Renmoney CEO resigns after one year in position

Renmoney has on Tuesday announced the resignation of its CEO, Oluwatobi Boshoro barely a year after she was appointed.

According to the statement BusinessDay received from the company, Boshoro resigned to attend to “personal matters”.

Prior to joining Renmoney, Boshoro was previously the head of digital banking at Stanbic IBTC and was group head of issuer management at Interswitch. She was widely credited as the brain behind the verve card product before it was spurned off to become a separate company in line with CBN’s directive that switches must not have card schemes.

During her tenure in Renmoney, according to sources close to the company, she completely transformed the alternative lender pushing it to become the number 1 non-banking lender in Nigeria and growing the loan book by over 200 per cent.

Under her, Renmoney made a profit for the first time ever. During the same period, the lender moved to a bigger office, widely considered best in class and designed by an ex-Googler.

Sources also say it was due to Renmoney’s upsurge in the market, coupled with the performance of the other alternative lenders like Page Financials, Zedvance, Carbon, Branch, and Palm Credit that instigated the Central Bank of Nigeria (CBN) to request banks to start lending to the much abandoned individual and SME segment of the market.

While she is gone, Keiran Donnelly, the current chairman of the board of directors will relinquish his position and lead the company as acting CEO until a permanent CEO is appointed.