In an overview report recently published, Renmoney put its tremendous growth in 2023 into perspective for its users, the industry and prospective customers, to bring to a close, an eventful year.
At the start of the year, Renmoney hit the ground running with a brand refresh that included the introduction of a variety of changes to their platforms and products, which are captured in the rest of the article.
1. A fresh new app and website
The first quarter of 2023 witnessed the live debut of Renmoney’s web & app platforms, amplifying convenience, accessibility and ushering in a new era of seamless financial interactions. The user experience was elevated, creating a virtual space where users could engage effortlessly with Renmoney’s suite of services while getting financial education via the Everything Money Blog. They made it a priority to pull in their customers with direct access to interest-yielding savings and loans.
2. Instant Loans to cater to small urgent needs
Having identified the growing needs of the everyday Nigerian, Renmoney sought to create financial solutions by providing seamless access to credit via the app with zero delays. Through the year, they’ve gone further to improve their instant credit facility such that customers without salary records can qualify to get instant credit for up to 2 weeks.
3. A suite of savings products that pays
Soon after the introduction of its instant loan feature, Renmoney responded to user demand by creating a host of savings features that pay interest up to a whopping 22%, while you save. From a target savings feature, Smart Goal, that pays up to 10% p.a when you save towards specific personal goals to RenFlex, a flexible savings account giving commercial banks a run for their money, with its 16% p.a daily interest payouts and penalty-free withdrawals, and finally, RenVault, a 12-month fixed savings plan that yields up to 22% guaranteed interest per annum.
4. The birth of SME loans
By 2024, SMEs are forecasted to account for about 49.5% of the country’s GDP, and yet they are heavily plagued by numerous challenges including limited access to finance, inadequate infrastructure, and a difficult business environment. In order to help mitigate the issue, Renmoney has created a line of SME loan products that cater to a range of business needs like lack of equipment, lack of capital, poor cash flow, and so on, for registered businesses.
5. Expanded to 13 new bill payment options
At the outset of the year, Renmoney provided a range of bill pay options, spanning Cable TV packages, major internet providers, and select electricity distribution companies. Demonstrating commendable progress, they have significantly broadened their provider database throughout the year. Now boasting an impressive array of 13 new bill payment options, these additions encompass not only electricity distribution companies but also extend to support sports funding, showcasing Renmoney’s commitment to expanding and diversifying their services.
Conclusion
Throughout the year, Renmoney has proven to be the “poster organisation” for financial evolution and customer-centric innovation in the Nigerian banking sector. The Microfinance bank remains dedicated to pushing the boundaries of financial possibilities and as we bid farewell to 2023; users can anticipate another year of cutting-edge solutions and unwavering commitment to financial success come 2024.
Prospective users can explore Renmoney’s diverse range of products and services by visiting renmoney.com or downloading the app from the Play Store or App Store. For any inquiries or assistance, a dedicated team of agents are available at 07005000500 to ensure a seamless and supportive experience.