Renmoney (SME loans) — review & details

In Business loans · By the Rateweb editorial team · How we rate · Details checked 18 Jul 2026

A CBN-licensed microfinance bank offering larger, longer loans at lower rates than payday apps — a middle ground between fintech speed and DFI cost.

Renmoney (SME loans)

A CBN-licensed microfinance bank offering larger, longer loans at lower rates than payday apps — a middle ground between fintech speed and DFI cost.
★★★★☆
3.8/5 · How we rate
≈2.5–4%/mo
Interest
Up to ₦6,000,000
Loan Amount
Longer (up to ~24 months)
Term
CBN microfinance bank
Provider
Larger amounts, lower fintech rates
Best For
large
Amount Tier
Pros
  • Larger amounts and longer terms than payday apps
  • Lower rates than most instant-loan apps
  • CBN-licensed microfinance bank
Cons
  • Slower and stricter than instant apps
  • Still costlier than a BOI/DBN facility
  • Needs verifiable income or business turnover
Fees, eligibility & documents
Fees
InterestApprox. 2.5-4%/mo
AmountUp to ₦6,000,000
TermLonger (up to ~24 months)
Eligibility
  • A CAC-registered business
  • Trading history / bank statements
  • A Tax ID (your NIN or CAC number)
Documents needed
  • CAC certificate
  • Recent bank statements
  • Valid director ID; a business plan for larger facilities
Visit Renmoney
Want the full picture?
Our in-depth, independent review of Renmoney (SME loans) — how it works, the risks, and the fine print.
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How Renmoney (SME loans) compares in business loans

Renmoney (SME loans) scores 3.8/5 in our business loans rankings. Our current top pick is Bank of Industry (BOI) (4.5/5). Always compare a few before you decide — see the full business loans comparison.

Renmoney (SME loans)
3.8/5 · this page
 Bank of Industry (BOI)
4.5/5
 Development Bank of Nigeria (DBN)
4.2/5
Interest ≈2.5–4%/mo ≈9%/yr (subsidised) Concessional (set by your bank/MFB)
Loan Amount Up to ₦6,000,000 From ₦5m (SME schemes to ₦1bn) MSME-scale (via your lender)
Term Longer (up to ~24 months) 3–5 years (moratorium up to 12mo) Longer tenors (up to ~10 years)
Provider CBN microfinance bank Federal govt development bank Federal wholesale development bank
Best For Larger amounts, lower fintech rates Registered SMEs with a solid plan Longer-term MSME finance
Visit Renmoney → Visit BOI → Visit DBN →

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Details last checked: July 2026

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