Renmoney launches loan product for MSMEs

LAGOS, Nigeria – Renmoney, a leading fintech lending company in Nigeria, recently announced the launch of a new solution for self-employed individuals, business men and business women. The new product allows this market segment to access credit of up to ₦4million either via Renmoney’s website, (www.renmoney.com),  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 their score cards and algorithms to ensure the company continues to make responsible lending decisions.

Oluwatobi Boshoro, Renmoney’s CEO, said “we’ve always been aware of the need to solve credit challenges for another equally important segment – the self-employed, the business man, the business woman. She added that “we have tested and iterated this product extensively for almost 6 months, reviewed over 30,000 applications and issued over 6,000 loans in the process.

“We’re 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”

Renmoney continues to be a key player in the fintech space, focused on solving complex credit challenges and driving impactful financial inclusion for individuals in Nigeria.

Renmoney is a fintech lending company operating under a microfinance banking license in Lagos, Nigeria. The company provides loans to individuals and small businesses via its website (www.renmoney.com), contact centre, agent network and branches. Renmoney also offers market leading rates on Fixed Deposits and Savings accounts and is regulated by the CBN and insured by the NDIC.