After a decade of driving financial inclusion for individuals and small businesses in Nigeria, Renmoney Microfinance Bank has engaged with partners, investors, regulators and business leaders on their experience and outlook for investing in Africa.
Renmoney is a digital bank operating on a microfinance banking licence in Nigeria. The company provides loans, savings, deposit and payment solutions to Nigerians. Renmoney is regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).
Speaking during the bank’s 10th anniversary in Lagos, the Founder and Chairman, Stephen Jennings, reiterated the company’s long term focus on Africa and Nigeria.
The bank chief, who spoke on the theme: ‘Going Long on Africa’, said: “Through Rendeavour, Renmoney and my previous business, Renaissance Capital, we have been here for 15 years in a very big way. We are emerging market pioneers and we typically bring a level of commitment and staying power in terms of people, capital, tenacity, balance sheet and financing capabilities that is unique and that few foreign investors can match”.
The keynote speech was delivered by world renowned emerging markets economist, Charlie Robertson, who drew parallels between fertility rates, education investment and economic success over the long term.
During the panel discussion, Jennings and Robertson were joined by Gbenga Oyebode – Founder, Aluko & Oyebode, seasoned investor and board member across different industries.
Jennings stated that the company was excited about the next phase of market development in Nigeria. “In emerging markets the long-term winners are normally determined during more challenging times. And while it is challenging in Nigeria today, we simply believe that the entire world is ultimately on a very similar development path; the only difference is the timing. So overall, Nigeria ticks a lot of boxes for us as we see in the future what we’ve seen before here – a burst of rapid growth,” he said.
Renmoney’s Executive Director, Apekhade Idogho, lauded the staff, investors, regulators, depositors and partners for their support over the years. He said Renmoney “will remain focused on delivering innovative, useful financial solutions for Nigerians”.