Customer story

How Renmoney scales at speed using Okra

Learn how Renmoney uses Data and Payment APIs to improve customer onboarding and speed up loan application and disbursement processes.


Renmoney is a microfinance bank with ultimate focus on lending, saving, investment, consumer and corprate finance. Headquartered in Lagos Nigeria, Renmoney have branches across Nigeria.




Onboard new users, underwrite loans

  • Auth
  • Balance
  • Identity
  • Income
  • Transactions

Renmoney’s Key Results


Successful API calls

To effectively fulfil its mission of delivering outstanding service experiences, Renmoney needed to incorporate top-notch technology, data, and innovation in their operations — enter Okra.

Okra is a financial services and data aggregation company. We’ve built an API — the infrastructure that enables end-users (individuals and corporations) to connect their bank accounts directly to third-party applications. We are powering the connectivity layer between financial institutions, fintech companies, and consumers.


The unique features of our API mean that:

You’re able to get a full KYC profile for an individual or corporate entity across all banks in Nigeria — this protects your business from risk and fraud.

Confirming vital identity details before any transaction starts happens quickly and easily, with our API.

Customers can connect their bank accounts directly to financial applications with their internet or mobile banking credentials; this makes onboarding a faster and safer experience.

You, the customer are in control of the financial institutions you connect to, and you can choose what details you log in with.

Retrieving current and historical balance information from your customers is a lot easier. Verifying an account balance is key to reducing the risk of returned payments and preventing transaction failures.

Loans can therefore be received much faster, most likely in less than 24 hours!

Partnering with us also means:

You can pull up to 24 months of transactional statements across all banks in Nigeria, in real-time. Our machine-learning technology breaks down the information received into the following categories: channel, benefactor, category, date, balance at the time of the transaction, geolocation data, flagging, and more — providing you with the relevant context and content of transactions.

No more jumping through hoops to authorise access to your bank statements. You don’t need to send a bunch of emails or leave your house and queue up at your bank, especially with the current pandemic still happening.

In the past 6 months, Renmoney has witnessed increased usage of its platform, which has affected the number of successful customer connections. The overall success ratio of the activity carried out by Renmoney with our API is 87.3% and climbing — that’s something to be happy about!

working with Okra has been immensely valuable. Their continuous drive to push innovation boundaries in a complex market like Nigeria will unlock more paths for businesses like ours to provide much needed convenient solutions to our users

We’re thrilled to be working with a company like Renmoney that is transforming how financial decisions happen. The plan is for a continued partnership with us in powering their drive to serve more users, which we’re looking forward to! 

We’re proud of our platform, the products we’ve built, and the innovative partners we work with. Speaking of our products, we’re also working on product case studies, which will provide an in-depth analysis of our products and how they work. We look forward to sharing those with you later this year — stay tuned

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“Okra’s bank statement service extends to both individual customers as well as small and medium enterprises — which are the bedrock of the Nigerian economy. Our partnership with Okra has helped us achieve the truly digital auto loan offering for our customers”

Chetan Seth CTO at Autochek

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