Renaissance Capital Founder Foresees Rapid Growth of Nigerian Economy
Dike Onwuamaeze
The Founder of Renaissance Capital and Chairman of Renmoney Microfinance Bank, Mr. Stephen Jennings, has foreseen a burst of rapid growth in the Nigerian economy after this challenging period and reiterated the bank’s long term commitment to driving financial inclusion for individuals and Small and Medium Enterprises (SMEs) in the country.
Jennings also stated that Renmoney is excited about the next phase of market development in Nigeria.
He made these remarks during the recent celebration of Renmoney’s 10th anniversary in Nigeria, with the theme “Going Long on Africa: Creating sustainable value in dynamic markets.”
Renmoney is a digital bank operating on a microfinance banking license in Nigeria and provides loans, savings, deposit and payment solutions to Nigerians. Renmoney is regulated by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.
Jennings said: “In emerging markets the long-term winners are normally determined during more challenging times. And while it is challenging in Nigeria today, we simply believe that the entire world is ultimately on a very similar development path; the only difference is the timing. So overall, Nigeria ticks a lot of boxes for us as we see in the future what we’ve seen before here – a burst of rapid growth.”
He used to share experience and outlook for investing in Africa before a select group of partners, investors, financial regulators and business leaders.
He said in his address that, “through Rendeavour, Renmoney and my previous business, Renaissance Capital, we have been here for fifteen years in a very big way.
“We are emerging market pioneers and we typically bring a level of commitment and staying power in terms of people, capital, tenacity, balance sheet and financing capabilities that is unique and that few foreign investors can match.”
An Economist and the Keynote Speaker during the Renmoney’s 10th anniversary, Mr. Charlie Robertson, who is also a renowned emerging markets specialist, pointed out that the level of a country’s adult literacy, as well as its fertility rate and access to electricity for its citizens would have significant impact on the country’s industrialisation, availability of investment capital and its ability to escape the poverty trap.
The anniversary celebration also featured a robust panel discussion that had Jennings, Robertson and Co-founder, Aluko & Oyebode, Mr. Gbenga Oyebode, as panelists.
The Executive Director of Renmoney, Mr. Apekhade Idogho, thanked the staff, investors, regulators, depositors and partners for their support over the years.
He said that Renmoney “will remain focused on delivering innovative, useful financial solutions for Nigerians.”
