Renmoney, a leading fintech lending company in Nigeria, recently announced the launch of a new solution for self-employed individuals, businessmen and businesswomen.
The new product allows the market segment to access credit of up to N4 million either via Renmoney’s website (www.Renmoney.com), contact centre, agent network or branches.
Since inception, Renmoney has focused on the employed market and learnt a lot from this segment and used this to refine its score cards and algorithms to ensure the company continues to make responsible lending decisions.
Oluwatobi Boshoro, Renmoney’s CEO, during a press launch of the product explained that as a business, the company understand that it only exist to solve the challenges 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.
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.
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.”
She added that “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.
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.