Renmoney, a fintech lending company in Nigeria, has introduced a new loan solution for self-employed individuals, businessmen and businesswomen.
During the introduction in Lagos today, the company said the new product would allow the market segment to access credit of up to N4m either through Renmoney’s website, contact centre, agent network or branches.
“Since inception, Renmoney focused on the employed market and has learnt a lot from this segment and used this to refine its scorecards and algorithms to ensure the company continues to make responsible lending decisions,” the company added.
The Chief Executive Officer, Renmoney, Oluwatobi Boshoro, said, “We have always been aware of the need to solve credit challenges for another equally important segment – the self-employed, the businessman, the businesswoman.
“We have tested this product extensively for almost six months, reviewed over 30,000 applications and issued over 6,000 loans in the process. We are convinced this product will go a long way in making financial inclusion meaningful for these micro business owners and impactfully contribute to Nigeria’s goal of a post-oil, diversified economy.” She added
As a business, she said the firm understood that it only existed to solve the challenges its customers faced.
She further said, “We recorded a 112 per cent year -on -year increase in the value of loan served to customers, with a 38.5 per cent representation of female customers,” she said.
Since inception, she said, the firm had always focused on the white collar employed market.
For these micro-business owners, she said, it had to understand their needs and leveraged technology to provide credit to them in a convenient and responsible manner.
“Today, after a lot of research, testing and sheer hard work by all the team at Renmoney, I am delighted to announce the launch of Renmoney Micro-Business Loans. Micro-business owners will now be able to access loans up to N4m from Renmoney in a convenient and quick way,” she said added.