Renmoney Partners with Okra to Power Digital Lending Platform

Oluchi E
Oluchi E
Jan 29 · 4 min read
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Welcome to our first post of 2021!

In addition to our periodic Okra Soup, we have decided to begin sharing more about some of our client partnerships.

We work with many brilliant companies, and it’s a good idea to share their stories more. So, our first client partnership piece is about Renmoney.

In recent years, the lending industry has grown and become quite significant in Nigeria. Alternative options for meeting financial obligations have been received with open arms. Renmoney is one of the largest players in this space. The company is known for providing convenient microloans to individuals and businesses and has been doing so since 2012.

To effectively fulfil its mission of delivering outstanding service experiences, Renmoney needed to incorporate top-notch technology, data, and innovation in their operations — enter Okra.

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Okra is a financial services and data aggregation company. We’ve built an API — the infrastructure that enables end-users (individuals and corporations) to connect their bank accounts directly to third-party applications. We are powering the connectivity layer between financial institutions, fintech companies, and consumers.

The unique features of our API mean that:

  • You’re able to get a full KYC profile for an individual or corporate entity across all banks in Nigeria — this protects your business from risk and fraud.

Confirming vital identity details before any transaction starts happens quickly and easily, with our API.

  • Customers can connect their bank accounts directly to financial applications with their internet or mobile banking credentials; this makes onboarding a faster and safer experience.

You, the customer are in control of the financial institutions you connect to, and you can choose what details you log in with.

  • Retrieving current and historical balance information from your customers is a lot easier. Verifying an account balance is key to reducing the risk of returned payments and preventing transaction failures.

Loans can therefore be received much faster, most likely in less than 24 hours!

Partnering with us also means:

  • You can pull up to 24 months of transactional statements across all banks in Nigeria, in real-time. Our machine-learning technology breaks down the information received into the following categories: channel, benefactor, category, date, balance at the time of the transaction, geolocation data, flagging, and more — providing you with the relevant context and content of transactions.

No more jumping through hoops to authorise access to your bank statements. You don’t need to send a bunch of emails or leave your house and queue up at your bank, especially with the current pandemic still happening.

In the past 6 months, Renmoney has witnessed increased usage of its platform, which has affected the number of successful customer connections. The overall success ratio of the activity carried out by Renmoney with our API is 87.3% and climbing — that’s something to be happy about!

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“working with Okra has been immensely valuable. Their continuous drive to push innovation boundaries in a complex market like Nigeria will unlock more paths for businesses like ours to provide much needed convenient solutions to our users”, he said.

“lenders will play a crucial role as the market recovers, now and in a post-COVID world. Consumers and SMEs need access to capital to meet their daily needs, create more jobs, and provide economic value. Going forward, this need will only be achievable at scale — digitally. Technology has moved from a nice-to-have to the core driver of every business, irrespective of the industry. Renmoney is a company that deeply understands this reality, and will keep experiencing growth as they leverage the tools and services we provide to meet the needs of their customers and grow their business”.

We’re thrilled to be working with a company like Renmoney that is transforming how financial decisions happen. The plan is for a continued partnership with us in powering their drive to serve more users, which we’re looking forward to!

We’re proud of our platform, the products we’ve built, and the innovative partners we work with. Speaking of our products, we’re also working on product case studies, which will provide an in-depth analysis of our products and how they work. We look forward to sharing those with you later this year — stay tuned.

Thank you for reading our first client partnership announcement; we’ll see you next time!

Check us out at and send an email to if you have inquiries about partnering with us.

Made by the team, with ❤️.



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