By William Jimoh
Renaissance Credit said it planned to lend about one billion naira over the next six months to medium income earners and small and medium scale enterprises.
The bank, in its newly introduced consumer credit facility, said that much of the lending would be based on business needs.
Addressing journalists in Lagos, Mr. Segun Akintemi, Chief Executive Officer of the bank, said
“Renaissance Credit’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.
“The entry of our consumer finance business is an exciting moment; not only will it bring about financial freedom to Nigerian consumers, it will also create employment opportunities as we build the Renaissance Credit team in Nigeria.”
Speaking further, Akintemi revealed that Nigerian middle class is not different to any other in the world as people all over the world want access to loans and credit in order to realise their dreams, the reason for which they brought about the new consumer finance business.
He added that, “The aspiration trend of the bank is positive for both the Nigerian consumers and the development of the country’s economy.”
Also speaking at the conference, the group CEO, Stephen Jennings, maintained that they are attracted by Nigeria’s growing economy with about 160 million people and an expanding middle class with little access to credit a problem they want to offer solution to.