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.

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