Renmoney

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.

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

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

• Microfinance banking
• Consumer lending
• Digital savings
• Bill payments
• SME financing

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 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
2. 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
3. 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

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

One partnership is on record.

• LiteFicoreStrategic or Co-development Partner · 15 October 2025LiteFi 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

Direct 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

• Xx.com/renmoney
• Facebookfacebook.com/renmoney
• LinkedInng.linkedin.com/company/renmoneyng
• Instagraminstagram.com/renmoneyng
• TikToktiktok.com/@renmoneyng

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Renmoney