Is Renmoney Legit or a Scam? In this article, we will find out all you need to know about the Renmoney Platform.
Some Nigerians have fallen into the trap of getting loans from companies with terrible interest rates, and still embarrasses them when they default.
If you are a Nigerian worker looking for a legit loan company with no collateral, Renmoney might be a good option.
But before going into anything online, it is imperative to know to inquire more about it to avoid being embarrassed over little sums; that’s why we have presented our recent research about the Renmoney platform in this article.
Let’s dive into our findings.
- What is Renmoney?
- Who is the MD of Renmoney?
- How legit is Renmoney?
- How do Renmoney Loans Work?
- Is Renmoney Registered with CBN?
- Does Renmoney Have an Office?
- Why does Renmoney ask for your BVN?
- How to Get Started On Renmoney
- Is Renmoney legit? Final thoughts
What is Renmoney?
Renmoney is a Nigerian loan company located in Lagos. It was launched in 2013. Since then, thousands of people have been loaned from the Renmoney platform.
It is essential to know that Renmoney isn’t just a loan company; the Central Bank of Nigeria registers them as a Microfinance Bank.
This makes them credible enough under the law to lend loans to individuals.
People qualified to borrow from this Microfinance Bank are entrepreneurs and employees in Nigeria.
Unlike other loaning Platforms, Renmoney loans without the need for collateral, making them an exceptional Microfinance Bank in Nigeria.
Who is the MD of Renmoney?
Knowing what Renmoney is, let’s proceed to discuss who the real MD of Renmoney is. Three famous Nigerian entrepreneurs launched Renmoney, and below are their names:
1. Kieran Donnelly
Kieran Donnelly is a well-known Nigerian banker working at Microfinance Bank in Lagos. He is believed to be the CEO of Renmoney platform.
Kieran has been working as a banker for over 30 years; he was a member of different 4 Finance groups from 2015 to 2017. And currently, he’s the Board Director at Renmoney.
2. OSAIZUWA TIMMY OBASEKI
He’s another official member of Renmoney, serving as Head of Corporate Services loans in the company. Timmy also served as a Project Management Professional in the previous company he worked.
3. STANLEY EHIEMERE
He’s working as a Financial Sales Analyst at Renmoney company. Having worked with Business Development Management at Fleet Masters Limited and Sales Executive at Berger Paints Nigeria Plc, he’s one of the officials with good experience in loan organisation.
Having individuals with a promising career track record at the top echelon of the organisation makes Renmoney credible.
How legit is Renmoney?
From my previous experience, Renmoney is not a scam. It is a legit Microfinance Bank where you can loan any amount you want, depending on your eligibility.
I have gathered information from people who have used Renmoney before, and all they said about the platform was positive.
Renmoney was launched in 2013, and since then, it has had no scamming record; those who registered with them have their information secured.
However, I can’t predict how the future of this platform will turn out, so it’s advisable to be positive.
However, users of the Renmoney app have complained about the app crashing several times.
Some have complained of being stuck in the verification stage for months.
Check out reviews from users of their mobile app from the Google play store.
This particular user had issues applying for a loan.
On the other hand, the user below got his within a week and gave them a 5-star review.
How do Renmoney Loans Work?
Renmoney offers loans ranging from N50,000 to N6,000,000, depending on your eligible amount.
You can proceed to apply for a loan once you have completed all the requirements. Continue reading to know all required to apply for a loan on Renmoney.
Renmoney doesn’t offer loans to unemployed people, only if you are employed, self-employed, or an entrepreneur with a steady income.
Before applying for a loan on Renmoney, you must be at least 22 years of age.
Before applying for a loan, you must also open a Commercial Bank account in Nigeria. Then, your Monthly source of income must be provided for verification.
Before applying for a loan, you must meet the following requirements:
• Make sure you have BVN.
• Your age should be between 22-59 years.
• Your utility bill (optional).
• Any commercial bank in Nigeria requires you to have a bank account already there.
• A reliable source of revenue is required.
• Your statement of account.
• If you applied for any other loans, you must have paid off your debts.
Is Renmoney Registered with CBN?
Yes, Renmoney is a Microfinance Bank that is fully Registered with CBN. Initially, it was named RenCredit until it was changed to Renmoney in 2003. This CBN-regulated fintech company has an office located in Lagos State, Nigeria.
Does Renmoney Have an Office?
Yes, Renmoney company have an office located in Lagos State. As of 7th of November 2018, they relocated to No. 23, Awolowo Road, Ikoyi, Lagos (their current office,)a few metres from their old office.
Tobi Boshoro, the CEO of the Renmoney platform, stated that their old office was no longer convincing, so they relocated to the permanent office.
She said, “As a fintech organisation, convenience is crucial. Making loans available everywhere, anytime through your mobile devices and laptops, our phone lines, and branch network is convenient for our prized customers.
Renmoney has grown dramatically since 2012, expanding from a single office at its inception to five outlets throughout Lagos.
Why does Renmoney ask for your BVN?
Renmoney requests yours for KYC verification, an essential factor to undergo when registering on the platform. Renmoney and other online loan and fintech companies also request your BVN for this verification.
How to Get Started On Renmoney
Below is the step-by-step guide to registering on the Renmoney website. The exact process applies when applying for a loan via their mobile app.
It’s worth mentioning that at the time of this writing, Renmoney’s mobile app is only available on Google Play Store. Whenever the app is available on App Store for iOS users, we will update this article.
That being said, let’s proceed.
To apply for a loan via the mobile app,
1. Download the app
Go to Playstore and search for ‘Renmoney’; download and install the app on your mobile phone.
2. Create an account
After installing the app, register a new account. Click “Get started” as shown below.
After clicking “Get started”, you will be required to enter your email address, input a password and verify your account.
An OTP will be sent to your phone number to verify your account. Then you will also be required to do a facial verification.
After creating your account, you will be directed to your dashboard as shown below:
To request a loan, click “Get a loan” and follow through with the prompts.
The application is very straightforward. They will require you to input your BVN, and employment information and require a statement of account
Renmoney will send your MFB account number to your email. Then, proceed to deposit the minimum of N100 to the account.
Note: depositing this N100 activates your Renmoney account number, so it is advisable to only fund up to N100.
4. Upload the required documents
You must upload all the required documents, such as a Statement of your bank account, ID card, etc.
5. Awaits approval
You would have to wait a little while at this point. A manual review of your loan application is conducted.
Your loan request may be thoroughly handled in a few minutes or up to 24 hours. If your loan is accepted, you will receive a credit alert in the bank account listed on your profile. For confirmation, you can also check your email.
Is Renmoney legit? Final thoughts
Without a doubt, Renmoney is one of the top loan websites in Nigeria today. It’s lovely that they have a unique flexible repayment option because it makes it simpler to get loans without worrying about having to repay them.
This one is one of the few online lending platforms with a physical location where you can submit questions or concerns.
You can get all the information you need about Renmoney in this post, which will help you achieve your loan objective. I have used Renmoney, the platform and confirmed it to be scam-free; I want you to also give it a trial by downloading the app and registering now.
This brings us to the end of this post, if you have any questions about the platform, kindly drop them in the comments section.