which digitally savvy customers can use to meet their financial needs.
Benefits of microcredit scheme: Riby’s Head of Media and Marketing, at the meeting, gave the details of the opportunities and benefits that Nigerians will derive from its loan-to-savings programme. He identified poverty and financial inclusion as the problems the company is trying to solve in Nigeria.
He noted that the scheme would empower many small businesses by removing the cumbersome process of obtaining loans from commercial banks, including credit history check and the likes.
Similarly, potential loan applicants will not have to go through the hassle of saving money with the bank before they are granted credit. Rather, they will be offered loans first after which they will make repayment and then save from the remaining fund.
Interestingly, customers, who are not digitally enabled can approach any of the company’s agents across Nigeria to access services which their technologically savvy counterparts enjoy.
How to attain financial stability: At the event, the CEO gave his recipe for achieving financial inclusion in Nigeria. The three steps he highlighted include:
- ensuring that people have a liveable income;
- saving for a lifetime as well as planning one’s wealth to solve the problem of financial stability; and
- the need to own a home.
He observed that, “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 83 million Nigerians reportedly living in poverty, there is a pressing need for intervention at several levels and Riby is strategically positioned to deliver services that contribute to the reduction of the level of poverty. For example, 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.”
Mode of operation explained: Riby will first launch in 10 of the 36 states of the country. It particularly targets traders, farmers and artisans in some of these states, including Kano, Kogi, Benue and Oyo.
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list
The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.
At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.
When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.
MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.
- MEYER up by19.51% to close at N0.49.
- WAPCO down by -3.00% to close at N21.00.
- BUACEMENT down by -1.09% to close at N72.70.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.