Renmoney Microfinance Bank
- Sector: Financial Services
- Country of operations: Nigeria
Small loans, big impact
Greater access to the digital world, often as a result of the widespread adoption of smartphones, has created opportunities for businesses to reach large audiences more easily than ever before. Among those taking advantage of that is Renmoney Microfinance Bank.
The company started in 2012 with a microfinance banking licence in Lagos, initially under the name RenCredit. It changed its name to Renmoney in December 2013 and since then it has upgraded to a state licence and opened five more branches.
The company offers short-term loans as well as deposit and savings accounts. Its loans include products specifically tailored for smartphone purchases, schoolfees and household appliances. Under its Loan@Work offering it also provides reduced-rate financing that other companies can offer to their employees.
“We’ve spent the last years building more convenient solutions to provide credit when our customers need it,” says Oluwatobi Boshoro, CEO. “We have really focused on listening to the customer and using their feedback to iterate on services and processes.”
To date, this approach has attracted a customer base of more than 25,000 people. The evolution of the financial services industry is expected to continue for the foreseeable future and Renmoney says it will continue to adapt to the changing environment.
“We’re certain the industry will be remarkably different in a few years. We’re already experiencing the impact of technology, regulation and access to funding, as well as a more informed and empowered consumer,” says Oluwatobi. “We anticipate a significant increase in demand over the next five years, in line with consumption and are already ramping up our technology, people and strategic capacity to capitalise on this.”