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It’s a scam! Beware of Facebook account offering loans in the name of popular mobile app in Nigeria

IN SHORT: Mobile app Renmoney has distanced itself from a personal Facebook account offering loans in its name. The company says those looking to take out loans should reach out via its app, website or official phone number. 

“With Renmoney Microfinance Bank loan, you can get from N200k - N10m. No collateral, no guarantor. Just your Commercial Bank Statement,” reads a post on Facebook.

Fake_Renmoney

The 18 July 2023 post also includes a phone number where those interested can send a WhatsApp message.

Renmoney is a financial services provider founded in 2012. It operates on a microfinance banking licence granted by the Central Bank of Nigeria.

The Facebook post includes a screenshot taken from the company’s website

Similar posts can be found on Facebook groups with thousands of members here, here and here.

But is this loan offer from Renmoney? 

Renmoney’s Facebook page and loans

The suspicious account is a personal one belonging to a user by the name of “Grace Joke”. This is a red flag because a registered business would not post its services through a personal account.

The company’s official page, which has over 340,000 followers, is Renmoney and is verified by Meta.

Renmoney not only offers loans to customers, but it also allows them to save money and pay bills using its mobile app. 

In a tweet, Renmoney advised users to apply for a business loan on its website or download its app.

In another tweet, the company said customers can also call this number 0700 5000 500 to apply for a loan. 

Africa Check found the same number on the company's website and on its Facebook page. 

The suspicious account also has a contact number, but it’s different from the one provided by the company on its social media pages.

In a Facebook post, Renmoney warns users not to fall for scams.

When dealing with any company it’s important to be vigilant and take note of suspicious behaviour,” it wrote

The attached picture lists three things the company would never ask customers to do: pay money to process your loan, collect your loan repayment in a strange place and process your loan through a third party agent.

In a response to Africa Check on Facebook, Renmoney’s representative said the company did not recognise “Grace Joke” as one of its employees. “Please, apply for our loans directly on the mobile app, website or contact us on 07005000500,” the rep added.

Africa Check has investigated several cases of false loans being offered on Facebook. Those who fall for these offers could end up losing money or giving out their personal details instead of securing loans.

To help protect yourself against online scams, read our guide to Facebook scams and how to spot them.

 

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