HOW TO GET A MONEY LENDER LICENSE IN LAGOS STATE
A Money Lending License in Nigeria can be granted to an individual or a corporate body. However, obtaining the money lender license through a corporate body is more advisable.
The Money Lending Law of the various states in Nigeria regulates money lending business operation. The step for how to get a money lenders license in Lagos State commences by making a prescribed application to the Chief Magistrate.
For an individual or company to become a legitimate moneylender, the individual or company must obtain the Money Lender License to practice in Nigeria. Section 4 of the MoneyLenders Law Chapter 7 Laws of Lagos State provides “that a person who lends money at interest or who lends a sum of money in consideration of a larger sum being repaid shall be presumed to be a money lender until contrary is proven”.
Only persons licensed to be moneylenders by the relevant government authority are permitted to be moneylenders. One of the benefits of being a licensed moneylender is that a moneylender can exercise its right in instituting an action in Court to recover principal loan and accrued interest from a defaulting borrower.
Requirements for the application of a Money Lending License in Lagos.
Steps and Procedure for applying for a Money Lending License
In conclusion, it is important for any individual or company who intend to carry on money lending services to obtain the License from the Ministry of Home Affairs and Tourism so as to legitimize the business and also be entitled to an absolute legal remedy.
Finally, a typical Financial Technology (FINTECH) startup company seeking to engage in money lending business through mobile technology must also obtain a money lending license from each and every state the company intends to carry out its business. And due to several requirements and steps involved in obtaining a money lending license, it is desirable to engage an expert, especially lawyers to undertake the process.
By Resolution Law Firm. The Firm engages in obtaining Money Lending License both Individuals and Corporate Organizations in Nigeria