RENMONEY, a leading fintech lending company in Nigeria, recently announced the launch of a new solution for micro businesses, entrepreneurs who are self-employed individuals, businessmen and businesswomen. The new product allows the market segment to access credit of up to N4million either via Renmoney’s website, contact centres, 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.
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 businessman, the businesswoman.”
She added: “We have tested and iterated this product extensively for almost six 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.
As a business, we understand that we only exist to solve the challenges our customers face. We have experienced first-hand in 2018, the benefit of a relentless focus on our customers. We recorded a 112 per cent YoY increase in the value of loan served to customers, with a 38.5 per cent representation of female customers.
“Since inception, we’ve had a strong focus on the white collar employed market. We have learnt a lot from this segment and used this to refine our scorecards and algorithms to ensure that we continue to make responsible lending decisions. At the same time, we’ve always been aware of the need to solve credit challenges for another equally important segment – the self-employed, the businessman, the businesswoman, the Micro Small or Medium Enterprise owner. For these micro business owners, it was important that we understood 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 ₦4million from Renmoney in a convenient and quick way. 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”.
She added that the bank would continue to expand its scope to other sectors as soon as they can handle them. 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.