RenMoney MFB: Branches, How To Get The Loan & All You Need To Know

RenMoney-Microfinance-Bank-Ltd

RenMoney MFB Limited is one of the leading microfinance banks in Nigeria. Like other microfinance banks in Nigeria, they provide financial services such as loan and credit facilities to people.

If you are searching for information about the RenMoney MFB, stay glued to this page because we’ll provide you with essential details about the RenMoney Microfinance Bank.

RenMoney MFB

RenMoney MFN Limited is a consumer finance organization which was founded in Lagos. They commenced operations in 2012 with the name ‘RenCredit’ under a unit Microfinance Banking with a wealth of expertise and a high degree of professionalism in the provision of simple money solutions to clients.

In December 2013, RenCredit MFB was rebranded and revamped to what is now known as RenMoney MFB Limited. Till this day, they are known as RenMoney Microfinance Bank.

Currently, RenMoney Microfinance Bank Limited has received a state license to run operations in different areas of Lagos state. This action led to the creation of five additional branches in Ikeja, Ikota, Lagos Island and Surulere.

RenMoney MFB is dedicated and committed to the provision of simple money solutions to Nigerians – primarily Lagosians. The company also has a working staff of over 400 employees and a customer base of more than 25,000 customers.

RenMoney is the first microfinance bank in Nigeria to launch the Cloud technology system with attention to a minimal fixed asset investment in Nigeria. Moreover, they have a running platform which was built around a scalable and efficient operational system.

RenMoney MFB offers several products including;

  • Target Savings.
  • Fixed Deposits.
  • Cash Loan.
  • Smartphone Financing.
  • School Fees Loan.
  • Point-of-Sale (POS) Loan.
  • Loan@Work.

If you intend to get a business loan or get money from RenMoney MFB, you will have to consider the following loan products.

RenMoney MFB Loans And How To Apply

RenMoney Cash Loan

RenMoney MFB provides people with unsecured cash loans in Nigeria, that is, this loan doesn’t require any form of collateral. If you are looking for where to get loans in Nigeria without collateral, you should consider the RenMoney Microfinance Bank.

The RenMoney Cash Loan is a non-collateral loan which is offered for new and existing customers. New customers can obtain this loan for a period of 3 to 9 months. On the other hand, existing and returning customers enjoy a loan tenor of up to 12 months.

Also, you can get up to ₦4 million on this loan package. This loan is given to both new and returning customers irrespective of their income status; whether they’re self-employed or salary earners.

This means that you need to have handwork or a verifiable source of income to get the RenMoney Cash Loan.

Requirements for the RenMoney Cash Loan

These are the requirements that qualify you for the cash loan. If you meet these requirements, you are eligible for the cash loan.

You should;

  • Have a valid means of identification – Driver’s License, National ID Card, Permanent Voter’s Card, NIN or International Passport.
  • Be within 22 to 59 years of age.
  • Have a functional bank account (savings or current).
  • Have a verifiable business or source of income.
  • Must be a confirmed worker or staff in active employment.

READ MORE: How To Get Business Loans From Any Bank In Nigeria

How To Get RenMoney LoanWork Loan

  • Step 1: Visit the website.
  • Step 2:Complete the online application form.
  • Step 3: Upload proof of your address, Government ID and your bank statement.

After you complete these steps, you will receive your money in 24 hours if your application is approved.

Smartphone Finance

RenMoney has partnered with various select service providers who offer smartphone financing.

Smartphone financing refers to a financial service that allows people to make a purchase for any smartphone of their choice. These people get to payback in convenient instalment tenor of 12 months.

Using your Debit card, RenMoney MFB helps you to get your favourite mobile phone without having to break your bank or empty your account.

In other words, you can get your favourite smartphone using ‘Smartphone Financing’ product.

How It Works

Every month, a portion of the monthly bundle will be paid by the customer as a form of repayment for the phone which was financed by RenMoney.

The rest charges will be for the voice, SMS service and the data provided by the telecommunication network company.

For instance, if your monthly bundle costs ₦2,000 every month, ₦1,200 can go to RenMoney MFB as repayment for the phone while the remaining balance of ₦800 goes to your network company for data, SMS and voice calls.

RenMoney has a proprietary algorithm which figures out eligible customers qualified for this service. Over the period of the repayment, RenMoney collects the monthly repayment fees and remits the remaining to the network providers.

School Fees Loan

The RenMoney School Fees Loan covers students by financing their educational pursuit. If you are an undergraduate, you can leverage on this loan package to pay your school fees.

Also, parents and guardians can get the school fees loan from RenMoney Microfinance Bank to finance the education of their wards and kids.

This loan is disbursed directly to the educational institution on behalf of the loan applicant (loanee). When its time for repayment, the applicant pays back the loan to RenMoney in convenient monthly instalments.

