Image

Renmoney Extends’ Loan Facilities To Msmes

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.

Releated Posts

Nigeria: Moghalu appointed Academy of International Affairs fellow

Professor Kingsley Moghalu, President of the Institute for Governance and Economic Transformation (IGET) and CEO of Sogato Strategies…

ByByInstinctBusinessMar 28, 2024

Kenya: DTB boosts dividend amid Sh6.8bn profit growth

Diamond Trust Bank (DTB) Group has raised its dividend payout to a record of Sh6 per share for…

ByByInstinctBusinessMar 28, 2024

Nigeria: Access Corporation Reports Record-Breaking N612.4 Billion Profit

Access Corporation, Nigeria’s leading finance holding company, has announced a remarkable achievement with a profit after tax of…

ByByInstinctBusinessMar 28, 2024

Ghana: Herbert Krapa named ECG’s new board chairman

President Nana Akufo-Addo has appointed Deputy Energy Minister, Herbert Krapa, as the new Board Chair of the Electricity…

ByByInstinctBusinessMar 27, 2024

Leave a Reply

Your email address will not be published. Required fields are marked *