(Ecofin Agency) - Riby, a Nigerian Fintech that develops software allowing cooperatives and associations to better manage their members, savings and investments has recently raised funds from the investment firm Microtraction.

The fintech company founded in 2016 will fund its growth and develop new banking software in the coming years. Riby "now has more strategic partnerships with banks, telecoms, and government agencies to further increase the economic impact on these cooperatives and improve the lives of their members, we are simply excited about what the future holds for the company", said Dayo Koleowo (photo), Microtraction investments associate.

The most recent investment of the venture capital Microtraction dates back to mid-October 2018 and the Nigerian fintech Accounteer which develops accounting software for SMEs was the beneficiary.

Let’s note that in Nigeria fintechs have raised more funds in Q2, 2018, than startups specialized in the education, health, agriculture or waste management sector.

Chamberline Moko