As the curtains draw on 2023, Renmoney is choosing to end its year by reflecting on the achievements that have set it apart in the FinTech industry.
Over the past year, the Microfinance Bank has defined the market through its commitment to providing customers with convenience in accessing ‘everything money’ from a wide range of products – including loans, savings, and a host of other banking services.
By listening to their customers’ needs and feedback, Renmoney’s product suite has expanded and has seen immense progress in customer’s this overview report, 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.
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A fresh new app and website
The first quarter of 2023 they 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 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.
Instant cash loan & savings
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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 loans for up to 2 weeks.
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A suite of savings products that pays
Soon after introducing its instant loan feature, Renmoney responded to user demand by creating a host of savings features with interest up to a whopping 22%. From a target savings plan, 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.
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The birth of SME loans
By 2024, SMEs are forecasted to account for about 49.5% of the country’s GDP. Yet, they are heavily plagued by numerous challenges including limited access to finance, inadequate infrastructure, and a difficult business environment. To help mitigate the issue, Renmoney has created a line of SME loan products that caterTos needs like lack of equipment, lack of capital, poor cash flow, and so on, for registered businesses.
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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 wallet funding, showcasing Renmoney’s commitment to expanding and diversifying their services.
Throughout the year, Renmoney has proven to be the “poster organization” for customer-centric innovation in the Nigerian banking sector. The Microfinance bankorganizationicated to pushing the boundaries of financial possibilities and as we bid farewell to 2023; users can anticipate another year of demonstrating unwavering commitment to financial success in 2024.