FinTech Company Renmoney Fires 391 Staff, Embraces Tech

Renmoney fires 391 staff

Amid the COVID-19 pandemic, Renmoney has fired 391 employees as it looks at using technology to handle more aspects of its business operations.

Renmoney Microfinance bank is one of the top personal and business loan providers in Nigeria and has been in the business for over 7 years now.

The recent decision to lay off 391 sales officers of the company is in response to the organization’s move to go fully digital in some aspects of its operations.

Although the lay off has attracted some criticism from members of the public who think that the COVID-19 economic slap might have a hand in the massive layoff, the company has debunked any of such claims.

The company has announced that in a bid to serve customers better and faster, it has invested in technology that will allow its operation digitally without needing the inputs of direct sales agents thereby cutting down significantly on the time it takes to satisfy a customer’s needs.

Direct sales channel operations like loan application, opening savings or fixed deposit accounts, will now be done using digital platforms – which will include a mobile apps that will be launched soon.

Renmoney Official Layoff Announcement

According to a report by techpoint, ene of the major reasons for downsizing is usually an economic/financial crisis, and despite what was officially reported, there might also be some economic undertones.

We do hope that this embrace of technology in service delivery will have significant impact in the company’s growth in the coming months and years.


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