Our Mission: Leading inclusive consumer finance through simple money solutions
Our Vision: To be the foremost consumer finance organization in Nigeria, creating sustainable value for all stakeholders.
- RenMoney MFB Limited was established in 2012 to provide innovative credit and deposit products to Nigerian consumers through simple money solutions.
- RenMoney is backed by well-known Nigerian, American and other international investors with a 25-year track record in emerging markets.
- Stephen Jennings, the lead shareholder of RenMoney, founded the bank as part of Renaissance Group, the emerging markets investment company with banking and consumer finance businesses across Central & Eastern Europe, Asia and Africa. Renaissance’s notable achievements include bringing over $200 billion of investment flows to these regions, as well as the first IPOs on several African exchanges.
- Mr Jennings has over 25 years’ experience living and working in emerging markets and is featured in the recently published book "Bankers Who Changed the World”.
- In December 2013, RenCredit MFB Limited was re-banded to RenMoney MFB Limited – the name by which we are known today.
- It then upgraded to a state license to operate from multiple locations in Lagos State.
- This led to the opening of six more branches - two in Ikeja, and one each in Surulere, Lagos Island, Apapa and Ikota.
- RenMoney operates under a MFB license in Nigeria, the closest to a consumer finance banking license available in the country.
- RenMoney offers simple money solutions to individuals in the form of unsecured loans, savings products and fixed deposit investment products.
- Our Fixed Deposit investment product has the best risk adjusted rates in the market, accompanied by flexible terms designed specifically for each investor.
- RenMoney grew consistently and significantly throughout 2015 – loan sales grew 100% from 2014 to 2015 year-on-year,
- RenMoney also recorded significant increases in gross earnings and operating income
Average loan loss provision (LLP) charge/net loan ratio is less than 1% signifying a high quality loan portfolio