Unlocking inclusive digital finance in Nigeria
By moving to Mambu, Renmoney – a leading Nigerian digital microfinance bank reduced loan disbursement time from days to minutes and scaled to over 500,000 customers, issuing ₦2 trillion in loans to date.
- minutes average loan disbursement time
- customers served and counting
- trillion in loans issued to date
RENMONEY
About the customer
Renmoney is a leading digital microfinance bank based in Lagos, Nigeria. Since 2012, it has focused on providing accessible, inclusive financial services to individuals and small businesses. Licensed by the Central Bank of Nigeria, insured by the Nigeria Deposit Insurance Corporation, and certified by PCI DSS, Renmoney offers personal and business loans up to ₦10 million, with flexible repayment terms of up to 24 months, fixed deposits, and savings accounts with competitive interest rates of up to 28% per annum–delivered digitally and through physical branches in Lagos.
Driven by a vision to democratise access to finance, Renmoney uses technology and continues innovation to offer simple, flexible, and responsible lending and savings solutions. With a team of over 1,000 employees, Renmoney operates on principles of customer-first thinking and transparent service delivery.
“Renmoney is shaping the future of digital banking in Nigeria – leading with lending because access to finance is no longer optional, it's essential.”
- Chukwuemeka Oti, Head of Products, Renmoney
The challenge
Outgrowing legacy tech
By 2015, Renmoney had outgrown its legacy core banking system. Their former solution, couldn't keep pace with their goals for digital scale, product flexibility, and operational speed. It restricted how quickly the team could launch new financial offerings and blocked smooth integration with their tech stack.
As customer demand grew, Renmoney needed a modern, scalable system to enable automation, quick product configuration, and integration with fintech ecosystems. They were looking for a platform that would reduce internal friction and allow them to operate like a digital-first bank.
The solution
A modern core for a scalable, digital-first banking
Renmoney selected Mambu’s cloud-native, composable core banking platform to modernise its infrastructure and future-proof its operations – underpinned by Amazon Web Services (AWS). The decision was driven by Mambu’s API-first model, speed to market, and strong integration capabilities, all aligned with Renmoney’s technology roadmap.
Renmoney has used Mambu to successfully power a range of offerings, including personal and business loans, savings products and automated loan renewals and top-ups. The platform also integrates smoothly with Renmoney’s credit scoring engines, payment gateways, CRM, and customer channels (mobile app and web portal).
Mambu’s composable foundation has given Renmoney the speed and scale to experiment, launch, and iterate with confidence–without being slowed down by infrastructure.
“The decision to use Mambu was driven by our strategic objective to become a fully digital, agile, and scalable microfinance bank. Its cloud-native, composable architecture, API-first design, and proven success in enabling digital banks aligned perfectly with our technology roadmap.”
- Vitaly Leshchuk, Chief Technology Officer, Renmoney
The results
From days to minutes: the impact of going composable
Ten years into the partnership, Renmoney’s progress speaks for itself. Since implementing Mambu, the bank has improved performance across key metrics including time-to-market, loan disbursement growth, platform uptime, operational efficiency, and customer onboarding.
With focus on driving financial inclusion across Nigeria, to date Renmoney has processed tens of millions in loan applications, issuing ₦2 trillion in loans and serving more than 500,000 customers, focusing on driving financial inclusion across Nigeria.
Loan disbursement now takes just 5 minutes on average, down from several days.
This has improved the customer experience and helped grow new customer acquisition year over year.
Active customer accounts on Mambu are projected to grow 67% by the end of 2025. Platform uptime and system reliability have remained consistently high, supporting uninterrupted service delivery. Customer onboarding has become faster and more intuitive, contributing to better conversion rates and higher customer satisfaction.
Renmoney continues to track these KPIs as clear indicators of business growth, customer value, and return on investment – supported by a core banking platform that keeps pace with their ambitions.
“We have reduced time to money and time to offer significantly–loans are now disbursed in minutes instead of days, which has increased our customer acquisition exponentially year on year. Using Mambu has delivered significant benefits that directly support Renmoney’s vision of becoming a leading digital microfinance bank in Nigeria.”
- Abel Abalanne, Head of Digital Lending, Renmoney
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