HOW TO OBTAIN MONEY LENDING LICENSE IN 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 lenders license in Abuja and in other states in Nigeria is obtained or commenced through the Court. Money lending in Nigeria is primarily regulated by state laws, with each state having its specific legislation governing money lending activities. The primary legal instruments include the Moneylenders Act (for states that have adopted it) and various state-specific Money Lending Laws. Apart from the Moneylenders law, the money lending business is now governed by the Federal Competition & Consumer Protection Act. Due to the severe abuse of money lending activities by operators using cruel and barbaric methods for the collection of their debts, the federal government, through the Federal Competition & Consumer Protection Commission (FCCPC), now directly supervises money lending. For an operator to be eligible to carry on operation, such an operator must obtain requisite approval from the FCCPC. For more information on Money lending license, contact Resolution Law Firm- https://www.resolutionlawng.com/ Email: [email protected] #lawfirm #corporate #license #moneylender #business #nigerianlaw #lawyers #fccpc #moneylenders #corporatelaw #commerciallaw #nigeria #loan #paymentloan #lagos #abuja