Despite the multitude of financial services available to the public, there is currently no dedicated service for cooperatives. This has historically made the management of cooperatives very cumbersome, inefficient and opaque. To meet this need, the Riby CoBanking app was launched and it is now available for download on the Google Play Store.
The Riby CoBanking mobile app is a cooperative management app that allows Cooperative coordinators/admins add & manage cooperative members, set up savings types (target savings or long term savings) as well as create loan types for members of their cooperatives.
It eliminates the use of paper passbooks and other stressful forms of documentation and can be used by both the cooperative admins and members. The admins can see information like the number of members, total number of contributions and more while members can make payments and request loans anywhere and anytime.
Speaking about the app launch, Tosin Oluwaleye, Chief Operations Officer at Riby Finance said, “The Riby CoBanking app was developed due to the need for an intuitive cooperative management solution in the cooperative space which research has shown to have about 50 million Nigerian adults*across the formal and informal sectors of the economy.
“More than 50% of the Nigerian adult population carry out basic financial transactions like savings and borrowing outside of the formal financial sector. While our web- based services have run for a while, the Riby CoBanking app will allow more flexibility in the management of cooperatives”.
The Riby CoBanking mobile app is supported by Union Bank, Sterling Bank & Providus Bank thereby ensuring that the users have real-time access to financial services.
Download Riby Cooperatives App for Android
You can access the web version via : https://rcb.riby.ng
Riby is Nigeria’s foremost digital platform for cooperatives and trade groups. Riby helps members of these groups access financial services like savings and loans through Riby’s platform. Riby’s aim is to help millions of Africans achieve better financial access and stability.