Microfinance bank engages business community, celebrates 10th anniversary
After a decade of driving financial inclusion for individuals and small businesses in Nigeria, Renmoney Microfinance Bank, at the weekend, held an event to engage with partners, investors, regulators and business leaders about their experience and outlook for investing in Africa, with the theme: ‘Going Long on Africa’.
In his address to the audience, the Founder and Chairman of Renmoney, Mr. Stephen Jennings, reiterated the company’s long-term focus on Africa and Nigeria.
According to him, “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 audience listened to a keynote from the world-renowned emerging markets economist, Charlie Robertson, who drew parallels between fertility rates, education investment and economic success over the long term.
Following this was a panel discussion where Jennings and Robertson were joined by Mr. Gbenga Oyebode (the Founder, Aluko & Oyebode), a seasoned investor and board member across different industries.
During the discussion, Jennings stated that the company was excited about the next phase of market development in Nigeria.
He said: “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.”
Apekhade Idogho, Renmoney’s Executive Director, thanked 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.”
Renmoney is a digital bank operating on a microfinance banking license in Nigeria. The company provides loans, savings, deposit and payment solutions. Renmoney is regulated by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.