Renmoney — review & details

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

A CBN-licensed microfinance bank geared to larger, longer-term loans at the lowest advertised rates here - slower and stricter than the instant apps, but cheaper for bigger amounts.

Lowest rates

Renmoney

A CBN-licensed microfinance bank geared to larger, longer-term loans at the lowest advertised rates here - slower and stricter than the instant apps, but cheaper for bigger amounts.
★★★★☆
4.2/5 · How we rate
Up to ₦6,000,000
Loan Amount
≈2.5% – 4%
Monthly Interest
CBN microfinance bank
Licence
Yes (NDIC, to ₦2m)
Deposits Insured
large
Amount Tier
digital
Provider
Pros
  • CBN-licensed microfinance bank
  • Lowest advertised monthly rates for larger amounts
  • Longer repayment terms
Cons
  • Stricter checks / documentation than instant-loan apps
  • Not aimed at very small, same-day loans
Fees, eligibility & documents
Fees
Monthly interestApprox. 2.5%-4%
FeesCheck the total repayable before accepting
Late paymentLate fees + credit-bureau report
Eligibility
  • 18+ Nigerian resident
  • Active BVN
  • A smartphone and a Nigerian bank account
Documents needed
  • BVN
  • Valid ID
  • Phone number and app/data access
Visit Renmoney
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How Renmoney compares in personal loans

Renmoney scores 4.2/5 in our personal loans rankings. Our current top pick is FairMoney (4.4/5). Always compare a few before you decide — see the full personal loans comparison.

Renmoney
4.2/5 · this page
 FairMoney
4.4/5
 GTBank (QuickCredit)
4.3/5
Loan Amount Up to ₦6,000,000 ₦3,000 – ₦3,000,000 —
Monthly Interest ≈2.5% – 4% 2.5% – 30% (by credit profile) —
Licence CBN microfinance bank CBN microfinance bank Product of Guaranty Trust Bank, a CBN-licensed commercial bank
Deposits Insured Yes (NDIC, to ₦2m) Yes (NDIC, to ₦2m) —
Visit Renmoney → Visit FairMoney → Visit GTBank →

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Details last checked: July 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.