Ruubby, a Nigerian fintech, has unveiled a platform encouraging users to improve their credit scores while purchasing their preferred goods online.
In Africa, more than 85% of the population lacks access to credit or other financial products, partly due to a lack of data that banks and other financial institutions need to identify who qualifies.
Ruubby, which was formed a year ago and only went public last month, aims to close this gap by assisting customers in raising and improving their credit scores so that they are qualified for loans and other financial goods.
“Our target customers are every Nigerian adult that intends to improve their financial profile while shopping for their favorite everyday items online. We all need financial independence and access to loans when needed. Our goal is to make it possible for you to achieve that, either by giving you immediate access to financial products through our buy now pay later (BNPL) program or through our credit builder program.”
Progress On the Ruubby Platform
A few businesses have already joined together with the self-funded Ruubby, and some have used its platform to launch online stores. Also, it has started onboarding its first clients.
“We just launched in Nigeria and we intend to scale to other African countries in the next five years,” Ezekwem said. “Our first goal is to onboard as many businesses as possible on our platform. We want to provide that opportunity for local stores to have their stores on our platform and be able to sell to anyone in any state in Nigeria. The main concern for us is to build the infrastructure and seek the right partnerships to make these businesses a success. Our teams are working tirelessly to address this, and I am very proud of them.”
Background Information About Ruubby’s Founder
Giving insight into his background, CEO Ruuby, Joseph Ezekwem, has this to say,
“I’m the creator and CEO of Ruubby. I am from Nigeria’s Abia state. I am a nurse first and subsequently an entrepreneur. I’ve been combining these two interests for roughly 12 years. I currently operate Roland Health (www.rolandhealth.com), a carer marketplace where you may engage a carer at your own pace and convenience.”
Speaking on why he started Ruubby, Ezekwem said he has been in America for approximately 9 years with the American credit system being one of the graces that have set him free financially. According to him he was broke and could get any loan he wanted thanks to his credit score.
“I don’t have to go to friends for money, exposing my family and personal concerns. As long as I have a high credit score, I don’t need to beg a sibling to make payments for me.” Ezekwem said.
The Benefits That Ruubby Will Provide to Users
On the Ruubby platform, customers are actively encouraged to raise their credit scores as they purchase their preferred things online. Financial companies refuse to grant credit to more than 80% of Africans. They are unable to obtain a loan, a mortgage, a vehicle loan, a school loan, or a loan for a home.
The only people who gain from loans and other financial instruments are those who have collateral or the social elites. When the vast majority of a country’s population is financially unable to access credit, no economy can expand. Due to a lack of financial information necessary to make informed loan decisions, financial institutions are hesitant to extend credit.
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