Give a brief background about yourself and Renmoney
My name is Khade Idogho, I’m the Deputy CEO at Renmoney. At Renmoney we’re really passionate about making financial inclusion count for people in Nigeria. We offer convenient loans via our website, mobile app, contact center, branches and agent network. We also offer market-leading rates on Fixed Deposit and Savings. We are regulated by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.
What specific problem was Renmoney created to solve and how has the success journey been so far?
We operate in a market where credit is not easily accessible and for the few who have access to credit, the process is not always very convenient. Our single focus is to provide convenient access to credit for people and small business owners. It’s a huge challenge to solve and we’ve been really privileged to work with some of the best minds and partners along our journey.
What are your products for your clientele and the other innovations you created?
We offer loans for needs like rent, school fees as well as business loans, LPO and invoice financing. For those who want to grow their money, our Savings & Fixed Deposit products offer market leading rates to help them earn more. We’ve also got solutions to drive growth for our fintech and retail partners.
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Why should people patronize Renmoney?
We really care about providing credit more conveniently so our users can do more today. Our processes are convenient and our users get approved for amounts they can conveniently afford. Also, with every loan our users take with us, they get better loan terms like longer repayment duration, lower rates and higher loan amounts. Our support team is always on standby to answer questions and assist users through the application process
Tell us about your expansion outlook?
Nigeria is a market with over 200 million people and less than 4% of us have ever had access to formal credit. This is a huge challenge and opportunity so we’re really focused on figuring out how to leverage technology better to make finance simple and useful for our users.
What are the macro-Challenges facing the lending market?
Increasing the level of financial education would definitely be an advantage. When users understand how to use credit, they can make decisions that empower them financially and unlock opportunities for them.
There’s work to be done to increase access to financial products for all Nigerians. We’re grateful for initiatives like NIN, BVN as well as the work Credit Bureaus are doing to provide information that helps the industry make better decisions
What is your prediction on what the fintech Sector will look like in the next 5 years?
Honestly, it’s really hard to predict because the pace of innovation is incredible. Our business has evolved so much in the last 24 months so we’re really excited for what’s to come. While we don’t know exactly what the sector will look like, we know what won’t change; people will always need better, faster and more convenient service and the world will increasingly become more borderless. We’re looking forward to a world where lending companies in Australia and Japan are using technology developed by us in Lagos!
