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RenMoney targets national licence—Akintemi

… No intention to list on NSE now
Renaissance Credit Nigeria now known as RenMoney has disclosed plan to seek for a national license to continue its operation in the micro finance sector of the economy.

Managing Director/CEO, Mr. Segun Akintemi, who disclosed this to newsmen over the weekend in Lagos, said, “ We have plan to seek for a national license by next year 2004. Already, we have a state license and we are really doing well. We have about 10,000 customer base,  just recently we started operation and our goal is to serve several more people that would require consumer financing. We started with N20 million capital and today we are 80 per cent above the state’s minimum capital requirement.”

He further stated that the company had no plan to approach the capital market for additional fund to meet capital base for national license.
He said, “ The Nigerian Stock Exchange , NSE has approached us to seek listing to be able to raise fund, but we don’t have plan now to go to the market. Definitely, we are eyeing the market but not now. Our shareholding structure will remain the same before we raise capital.”

Continuing, he said “ Our strategy is to spread very efficiently. We have five branches in Lagos and so we are not yet servicing the people in Lagos very well. We intend to cover more areas in Lagos.  We would be expanding at touch points across the state by next year.”
In his remark, the Chairman of Renmoney, Mr. George Taylor, explained that the change in the name of the company to RenMoney,  was part of positive improvements to the fortune of the young but innovative consumer finance service provider.


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