Mid-tier loans: CBN issues licence toRenaissance Credit Nigeria

The Central Bank of Nigeria (CBN) has granted a state licence to Renaissance Credit Nigeria, which operates under the name Rencredit MFB Limited.

A statement by the Chief Executive Officer, Renaissance Credit, Mr. SegunAkintemi, said, 'This is a great milestone for the company as we are equipped not only to remain a leading provider of consumer loans within every community we operate, but also to ensure we are within reach across all platforms - physical or virtual.'

 
The licence will empower the company to consolidate its business objectives, one of which is to offer consumer loans up to N500,000 within 24 hours to low and middle-class income earners in and around Lagos State.

With strong core operations and information technology platforms provided by T24 banking software and Experian information and data management systems, Renaissance Credit is able to perform enhanced analytics with a view to improving customer interaction and feedback.