This company is Renaissance Credit and it opened shop in Nigeria last year. We had the opportunity of talking with the CEO, Mr Segun Akintemi.
Mr Akintemi joined Renaissance Credit as the CEO of Renaissance Credit from Skye Bank Plc as General Manager in charge of the Business Optimization Division (Information Technology and Business Support functions). Previously, he worked for several banks, including Union Bank Plc, Gulf Bank Plc and Prudent Bank Plc.
Segun has a B.Sc. in Computer Science (1989), a Post Graduate Diploma in Management (1993) from University of Lagos and an MBA from Lagos Business School (2006). He has also attended various courses locally and abroad, including Mastering Strategy Class Euromoney, UK; Advanced Management Programme (AMP) INSEAD, Fontainebleau, France; and Financial Services Management Seminar by Microsoft, Seattle, Washington.
InnovationVillage: Please tell us about Rennaisance Credit in Nigeria
Segun Akintemi: Renaissance Credit represents the consumer finance business of the Renaissance Group. Our Nigerian operations will leverage on state-of-the-art technology and innovative processes to redefine the consumer finance space. Our priority is to financially empower the consumers in this country,starting with Lagos. While it is well known that the consumer spending power is critical to the growth of the Economy of any nation, we believe that this should impart positively on the populace and, in turn, support the government’s initiatives to alleviate financial exclusion.
InnovationVillage: How is your company different for any regular bank? Is there any advantage for the average consumer?
InnovationVillage: What are the basic requirements for a consumer credit and how long will it take to get credit from your company?
Segun Akintemi: The requirements are very simple and they are as follows:
- Six Months Statement
- 3 Months Payslip
- Work ID
- International Passport / Driver’s License/ National ID
- Pension statement/Tax ID
- One Passport Photograph
Our loans typically take 12hours after we have received all the documents above, but we have been known to disburse in less than 2hours in some instances.
InnovationVillage: Knowing the Nigerian environment and the average Nigerian’s perception of Consumer Credit, how would you ensure that there are no defaults or defaults reduced to the barest minimum?
Segun Akintemi: Data and statistics have proven that an average Nigerian is of good character. We have internal processes and credit assessment systems that eliminates the would be defaulters during our credit assessment process. We are also pretty aggressive with collections and would pursue our funds with the required vigour.
InnovationVillage: Why did you decide to start with Lagos alone and when will your service be available to people outside Lagos?
Segun Akintemi: Lagos is a natural choice to build critical mass and understand the consumer behavior in Nigeria given its cosmopolitan nature and particularly with a population of over 20m. We have plans to expand to other parts of the country with time.
InnovationVillage: How can interested people reach your company?
Segun Akintemi: The entire Lagos population can currently reach us. You can reach us on phone on +23416310700. Our call centre is open from 8am to 8pm during the week and 10am to 2pm on Saturdays. Our website is available 24hours and customers can apply online at anytime of the day. Our branch opens from 8am to 5pm daily and we are located on 89 Awolowo Road Ikoyi, Lagos.
