How to Open & Activate an Account on the Renmoney App (Detailed Guide)

Renmoney Microfinance Bank has grown fast and people now use the app more than walking to a bank. If you want to open an account and get fully active on the Renmoney app, this guide shows every step, from download to full activation, nothing is left out.

Quick background

Renmoney, founded in 2012, is a leading Nigerian fintech company specializing in microfinance, offering digital-first solutions for personal loans, savings, and money transfers. Operating under a microfinance banking license from the Central Bank of Nigeria (CBN).

Renmoney is regulated by the CBN and insured by the Nigeria Deposit Insurance Corporation (NDIC), ensuring customer deposits are protected. Headquartered in Lagos, the company leverages its mobile app and online platform to provide seamless, accessible financial services, targeting underserved individuals and small businesses.

Since its inception, Renmoney has processed millions of loans, disbursing billions of naira, and has grown its customer base significantly, establishing itself as a trusted name in Nigeria’s fintech ecosystem.

As of today, Renmoney continues to innovate, expanding its product offerings and enhancing its digital infrastructure to meet evolving customer needs.

What you’ll need before you start

• A smartphone (Android recommended) with internet.
• A valid email address (Gmail, Yahoo, Hotmail work fine).
• A phone number you control (you’ll use this for OTPs).
• Your BVN (Bank Verification Number) – you will be asked to enter it.
• A clear ID (means of identity will be requested during verification such as NIN).
• Good passport photo or selfie (for KYC / verification) — keep it ready.

Step 1 — Download the Renmoney app

• Open Google Play Store (Android) or App Store (iPhone). Search Renmoney MFB and install. The app is updated often; make sure you download the official one. Play Store shows app details and required OS.

Step 2 — Get started / create account

1. Open the app and tap Get Started.
2. Sign in with Email — enter your email address (use one you check).
3. Choose your country of residence (Nigeria).
4. Create a strong password (lowercase, uppercase, number, special char, min 8 chars). Follow the on-screen password rules; the app will show password strength.
5. Tick I agree to Terms & Conditions, then Next.

Step 3 — Provide BVN & verify identity

• When asked, enter your BVN. If you don’t remember/open your BVN, use the BVN retrieval USSD code shown in the app (*565*0#) or check with your bank.
• The app will explain why BVN is needed in privacy policy (KYC, fraud prevention). Provide it and continue.
• You’ll receive an OTP on your phone – enter it to confirm the number.

Note: BVN and phone must match. If your BVN is on another SIM, link the correct SIM or visit a branch to update.

Step 4 — Complete personal details & set up profile

• Fill in full name, date of birth, address, occupation, etc.
• Upload a selfie and a photo of your ID (shop owners, business accounts sometimes need extra documents).
• Create/confirm your 4-6 digit app PIN.

When all details are accepted you’ll get a confirmation on screen that your account is created.

Step 5 — Fund your account (first deposit)

• Some Renmoney products let you open with zero balance; others require a small deposit. Use bank transfer from another bank account or use a debit card.
• After funding, you’ll see your dashboard with balance, loans, savings options (RenVault, RenFlex), and quick actions like “Buy Airtime”, “Pay Bills” “Betting”.

Step 6 — Upgrade & verify fully

• For larger loans or higher limits you will need Tier upgrade (more KYC). Upload extra documents (utility bill, CAC for businesses, etc.).
• Wait for verification — Renmoney will take a few hours to verify documents fully. You’ll get SMS and in-app notification when done.

What you see on your Renmoney dashboard (things to know)

• Balance — instant.
• Transfer — send to other Nigerian banks.
• Buy Airtime / Data — MTN, Airtel, Glo, 9mobile options.
• Pay Bills — electricity, cable, internet, shopping etc.
• RenVault / RenFlex / Smart Goals — high-interest savings products (Renvault offers upfront interest options).
• Loans — apply for Insta loans or personal/business loans; app shows your available loan limit and repayment schedule.

Safety & security

• Never share your OTP or PIN.
• Use a strong password and enable any extra security the app offers.
• If you get unsolicited OTPs, contact support immediately (app@renmoney.com / 0700 500 0500).

Common problems and how to fix them

• No OTP – check network, ensure you use the right phone number, request resend.
• BVN mismatch – visit your bank or branch to fix BVN-SIM link.
• App crashes or won’t update – clear cache and update to latest version from Play Store/App Store.
• Document verification delays – be patient; upload clear scans/photos and follow up via in-app support.
• Need faster help – raise a help ticket in-app or email app@renmoney.com / call 0700 500 0500.

Conclusion

The Renmoney app makes opening an account quick — download, sign up with email, enter BVN, verify, fund the account and you’re live.

Follow the KYC steps properly and you’ll get full access fast. Use the app for savings, transfers, airtime, virtual card, and loans, just protect your OTPs and PINs.