Renaissance Credit, an international leading emerging markets consumer lender, has launched operations in Nigeria, heralding a new era for the country's consumers and bringing accessible financial products to its rapidly growing middle class.
A statement in Accra and copied to the Ghana News Agency (GNA) on Wednesday said Renaissance Credit had started issuing cash loans to qualified applicants and accepting retail deposits at its Lagos branch at 89 Awolowo Road, Ikoyi.
The lender plans to expand its product range to point-of-sale (PoS) loans at Nigerian retail outlets.
"With its impressively expanding middle class, Nigeria is the natural location to launch Renaissance Credit in Africa," said Stephen Jennings, founder and CEO of Renaissance Group.
“"Renaissance has been investing in Nigeria since 2006, and the entry of our consumer finance business is an exciting moment: not only will it bring financial freedom to Nigerian consumers, it will also create employment opportunities as we build the Renaissance Credit team in Nigeria."
The middle class makes up about 23% of the Nigerian population, according to African Development Bank data, and Nigerian consumers carry low consumer debt compared with their peers in developed countries.
According to the International Monetary Fund (IMF), Nigeria has one of the 10 highest real income-per-capita growth rates in Sub-Saharan Africa, implying that the average purchasing power of its 160 million-strong population is increasing rapidly.
"The Nigerian middle class is no different to any other in the world," said Segun Akintemi, CEO of Renaissance Credit Nigeria.
"People want access to loans and credit in order to realize their dreams. This aspirational trend is positive for consumers, and for the Nigerian economy," he said.
Akintemi notes that Renaissance Credit's entry into the Nigerian market would help to professionalise the consumer finance sector, and speed the country's evolution from a cash-based economy to a transaction-based economy.
Renaissance Group is the beneficial owner of Renaissance Credit RenCredit MFB Limited.