For the first time a Russian bank has entered the Nigerian financial market. A subsidiary of Renaissance Group has started working in this country, reports The Kommersant. Renaissance Credit Nigeria is working in the sphere of crediting at point of sale (POS-crediting). Among other products are credit cards, general purpose loans, installment loans and deposits, informs the official bank’s Facebook page.

The bank is registered in Lagos, one of the largest cities in Nigeria. It is wholly owned by Renaissance Group.

Renaissance Group says the Nigerian market of crediting at points of sales is developed weakly. It takes about some weeks for getting a credit for a purchase, while in Russia it takes about some minutes.

Renaissance Group includes a retail bank Renaissance Credit and an investment bank Renaissance Capital. The half of the Renaissance Capital is owned by the Onexim Group owned by Mikhail Prokhorov.