In order to operate legally private moneylenders must obtain a license in the State where they do their lending business. Each State in Nigeria has a legislation governing lending that also regulates the activities of money lenders. Kudi Konsult can help you secure a Money Lenders License in Abuja and Lagos,
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A Money Lending License is an authority given to businesses for consumer and commercial lending in Nigeria.
No. The operations of a money lender company must be confined to the territorial geography of the State of license. However recently lenders seem to be bypassing this regulation by taking services online.
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.
There are certain requirements in Lagos State for Obtaining a Money Lender’s License and they are listed as follows:
Upon submission of the application, the Ministry will carry out a Physical inspection of the place of business and the license will subsequently be issued once the applicant is deemed to be fit and proper to act as a money lender. The certificate is valid for one year and subject to renewal.
These are the requirements for obtaining Money Lenders License in Abuja:
1. Application letter to the Chief Magistrate accompanied by the following:
Upon submission of these documents and payment of the prescribed fees, the application will be assigned to any Magistrate within the jurisdiction. If the application succeeds, the Money Lenders Certificate and License is issued to the Applicant by the assigned Magistrate for a period of one (1) year and shall be renewable at the expiration of the license.
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