The Utility Bill Challenge

A couple of weeks ago, we read an article from TechCabal. The writer shared

his experience of the consumer finance space in Nigeria when he tried to get a loan. He had two criteria: the best deal and the easiest process.

For the best deal, he was interested in the platform that gave him the best interest rate, most flexible repayment duration and the most convenient monthly repayment amount. In seeking the easiest process, he wanted to complete the application process from the comfort of wherever he was.

Long story short, he chose RenMoney because he was approved for the highest amount of N580,000. We, however, didn’t tick all the boxes a hundred percent. So, we did a deep dive to find out what the challenges he encountered were.

Firstly, he had a problem uploading his utility bill. He lives in a house where electricity is paid for online and he couldn’t get his waste bill from his neighbor who takes care of the waste bill. This made him abandon the application.

He then decided to reach out to us as a result of him not being able to upload his utility bill to complete his application. When he called, our sales agent explained to him that he had to fill out another application form offline as the one he filled online would not suffice.

So, we went back to the drawing board to review our documentation policies and we’re happy to announce that we now accept any one of the following as a utility bill:

· PHCN (electricity), NITEL, DSTV, waste or water bill

· Tenancy agreement (legal contract)

· Solicitor’s letter confirming recent house purchase

· Search report from Land Registry website

The best part: If the address on your recent driver’s license, Permanent Voter’s Card, National ID Card(NIMC) or bank statement is your current address, you don’t need to present any utility bill!

Finally, if you drop off while completing an application online, we won’t make you fill another application offline — we promise!

We‘re super committed to building better and more convenient solutions. Your feedback really helps us so, keep ’em coming!