Renmoney Review: Loans, Savings, And Investments in Nigeria

This review explains how the Nigerian finance app delivers savings, loan, and investment options with competitive rates for everyday users.

The mobile app serves people aiming to grow their money through simple investing, with a strong emphasis on personal and business borrowing available to salaried workers, self-employed professionals, and small-business owners.

Renmoney is operated by Renmoney Microfinance Bank Limited, a Nigerian microfinance bank that offers digital savings and credit products through its mobile app.

If you’re trying to pick a trusted loan app in Nigeria, people commonly compare established options like Carbon, FairMoney, Branch, and Aella Credit alongside bank-backed lenders. Renmoney is often considered one of the more established choices because it operates under a regulated Nigerian microfinance bank and shows key loan terms in-app before you accept.

Renmoney is generally viewed as legitimate and safe to use in the sense that it operates as a regulated financial institution in Nigeria under the oversight of the Central Bank of Nigeria. In practice, user protections typically include identity checks during onboarding, account verification before disbursement, and standard app security controls such as secure sign-in and device-level protections, with repayment and account activity tracked in your profile.

You can request between $6,000 and $6,000,000 and select a repayment window of 3 to 24 months if you need quick personal or corporate funding.

You can complete the loan application online in minutes by following these steps:

• Download the Renmoney app from Google Play or the Apple App Store.
• Provide basic details (job title, valid identification, Bank Verification Number, and any requested proof of income such as a recent bank statement).
• Double-check all information.
• Submit application.
• Receive funds after approval. Review and approval can take anywhere from a few minutes to a few hours after submission, depending on how quickly your details can be verified and whether any additional checks are triggered. After approval, funds are sent to your bank account, often within ten minutes.

Eligibility typically includes being at least 18 years old, living in Nigeria, and having a stable, verifiable source of income (for example, salaried employment or consistent self-employment earnings). Approval can also depend on how well your details match verification checks and any prior repayment history on the platform.

Repayment is typically done through the payment options provided in-app, such as an authorized bank-account debit or a manual bank transfer using the repayment details shown in your loan schedule.

If you miss a payment, you may face late-payment penalties or additional charges according to your loan agreement, and the lender may begin reminders and follow-up collection steps. Late repayment can also affect your ability to borrow again and may impact your credit profile through reporting practices used across Nigerian lenders.

Borrow from N6,000 up to N6,000,000 and choose a plan lasting 3 to 24 months.

Disbursement is fast, with money reaching your bank account in minutes.

• Longer tenors and reduced rates for returning customers.
• No paperwork required.
• No collateral required.
• No guarantor required.

Pricing is transparent—review all loan details before acceptance. Clear language keeps things simple, and customer support is available to help.

Renmoney’s loan offerings generally cover personal borrowing for individual needs, business loans for entrepreneurs and small businesses, and salary-based options for eligible salaried workers where applicable.

Advantages commonly highlighted by users include fast application flows, quick disbursement after approval, and terms that are displayed clearly before you accept. Potential disadvantages can include rates that feel high depending on your profile, approval outcomes that vary with verification results and repayment history, and a borrowing experience that is primarily app-based.

Savings Account Options

The app works like a pocket bank: set a Smart Goal for key milestones or use Save Easy to put money aside on your schedule, earning competitive returns.

Fixed Deposit Investing

Open a Fixed Deposit to lock funds for a set period and earn a solid, pre-agreed return.

Fixed Deposit options typically vary by how long you choose to lock your money and how much you deposit, with the expected return shown before you confirm. Minimum deposit requirements and available tenors are displayed in-app, and the quoted rate is usually fixed for the chosen term.