Nigerian startup Ruubby has launched a platform that actively encourages users to build their credit scores while shopping for their favourite items online.
More than 85 per cent of Africans do not have access to credit or other financial products, largely because banks and financial institutions do not have enough data to determine eligibility.
The goal of Ruubby, founded last year and launched to the public this month, is to bridge that gap by helping users to build and improve their credit scores, thereby making them eligible for credit and financial products.
“When you transact on Ruubby, with your approval, we submit your data that is needed by the credit bureaus to build your credit score. Ruubby also provide a platform for business owners in Nigeria to have a store online to sell to current and new customers, with a business management tool provided,” CEO Joseph Ezekwem told Disrupt Africa.
“Our target customers are every Nigerian adult that intends to improve their financial profile while shopping for their everyday favourite 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) programme, or through our credit builder programme.”
The bootstrapped Ruubby already has a handful of companies as partners and some businesses that have created online stores through its platform. It has also begun signing up its first customers.
“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.”
