How to obtain Money Lenders License in Lagos state

How to obtain Money Lenders License in Lagos state

October 19, 2018

To register a money lending business a money lending license is required to authorize the function of such business. There are basically three(3) steps in obtaining the money lenders license and they are listed below;

Step1 – Applicant shall Apply to the magistrate court with the accompanying documents

  • Application letter
  • Certified Copies of the CAC Form 2 and 7
  • Memorandum and Articles of Association of the company
  • Certificate of Incorporation
  • Tax and Police Clearance
  • Evidence of Maintenance of a current Bank account

After the above listed documents are submitted at the magistrate court, the applicant shall be given a letter and form B of the money lenders ordinance by the magistrate court.

Step 2 – Applicant shall Apply to the Ministry of Home Affairs and Tourism and make the payments of 10,000 Naira for the purchase of the Money Lender certificate and then Collect an invoice for a sum of 50,000 Naira from the Ministry.

The applicant shall submit the Application with the following documents

  • A covering letter
  • Police report
  • Tax clearance certificate
  • Form B and Form C from the Magistrate Court
  • PAYE Certificate
  • Certificate of Incorporation
  • Evidence of payment of application fees.

Step 3 – Inspection from the Ministry to the registered office address to investigate operations of the applying company. A successful pass of these three stages will guarantee the applying company a license permit.

TEAM 618 BEES

For further inquiries contact info@618bees.com 012803791

www.618bees.com

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.

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