How to obtain Money Lenders Certificate in Nigeria
Money Lenders License in Lagos Nigeria A Money Lending License in Nigeria can be granted to an individual or a corporate body. However, obtaining the moneylender 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 o...