Renmoney
Renmoney is a Nigerian microfinance bank offering digital-first personal and business loans up to ₦6M and high-yield savings products (RenFlex, RenVault, Smart Goal) to under-banked individuals and SMEs via mobile, web, and Lagos branches.
- Company typePrivate
- Founded2015
- HeadquartersLagos, Nigeria
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
What Renmoney does
Renmoney Microfinance Bank Limited is a Nigerian microfinance bank licensed by the Central Bank of Nigeria (CBN) with deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Founded in 2012 and headquartered in Lagos, the company serves under-banked Nigerian consumers, salary earners, and small and medium enterprises through a digital-first banking platform. Its own materials describe a customer base of over 5 million Nigerians and explicitly disclose more than 100,000 active savings customers.
Renmoney firmographics
Firmographics- Name
- Renmoney
- Legal name
- Renmoney Microfinance Bank Limited
- Website
- https://renmoney.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Renmoney is a Nigerian microfinance bank offering digital-first personal and business loans up to ₦6M and high-yield savings products (RenFlex, RenVault, Smart Goal) to under-banked individuals and SMEs via mobile, web, and Lagos branches.
- Ownership category
- akta.pro rank
Renmoney industry classification
Industry- Product category
- Microfinance Banking
- NAICS
- Credit Intermediation and Related Activities (522), Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Emergency & Short-Term Installment Personal Loans (Unsecured) (FSAKAAAH)
- akta.pro secondary industries
- Subprime Installment Loans (Non-Prime Personal Loans) (FSAKAOAA), Personal Loan Refinance (Rate/Term) (FSAKAIAB)
Keywords
Where Renmoney is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices3 records
Markets served
Renmoney business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Loan Interest: Interest income from personal and business loans ranging from personal loans to SME financing, with amounts up to ₦6 million and repayment terms up to 24 months
- Savings Interest Spreads: Interest earned on savings products including RenFlex, Smart Goal, and RenVault. The spread between interest paid to savers (up to 28% p.a.) and returns generated from lending creates revenue
- Transaction Fees: Fees from electronic money transfers (EMTL - Electronic Money Transfer Levy), bill payments, airtime purchases, and money transfers. The platform supports over 70 bill payment options
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Personal Loans - Up to ₦6 million |
| Unit Pricing | Pay-as-you-go | RenVault Fixed Savings - Up to 28% p.a. |
| Unit Pricing | Pay-as-you-go | RenFlex Flexible Savings - Up to 18% p.a. |
| Unit Pricing | Pay-as-you-go | Smart Goal Automated Savings - Up to 16% p.a. |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Renmoney product offering
Product offeringCore offering
Renmoney is a CBN-licensed microfinance bank offering collateral-free personal and business loans of up to ₦6 million (tenure up to 24 months) and a savings portfolio (RenFlex, Smart Goal, RenVault) with interest rates up to 28% p.a. Customers access these products via a mobile app, web platform, and Lagos branch network, with funds disbursed within minutes of approval and NDIC-insured deposits.
Product overview
Renmoney is a Nigerian fintech company and microfinance bank operating as a digital-first financial services platform. The core offering consists of personal loans and business loans (both capped at ₦6 million, up to 24-month tenures), supplemented by a three-product savings portfolio: RenFlex (flexible savings with up to 17% p.a.), Smart Goal (automated savings for specific targets at up to 16% p.a.), and RenVault (fixed deposits at up to 28% p.a.). Additional services include bill payments (70+ options), money transfers, and a NUBAN account for loan disbursements. The platform is accessible via mobile app (iOS/Android) and web, and is regulated by the CBN with deposits insured by the NDIC.
Differentiator
Problem solved
Functional benefit
Brands
- RenFlex: Flexible savings account with daily interest payouts and zero penalties on withdrawals, offering up to 18% per annum interest.
- RenVault
- Smart Goal
Products and services
- Personal Loans Unsecured personal loans of up to ₦6 million with repayment tenures of up to 24 months. Loans are collateral-free, processed online, and include a personal loan calculator for prospective borrowers. Eligibility requires age 18-59, verifiable income, and residency in cities where Renmoney operates.
- Business Loans Business financing available up to ₦6 million with flexible repayment options. Repayment schedules are determined based on income type and can be weekly or monthly. Available to SMEs and entrepreneurs in Lagos, Nigeria.
- RenFlex (Flexible Savings) A flexible savings account that allows users to save and withdraw anytime without penalty while earning daily interest payouts. RenFlex offers up to 17% per annum interest and requires a minimum starting balance of ₦1,000.
- RenVault (Fixed Deposit) A fixed deposit investment product that offers up to 28% per annum interest. Users can choose to receive interest upfront or at maturity. Funds are locked for a chosen tenor (up to 24 months), and early liquidation incurs a penalty. Minimum investment is ₦1,000, with a maximum single investment of ₦5,000,000 for upfront interest.
- Smart Goal (Automated Savings) An automated savings product that allows users to set specific financial goals, automate deductions on chosen dates, and earn up to 16% per annum interest. Users can name their goal, set the duration, and choose saving frequency.
