RenMoney, which operates under a microfinance banking license in Lagos, will henceforth lend to its customers to the tune of 4 million naira, as its credit portfolio rises by more than 4 billion naira in six months with new business plan.
The new lending plan by RenMoney, came after a six-month trial phase that saw the review of 30,000 applications, with 6,000 facilities granted, under an initiative tagged: “Micro-Business Loans”.
Speaking at the official launch of the product in Lagos, the Chief Executive Officer of RenMoney, Oluwatobi Boshoro, said the company was willing to grant loans to the tune of 4 million naira, but noted that the average requests by customers ranged between 1 million naira and 1.5 million naira.
Boshoro said the company recorded recorded a 112 percent year-on-year increase in the value of loan served to customers, with a 38.5 percent representation of female customers, while Non-Performing Loans are still below five percent threshold for the banking industry.
She said the new product allows the market segment to access credit either through Renmoney’s website, contact centre, agent network or branches.
According to Boshoro, since inception, RenMoney has had a strong focus on the white collar employed market, with increasingly rewarding experience, which it has used to refine its score cards and algorithms to ensure that it continues to make responsible lending decisions.
RenMoney’s CEO said “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 have always been aware of the need to solve credit challenges for another equally important segment, the self-employed, the business man, the business woman, the Micro Small or Medium Enterprise owner”.
She added that “for these micro business owners, it was important that we understand their needs and leveraged technology to provide credit to them in a convenient and responsible manner. We are delighted to launch the Renmoney Micro-Business Loans. We are convinced that this product will go a long way in making financial inclusion meaningful for these micro business owners and contribute to Nigeria’s goal of a post-oil, diversified economy”.
Boshoro said RenMoney will continue to be a key player in the fintech space. The company will focus on solving complex credit challenges and drive impactful financial inclusion for individuals in Nigeria.