When do I need a Money Lender’s License?

When do I need a Money Lender’s License?

October 25, 2019

To operate a money lending business in Nigeria one must have a Money Lenders License. However it is not everyone who lends money in Nigeria that is a Moneylender or that requires the Money Lenders License. In Lagos State, Section 4 of the MONEY LENDERS LAW CHAPTER M7 LAWS OF LAGOS STATE defines who a money Lender is and who requires this license. The provision of the Law states that a person who lends money at interest or who lends a sum of money in consideration of a larger sum of money being repaid shall be presumed to be a Money Lender until the contrary is proved. The purport of the definitive section of the Money Lenders Law is that for a person to become a legitimate Money Lender in Lagos State, Nigeria, the individual/corporate body must obtain the Money Lenders License to practice money lending in Nigeria.

Also, the provision of S.7 of the Law reiterates Section 4 by stating that any person who lends money for interest or consideration is presumed to be a Money Lender until the contrary is proven and is therefore subject to the provisions of the Money Lenders’ Law. It can be concluded that if you lend money for a consideration of a larger sum or interest then you need a Money Lenders License.

618 Bees can help you quickly and easily obtain a Money Lenders License. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your registration with the appropriate Lagos State Ministry.

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • If I have NAFDAC Registration number, do I still need SON registration number?

    SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

    This is irrespective of the registration done by NAFDAC
  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.
  • What is the importance of registering a patent?

    The main reason to register a patent is to ensure that the inventor is able to exclusively commercially exploit an invention. The rights to a patent are vested in the “Statutory Inventor” i.e. the first person to file and register the patent.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • How many shareholders do I need to start a company?

    A minimum of one (1) adult shareholder is required to form a company.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp