Renmoney is one of the most popular microfinance banks in Nigeria, well known for its digital-first services, just like the Sofri mobile app.
Licensed by the Central Bank of Nigeria (CBN), Renmoney began operations in 2012 as a financial institution focusing on loans, savings, and flexible financial products for individuals and small businesses.
Over the years, Renmoney has evolved into a fully digital microfinance bank, with its mobile app being the main channel for customer transactions.
Today, the app is used for transfers, bill payments, airtime/data top-up, and account management. It has become the go-to platform for many Nigerians who prefer stress-free banking without visiting physical branches.
One of the most common uses of the Renmoney app is money transfer. Whether you’re sending money to another Renmoney account or to other Nigerian banks, the process is straightforward.
What You Need Before Using the Renmoney App for Transfers
- A Renmoney account (can be opened through the app).
- The Renmoney mobile app (downloadable on Google Play Store and Apple App Store).
- A smartphone with internet access.
- Your registered phone number and BVN linked to your account.
- A funded account balance.
Step-by-Step: How to Transfer Money Using the Renmoney App
1. Download and Install the App
- Go to Google Play Store (Android) or App Store (iOS).
- Search for Renmoney Mobile App and download it.
2. Log In or Sign Up
- Open the app.
- Sign in with your registered details (phone number/email + password).
- If you don’t have an account, use the Create Account option.
3. Navigate to “Transfer”
- On the home screen/dashboard, tap Transfers.
- Choose between:
- Renmoney to Renmoney (free, instant).
- Renmoney to Other Banks (instant, may have small charges).
4. Enter Recipient Details
- Account number.
- Bank name (if sending outside Renmoney).
- Recipient’s name will pop up for confirmation.
5. Input Amount
- Type in how much you want to transfer.
- Double-check the amount before proceeding.
6. Confirm With PIN
- Enter your transaction PIN or fingerprint/Face ID (if enabled).
- Tap Send/Proceed.
7. Transaction Completed
- You’ll see an on-screen confirmation + SMS/Email alert.
- The recipient also gets the money instantly.
Benefits of Using the Renmoney App for Transfers
- Fast & Instant – Transfers reflect within seconds.
- No Branch Visit – 100% digital from your phone.
- Safe & Secure – PIN, fingerprint, and encryption protect every transfer.
- Low Fees – Transfers within Renmoney are free, while interbank transfers attract only small charges.
Common Issues and Fixes
• “Transaction Failed” → Usually due to poor internet. Retry after switching to a stronger network.
• “Insufficient Balance” → Fund your account before attempting a transfer.
• “Invalid Account Number” → Double-check the digits before confirming.
• “App Not Working” → Update the app from the Play Store/App Store.
FAQs
1. Can I transfer money without the Renmoney app?
No. Renmoney doesn’t offer a USSD transfer code, so all transfers must go through the app.
2. How much can I transfer daily?
Daily limits depend on your account tier and verification status. Fully verified users can transfer higher amounts (up to ₦5m daily).
3. Are transfers instant?
Yes, both Renmoney-to-Renmoney and interbank transfers are instant.
4. Is it safe to transfer with the app?
Yes. Renmoney app uses encrypted technology and PIN verification for security.
Conclusion
Renmoney Microfinance Bank has simplified banking in Nigeria with its mobile app, making transfers fast, secure, and stress-free.
Whether you’re sending money to family, paying suppliers, or topping up a business account, the Renmoney app gives you the flexibility of banking anywhere, anytime.
With over over a million downloads and decade of financial service history and a strong digital focus, Renmoney continues to prove why it is one of Nigeria’s top microfinance institutions.
