CEO, Renaissance Group, Mr. Stephen Jennings
The Nigerian consumer finance space is set to witness a positive change as Renaissance Credit, a leading emerging markets consumer lender, has launched operations in Nigeria.
Having performed very well in consumer finance in Russia, RenCredit is launching its operations in Africa through Nigeria.
The Founder and Chief Executive Officer of Renaissance Group, Mr. Stephen Jennings, said in a statement that with its impressively expanding middle class, Nigeria is the natural location to launch RenCredit in Africa.
“Renaissance has been investing in Nigeria since 2006, and the entry of our consumer finance business is an exciting moment: not only will it bring financial freedom to Nigerian consumers, it will also create employment opportunities as we build the RenCredit team in Nigeria,” he said.
Speaking at press conference yesterday in Lagos, Chief Executive Officer of RenCredit, Mr. Segun Akintemi, said the entry of the company had heralded a new era for the Nigeria’s consumers and would bring accessible financial products to its rapidly growing middle class.
He said: “The Nigerian middle class is no different to any other in the world. People want access to loans and credit in order to realise their dreams. This aspirational trend is positive for consumers, and for the Nigerian economy. RenCredit’s entry into the Nigerian market will help to professionalise the consumer finance sector and speed the country’s evolution from a cash-based economy to a transaction-based economy.”
According to him, RenCredit has more than nine years’ experience in successfully building consumer credit businesses in emerging markets, disclosing that the in Nigeria, the company would use the Temenos T24 core banking system, as well as software from Experian, a leading global information services company providing data and analytical tools to manage credit risk, prevent fraud and automate decision-making.
“By coupling its market knowledge with cutting-edge technology, RenCredit will be able to make quick and reliable decisions on consumer applications. In most cases, a decision on whether to issue a loan will take less than 15 minutes,” Akintemi said.
He noted that the company was currently issuing cash loans to qualified applicants and accepting retail deposits at its Ikoyi, Lagos office, adding that the lender plans to expand its product range to point-of-sale (PoS) loans at Nigerian retail outlets.