BusinessDay

Rentit re-launches rental services platform for Nigerians

Rentit.ng, a tech platform has re-launched to provide Nigerians with affordable and convenient rental services.

The organisation is currently the only tech-enabled platform providing seamless peer-to-peer rental services as it helps Nigerians make money from their idle equipment.

“We are operating in a unique space and offering transactions that allow our users access to different types of equipment they can rent,” said Seun Abimbola, chief executive officer of Rentit.ng at a media briefing in Lagos recently.

“One of the problems we are trying to solve as an organisation is to help people put their idle equipment to productive use and also help people who can’t afford to put new equipment for just a single-use easily rent for the same purpose,” Abimbola said.

“By doing so we are reducing waste and carbon footprint,” he added.

He said that his organisation’s platform has conducted 2,000 peer-to-peer rental transactions and paid over 30million to rental owners in 2021 in Lagos, Abuja, Ibadan and Port Harcourt.

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According to him, Rentit has re-launched to roll out nationwide. “We have expanded across the country and will be expanding to more cities in Africa.”

He noted that the equipment owners on its platform have the responsibility of deciding the price at which their items will be hired, saying his organisation makes its money by taking 15percent of every transaction.

Abimbola explained that any items can be listed to individuals or organisations that want to put it up for hire by visiting Rentit.ng to list their items, adding that the items are insured ones it is listed on its platform. “We partnered with an insure-tech and deployed APIs with some logistics company for our items,” he noted.

“One of the requirements for users is National Identification Number (NIN). We work with smile identity for verification,” he added.

Since starting in 2019, he said lack of trust by Nigerians for online platforms remains the biggest challenge confronting the business, stating that his organisation is addressing the issue by ensuring standards in all its transactions.

He added that the rental money is remitted to owners of items after users’ satisfaction, noting that an owner can be delisted from the platform when there are numerous complaints from various users.

According to him, Rentit.ng has had seed funding from a Canadian Venture Capital and it is currently in the market to raise more funds.

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