Tag: micro-credit

Introduction Nigeria has about 220 Million population with about 210 Million active mobile phone users, according to the Nigerian Communications Commission, and by 2050, the nation’s population is estimated to rise to 400 Million. As of June 2022, Nigeria hit 44.30% of broadband penetration with …

Micro-finance banks are fast growing credit companies in Nigeria with an edge of being deposit-taking institutions over and above the State-licensed money lending companies which are licensed only to lend money but not to process cash deposits from customers. According to the Nigerian Bureau of …

Unlike Lagos State, where the procedure for Money Lender’s license is quite bureaucratic and very formal, the procedure in Edo State is less formal and seamless for Applicants. Also, the timeline for completion of the process in Edo State is short. We have provided some …

In the course of our engagement with clients, we have documented some of the frequently asked questions on money lender licensing process in Nigeria, which we consider can be a useful guide for any interested investors in the country’s consumer lending sector. Below are our …

Introduction A Micro Finance Bank (“MFB”) is a subsector company in the financial industry licensed by the Central Bank of Nigeria (“CBN”) to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to individuals …

1. The current trends of Money Lenders’ operations in Nigeria The year 2022 will be an important milestone in the history of money lending business in Nigeria. As of the time of this publication, 1st week of December 2021, money lenders operate with unfettered freedom and …

Introduction There is an increasing demand for fintech credit products in Nigeria for obvious reasons. The traditional financial institutions have failed the community of young entrepreneurs with their stringent conditions and slow procedure for access to funding. The money lender’s business leveraging the use of …

KEY NOTES ON HOW TO SET UP A MONEY LENDER COMPANY IN NIGERIA Introduction From our experience in advising and assisting clients with business registration and licensing in Nigeria, money lender business is fast becoming very popular and widely embraced as an alternative solution to …

Why does a business require an MMO licence? Every technology solution service provider, in whatever sector, is most likely interested in how to reduce stress for customer’s subscription and payment through digital channels. One of the notable features of most online platforms is the provision …

Employee Due Diligence is an investigation by an Employer to identify any risks, screen or scrutinize hired staff’s or potential employee’s history in order to prevent any financial, reputational or other risks to the company. It must be appreciated that employees and prospective employees can …