Renaissance Credit (RenCredit), a new microfinance institution (MFI) offering deposit services and consumer loans in Nigeria, recently began operations using T24, a “cloud-hosted core banking system” offered by Temenos, a Geneva-based banking software provider.The system, which is built on Windows Azure from US-based technology firm Microsoft, is intended to broaden access to credit services in the country by enabling point of sale (POS) agreements whereby customers can purchase goods directly from retailers with the items paid for by instant RenCredit loans. George Taylor, Chairman of RenCredit, stated that, “Renaissance Credit offers a compelling proposition to Nigeria, coupling microfinance loans, with point of sale lending.” RenCredit operates, “a pay-per-use model, meaning the bank can scale its [information technology] infrastructure to fuel seamless expansion into other African regions, at low risk to the business…This is a replicable model allowing RenCredit to access a pre-built infrastructure directly from the Internet – anywhere – and in turn, enabling it to focus on its core competence of banking” .
RenCredit, a subsidiary of Moscow-based Renaissance Group, aims at broadening access to consumer credit in Nigeria. Apart from RenCredit, Renaissance Group is parent to Renaissance Asset Managers, an asset management company focused on emerging markets; Rendeavour, an urban real estate developer operating in Africa; and Renaissance Real Estate, a real estate fund management and investment consulting firm. Financial information on the group is unavailable.
Founded in 1993, Temenos provides banking systems for retail banking, corporate banking, private wealth management, Islamic banking, and microfinance and community banking. Temenos has 55 offices worldwide and works with approximately 1,500 financial institutions in 125 countries as of 2012. Temenos reports total assets of USD 955 million and revenues of USD 473 million as of 2011.
By Sarah Benali, Research Associate
About Renaissance Credit (RenCredit)
Established in 2012, Renaissance Credit, a subsidiary of Moscow-based Renaissance Group, is a microfinance institution (MFI) based in Lagos, Nigeria. RenCredit provides personal loans, retail deposits and point of sale (POS) agreements whereby consumers purchasing from retailers take a loan direct with RenCredit in exchange for goods. Financial information on the institution is unavailable. In addition to providing merger and acquisition transactions and financing in Russia, Renaissance Group provides funding in emerging market economies. Apart from RenCredit, Renaissance Group is parent to Renaissance Asset Managers, an asset management company focused on emerging markets; Rendeavour, an urban real estate developer operating in Africa; and Renaissance Real Estate, a real estate fund management and investment consulting firm. Financial information on the firm is unavailable.
About Temenos Group AG
Founded in 1993 and listed on the Swiss Stock Exchange, Temenos provides banking systems for retail banking, corporate banking, private wealth management, Islamic banking, and microfinance and community banking. Headquartered in Geneva, Temenos has 55 offices worldwide and works with approximately 1,500 financial institutions in 125 countries as of 2012. T24 for Microfinance and Community Banking (T24 for MCB) has been at deployed at 117 microfinance and community banking sites in 41 countries. Based on T24 Software for traditional banking, T24 for MCB comprises: group lending, exception-based payments, contract-based and account-based lending, flat-rate lending methodology, investor funds tracking and credit union functionality. As of 2011, Temenos reports total assets of USD 955 million and revenues of USD 473 million.
Sources and Additional Resources
 Temenos Press Release: “Renaissance Credit launches lending in the cloud – a first in West Africa,”November 2012, http://www.temenos.com/news-and-events/news/2012/renaissance-credit-launches-lending-in-the-cloud–a-first-in-west-africa/
MicroCapital.org story: “MICROCAPITAL BRIEF: Swiss Banking Software Provider Temenos Pilots Cloud-Based Platform for Six Mexican Microfinance Institutions (MFIs),” July 15, 2011, http://www.microcapital.org/microcapital-brief-swiss-banking-software-provider-temenos-pilots-cloud-based-platform-for-six-mexican-microfinance-institutions-mfis/
MicroCapital.org story: “MICROCAPITAL STORY: Banking Software Company Tenemos Wins Banker Award for its Product Geared Toward Microfinance,” June 5, 2007, http://www.microcapital.org/microcapital-story-banking-software-company-temenos-wins-banker-award-for-its-product-geared-toward-microfinance/
MicroCapital Universe Profile: Renaissance Credit (RenCredit)
MicroCapital Universe Profile: Temenos Group AG
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