Renmoney offers N4m Micro Business Loans to MSMEs

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Renmoney said it is launching a new solution for self- employed individual, business men and business women which allows the market segment to access credit of up to N4million via Renmoney contact centre, agent network or branches.

According to the chief executive officer, Renmoney, Oluwatobi Boshoro, said that since the inception, Renmoney focused on the employed market and has learnt a lot from the segment and used this to refine their score cards and algorithm to ensure the company continues to make responsible lending decisions.

She stated at a media briefing in Lagos yesterday, “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 women,” she said.

Boshoro added that “We have tested and iterated this product extensively for almost 6 months, reviewed over 30,000 applications and issued over 6,000 loans in the process. We are convinced this product will go a long way in making financial inclusion meaningful for these micro business owners and impact fully contribute to Nigeria’s goal of a post-oil, diversified economy.”

She said that Renmoney continues to be a key player in the fintech space, focused on solving complex credit challenges and driving impactful financial inclusion for individual in Nigeria.

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