When do I need a Money Lender’s License?
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 firstname.lastname@example.org, or give us a call on +2349017190079. 618 Bees will complete your registration with the appropriate Lagos State Ministry.
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