MoneyLenders License

To legally engage in the money lending business in Nigeria, it's essential to have a state-specific license. Each state has its own laws governing and regulating money lending activities. At Kudi Konsult, we specialize in facilitating the acquisition of Money Lenders Licenses, particularly in Abuja and Lagos. We navigate the legal intricacies on your behalf, ensuring your lending business operates compliantly and successfully within these regions.


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This license authorizes entities to provide money lending services. It’s essential for legal compliance and credibility in the financial industry

No, licenses are state-specific. A license obtained in one state is only valid within that state, and you must obtain a separate license to operate in another state.

It is not advisable to carry on a moneylending business without a licence as it is criminal to do so. Also, as an unlicensed moneylender, you do not have the legal right to demand repayment of principal loan sums and accrued interest from borrowers who are in default of their loan obligations in court or anywhere else.

This is determined by the state where the application is made. For instance in Abuja, it can be obtained from the customary court while in Lagos it can be obtained from the Ministry of Home Affairs and Tourism.

Two certificates are issued namely; Form A and Form B.

These certificates are to be renewed annually.

In Abuja it takes about 1 week to go through the required documents submitted to be sure if the authenticity. After which the certificate can be issued. In Lagos it can take between 4-6 weeks in view of the requirement to conduct an inspection

All money lender licenses expire by 31st of December of the year of issuance and are renewable in January of every year.

To obtain a Money Lender’s License in Lagos State, the following steps are involved:

  1. Company Registration: Register as a Limited Liability Company with the Corporate Affairs Commission (CAC) with at least two directors.
  2. Chief Magistrate Application: Apply to the Chief Magistrate of the district where the lending company is located.
  3. Certificate and Letter: After a successful application, receive a Money Lenders Certificate (Form B) and a letter for the Permanent Secretary of the Ministry of Home Affairs.
  4. Police Clearance: Obtain a Police Clearance report on the company directors.
  5. Ministry of Home Affairs Application: Apply to the Lagos State Ministry of Home Affairs with supporting documents like Tax Clearance Certificates, office address, CAC documents, Police Clearance, bank reference letter, and proof of fee payment.
  6. Physical Inspection: The Ministry conducts a business premises inspection.
  7. License Issuance: Once approved, the license is issued, valid for one year and subject to renewal.

To obtain a Money Lenders License in Abuja, the process involves:

  1. Application Letter: Submit to the Chief Magistrate with supporting documents.
  2. Required Documents: Include CAC incorporation documents, Tax Clearance Certificate, Police Clearance for directors, bank reference letter, directors’ ID photocopies, and an affidavit of fact from directors.
  3. Application Fees: Provide proof of payment.
  4. Magistrate Assignment: The application is assigned to a magistrate within the jurisdiction.
  5. Issuance of Certificate and License: If successful, a one-year Money Lenders Certificate and License are issued, renewable upon expiration.

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