RenMoney lends over N4billion with new plan in six months
Renmoney, operating under a microfinance banking license in Lagos, will henceforth lend to its customers to the tune of N4million, as its credit portfolio rises by more than N4billion in six months with the new business plan.
The new lending plan by the financial technology lending company 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”.
Chief Executive Officer of Renmoney, Oluwatobi Boshoro, speaking at the official launch of the product, in Lagos, said although the company was willing to grant loans to the tune of N4million, average requests by customers ranged between N1million and N1.5 million.
According to her, the company recorded a 112 percent year-on-year increase in the value of loan served to customers, with a 38.5% representation of female customers, while Non-Performing Loans are still below five percent threshold for the banking industry.
The new product allows the market segment to access credit either through Renmoney’s website, contact center, agent network or branches.
The company, she said, since inception, has had a strong focus on the white collar employed market, with an increasingly rewarding experience, which it has used to refine its scorecards and algorithms to ensure that it continues to make responsible lending decisions.
“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 businessman, the businesswoman, the Micro Small or Medium Enterprise owner.
“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,” she said. Boshoro assured that Renmoney would continue to be a key player in the fintech space, focused on solving complex credit challenges and driving impactful financial inclusion for individuals in Nigeria.