- Bill Payments and Transfers A bill payment and transfers feature that allows users to pay utility bills, buy airtime, and send or receive money from any Nigerian bank account. The platform supports over 70 bill payment options including DSTV, electricity bills, water bills, and mobile data.
- Renmoney NUBAN Account A Nigerian Uniform Bank Account Number (NUBAN) account created automatically as part of the loan application process, allowing users to receive loan disbursements and make repayments. The account earns 3% interest per annum on balances.
Quantifiable outcome
- Up to 28% per annum interest on savings (RenVault fixed deposits)
- +4 more outcomes
Companies that use Renmoney
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Renmoney technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
Renmoney partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- LiteFicoreLiteFi partnered with Renmoney through an on-lending arrangement to expand loan access for Nigerians. The partnership aims to serve more customers and diversify product offerings including auto loans, cash loans, dealer finance, and SME loans. Both companies see this collaboration as a means to improve financial inclusion and provide flexible credit options for Nigerians, extending services to more households and businesses and supporting various credit segments.
Scale indicators4 records
Recent moves5 records
Expansion highlights5 records
Renmoney competitors and assessment
Company assessmentDirect peers
- PalmPay: PalmPay is a Nigerian fintech super-app offering payments, savings, and consumer credit. It overlaps with Renmoney's bill-payments, savings, and personal-loan product set and targets the same mass-market under-banked demographic.
- Carbon: Carbon is a Nigerian digital lending platform offering personal and SME loans via mobile app. It directly competes with Renmoney on the same under-banked Nigerian consumer segment with similar unsecured installment products and data-driven underwriting.
- Moniepoint: Moniepoint (formerly TeamApt) provides digital banking, payments, and credit services to Nigerian SMEs and consumers. Its savings, payments, and SME lending products overlap directly with Renmoney's offerings.
- Kuda Bank: Kuda is a licensed Nigerian digital-only bank offering savings, payments, and personal loans. It is highly comparable to Renmoney as a CBN-regulated, mobile-first bank serving the same under-banked consumer and SME base.
- OPay: OPay is a Nigeria-headquartered fintech super-app providing payments, savings, and consumer credit. It competes head-to-head with Renmoney in digital savings and small-ticket lending to under-banked consumers.
- Branch International: Branch is a digital lending platform serving under-banked consumers across Africa and other emerging markets, including Nigeria. It competes with Renmoney on mobile-first, data-driven personal loans with similar target segments.
- FairMoney: FairMoney provides instant personal loans and savings products to under-banked Nigerians via mobile app, sharing Renmoney's core customer persona, digital distribution model, and reliance on credit-bureau-driven underwriting.
Broad incumbents
- Renmoney MFB vs Sterling Bank (OneBank): Sterling Bank is a full-service Nigerian commercial bank with digital personal and SME loan products. It competes with Renmoney in unsecured consumer credit and savings but offers a much broader banking and corporate product set.
Emerging players
- Aella Credit: Aella Credit is a Nigerian fintech providing consumer credit, savings, and bill payments to underserved earners. It overlaps with Renmoney on digital personal loans and high-yield savings for salary earners.
Others
- CreditRegistry: CreditRegistry is the dominant Nigerian credit bureau that supplies Renmoney with credit-bureau data used in its statistically-driven lending model. It is an enabling infrastructure provider rather than a direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Renmoney social profiles
Digital presenceRenmoney compliance and trust
Trust signalCompliance4 records
Renmoney financial estimates
Financial estimateRevenue estimate
Valuation estimate
Renmoney leadership team
Management profileNumber of profiles
Profiles1 record
Renmoney funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Renmoney M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Renmoney
What does Renmoney do?
Renmoney is a CBN-licensed microfinance bank offering collateral-free personal and business loans of up to ₦6 million (tenure up to 24 months) and a savings portfolio (RenFlex, Smart Goal, RenVault) with interest rates up to 28% p.a. Customers access these products via a mobile app, web platform, and Lagos branch network, with funds disbursed within minutes of approval and NDIC-insured deposits.
Is Renmoney a public or private company?
Renmoney is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Renmoney founded?
Renmoney was founded in 2015. It employs 501 to 1,000 people.
Where is Renmoney based?
Renmoney is headquartered in Lagos, Nigeria, in the Africa region.
How does Renmoney make money?
Three revenue lines are on record. Loan Interest is the primary driver. The others are savings Interest Spreads and transaction Fees.
Who are Renmoney's main competitors?
Direct peers on record are PalmPay, Carbon, Moniepoint, Kuda Bank, OPay, Branch International and FairMoney. Renmoney MFB vs Sterling Bank (OneBank) is listed as a broad incumbent. Aella Credit is listed as an emerging player. CreditRegistry is listed as an others.
Does Renmoney have an API?
No public API is recorded for Renmoney.
What industry is Renmoney in?
Renmoney's product category is Microfinance Banking. Its primary akta.pro industry code is FSAKAAAH, Emergency & Short-Term Installment Personal Loans (Unsecured), with a secondary code of FSAKAOAA, Subprime Installment Loans (Non-Prime Personal Loans). Its NAICS code is 522 and its SIC code is 6141.