You can get access up to ₦50,000 to ₦4 million school fees loan without collateral from RenMoney. Typically, the loan application is approved under 24 hours.

Requirements for the RenMoney School Fees Loan

The following are the requirements for the RenMoney School Fees loan. You are eligible for a cash loan if you meet these requirements.

You should;

  • Be within 22 to 59 years of age.
  • Have a verifiable business or source of income.
  • Have a valid means of identification – Driver’s License, National ID Card, Permanent Voter’s Card, NIN or International Passport.
  • Have a functional bank account (savings or current).
  • Must be a confirmed worker or staff in active employment.

How To Get RenMoney School Fees Loan

  • Step 1: Visit the website.
  • Step 2:Complete the online application form.
  • Step 3: Upload proof of your address, Government ID and your bank statement.

After you complete these steps, you will receive your money in 24 hours if your application is approved.

Point Of Sale (POS) Loan

This loan allows you to purchase electronics and household appliances. The repayment is made in monthly instalments via RenMoney’s POS Loan. These appliances can only be bought or purchased at partner’s shops.

For instance, Samsung is a partner, so you can purchase different appliances ranging from freezers, washing machines, ovens, microwaves, televisions, dishwashers, washers, steamers, dryers, air conditioners and many more.

Loan@Work

Another loan package RenMoney MFN provides is the Loan@Work. The Loan@Work loan scheme is made for registered organizations and brands in partnership with RenMoney.

Therefore, the workers, staff and employees of these partners (the registered organisations) will get access to quick loans at low-interest rates.

ALSO READ: How To Get Quick Loans From Microfinance Banks In Nigeria

How It Works

  • The organization or company must be running a thriving business in Nigeria and they must be duly registered with the Corporate Affairs Commission (CAC).
  • The RenMoney Loan@Work is designed for firms and organizations with a sizeable amount of workers/staff (not less than 30).
  • A Memorandum of Understanding will be signed by RenMoney MFB and the organization. This deal allows RenMoney to grant low-interest loans to the staff of these organizations.
  • The Loan@Work repayment structure is easy and stress-free. You can repay the Loan@Work loan through Payroll deduction or using any of RenMoney’s repayment methods – which is using Direct Debit Mandate or Post-dates Cheque.

How To Get RenMoney LoanWork Loan

  • Step 1: Visit the website.
  • Step 2:Complete the online application form.
  • Step 3: Upload proof of your address, Government ID and your bank statement.

After you complete these steps, you will receive your money in 24 hours if your application is approved.

Fixed Deposit

The RenMoney Fixed Deposit is an investment plan for customers looking to get high returns on their investment. You can start with a minimum of 250000 investment.

There is no cause for alarm because Renmoney offers flexible investment tenors and they are regulated by Nigeria’s apex bank which is the Central Bank of Nigeria (CBN).

In addition, (including savings and deposits) are insured by the Nigeria Deposit Insurance Scheme (NDIC). The Fixed Deposit tenors range from a period of 30 days to 360 days.

RenMoney Target Savings Plan

The Target Savings Plan is a fast, smart and seamless method to save money for specific projects such as burials, weddings, birthday celebration, a professional certification, promotion, a memorable/milestone event, an anniversary.

Furthermore, customers can also use the Target Savings Plan to save towards financial independence and management. Typically, the RenMoney Target Savings Plan offers an interest rate of 10% per annum.

How To Start a RenMoney Target Savings Plan

  • Find out how much you would like to save every month (minimum of 20000)
  • Visit the RenMoney MFB and request for the application form.
  • Fill the saving account application form.
  • Determine the tenor of your savings plan. Note that the minimum tenor is six months.
  • Set up a direct debit mandate or issue post-dated cheques with your bank.

Head Office and Branches

  • RenMoney Head Office: No 23, Awolowo Road, Ikoyi, Lagos, Nigeria.
LOCATION ADDRESS
IKEJA Pentagon Plaza, No 23 Opebi Road, Ikeja.
LAGOS ISLAND 27-29 Odunlami Street, Marina.
IKOTA F61 & F62 Road @ No 3, Ikota Shopping Complex, Ikota, Lekki-Ajah.
SURULERE Kings Plaza, 80, Adeniran Ogunsanya Street.

Customer Care

RenMoney has a working customer support team for you to reach out to for queries, questions, inquiries and other technical issues.

  • Email: hello@renmoney.com
  • Telephone: 0700 5000 500

Conclusion

This is all you need to know about the RenMoney MFB. Our earnest expectation is that you have gotten the information which you searched about the RenMoney Microfinance Bank. You can hit the comment button for issues and questions or any other information you feel wasn’t mentioned.

LEAVE A REPLY

Please enter your comment!
Please enter your name here