Renmoney, a leading financial tech lending company is set to approve loans as much as N4,000,000 to small and medium scale enterprises. This new loan initiative offers loans with interest rate as low as 2%.
Renmoney also offers market-leading rates on fixed deposits and savings account, playing a role in solving credit challenges for MSMEs
Oluwatobi Boshoro, The CEO of Renmoney disclosed this in a media briefing with journalists in Lagos
She said: “We have tested this product extensively for almost six months, reviewed applications and issued over six thousand loans.
“We remain convinced that this product will go a long way in making financial inclusion meaningful for these business owners.”
Boshoro also explained that Renmoney’s core objective was to solve the credit challenges that its customers face. This, she said had resulted to a 112% increase in the value of loans approved for businesses, with 38.5% representation of female customers.
She added: “We have learnt a lot from this segment and used the knowledge to develop our scorecards and algorithms. This ensures we continue to make responsible lending decisions.”
Khade Idogbo, The Chief Marketing Officer of Renmoney said: “Charging a fraction of the MSMEs earnings for its monthly repayments and as low as 2% interest rates; we look at the income history of the businesses before concluding on repayment rates.”