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Place Category: Financial Services CompaniesPlace Tags: Bank/Financial Services and Renmoney Nigeria

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  • RenMoney MFB Limited is a consumer finance organization with expertise in the provision of simple money solutions i.e. the bridge between credit and cash flows. We received our operating license on October 17, 2012 and started issuing cash loans to customers out of our head office on 89, Awolowo Road, Ikoyi.

    RenMoney has three product lines – Unsecured Loans, Fixed Deposits and Target Savings.

    Retail Market Growth

    With the immense growth witnessed months into the Nigerian business, RenMoney upgraded to a state license to operate multiple locations in Lagos State in June 2013. Four (4) additional branches were opened across the Lagos metropolis. We currently have a customer base of over 18, 000 and still counting.

    Team With Experience

    RenMoney confidently boasts of extensive experience and expertise, both locally and internationally, in several emerging markets similar to Nigeria in the last 12 years.

    World Class Operations

    RenMoney is the first Micro Finance Bank (MFB) to launch Cloud technology with minimal fixed asset investment in Nigeria. We have a functional platform / hardware setup which guarantees and ensures an efficient & scalable operational system. Our systems are efficient and technology driven helping us keep our brand promise of 24 hour disbursement to customer’s preferred account. The Risk scoring system is sophisticated and effective in optimizing risk.

    Branch Distribution And Partnerships

    RenMoney is expanding its reach through branch network and partnerships with retailers spread across the state to grow distribution network. Currently, we have six (6) branches (Ikoyi, Lagos Island, Ikeja, Surulere, Apapa and Ikota), with a roll out plan to open several more outlets in and around Lagos.

    Growth Potential

    There is increased opportunity for growth with the emergence of the middle class consumer, boom in the Nigeria retail market supported by the drive for financial inclusion in Nigeria.

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