From the moment we said “Happy New Year!” to the last day of the year, 2019 was an amazing adventure for us! Some moments had us biting our nails in anticipation while others had us giddy with excitement!
One thing our entire team agrees on is how excited we are to build great solutions that make financial inclusion count.
Here’s a look at some interesting moments from 2019.
Hello Business Loans
From over 1.5 million applications since we launched, we learnt that we needed an approach to lending to small businesses that was a bit different from lending to people with steady jobs. As if the challenge wasn’t big enough, we wanted to provide credit without requiring mountains of paperwork or collateral. Our teams worked hard to build, test and iterate new processes and algorithms to deliver solutions that have since served thousands of small business owners.
By the end of 2019, we had received over 170,000 business loan applications and lent over ₦9billion to small business owners.
We sought new ways to connect with Nigerians
Two great challenges that hinder financial inclusion efforts are awareness and education. In 2019, our team took a brave decision to invest in TV advertising to reach even more undeserved consumers. The process was as exciting as it was challenging. From scripting and shooting the ads to optimizing for the right media mix to reach the right audience at the right time of day!
This bet paid off and we were able to reach a lot more people, with over 800,000 applications in 2019.
We’re up for the Challenge
We’re obsessed with building convenient lending solutions and delivering outstanding service experiences. So, in 2019, we more than tripled the size of our Data Science & Engineering teams as we prepare to tackle the tough challenges around convenient access to credit. We also scaled our Customer Support team by over 10x to ensure we answer your questions and resolve complaints faster!
Hello, 2020!
This year, we’re channeling everything we’ve learnt to build even better solutions for Nigeria. There’s so much more ahead and we can’t wait to share more stories with you. So connect with us on Facebook, Twitter and Instagram to stay up to date with all things Renmoney.
If you’re wondering how to get a loan or invest with Renmoney, here’s a super-simple breakdown for you:
Here’s to an amazing 2020!
The Renmoney Team
