Renmoney is indeed approved by the Central Bank of Nigeria (CBN). It operates as a licensed microfinance bank, providing various financial services, including personal and business loans, savings, and investment products. The CBN's official listings confirm that Renmoney is recognized as a legitimate financial institution in Nigeria.
Of course, all deposits made on the Renmoney App are insured. Renmoney is regulated by the CBN and all deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). This insurance provides a level of protection for customers' funds, ensuring that their investments are safe.
Renmoney positions itself as a convenient lending option, catering to individual and micro-business needs, with loan amounts ranging from N50,000 to N6 million. The company emphasizes innovation in its service delivery to enhance customer experiences.
Is Renmoney Legit?
Renmoney is considered a legitimate financial institution in Nigeria. It operates under a microfinance banking license issued by the Central Bank of Nigeria (CBN) and is regulated by the CBN, ensuring compliance with financial regulations. Additionally, all deposits made with Renmoney are insured by the Nigeria Deposit Insurance Corporation (NDIC), further enhancing its credibility and security for customers' funds.
When the company emphasized how secure is your investment with app, they explained that "your investment is secure with Renmoney. We are regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC)."
Since its founding in 2012, Renmoney has issued a substantial amount of loans, amounting to ₦132 billion, and has gained the trust of over 101,000 customers, which reflects its reputation in the financial services sector. The company focuses on financial inclusion, providing accessible credit and savings solutions to individuals and small businesses
In a nutshell, Renmoney is approved and licenced by the CBN. The company is also insured by the NDIC, making it a safe and legit platform you can trust with your Money and financial record in Nigeria.
