{"id":5374,"date":"2022-10-05T11:42:48","date_gmt":"2022-10-05T11:42:48","guid":{"rendered":"https:\/\/koriatlaw.com\/?p=5374"},"modified":"2022-10-05T11:42:48","modified_gmt":"2022-10-05T11:42:48","slug":"how-to-set-up-a-digital-lending-company-in-lagos","status":"publish","type":"post","link":"https:\/\/koriatlaw.com\/2026\/2022\/10\/05\/how-to-set-up-a-digital-lending-company-in-lagos\/","title":{"rendered":"HOW TO SET UP A DIGITAL LENDING COMPANY IN LAGOS"},"content":{"rendered":"\n
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www.koriatlaw.com <\/figcaption><\/figure>\n\n\n\n

Introduction<\/em><\/strong><\/p>\n\n\n\n

Nigeria has about 220 Million population with about 210 Million active mobile phone users, according to the Nigerian Communications Commission,<\/a> and by 2050, the nation\u2019s population is estimated to rise to 400 Million. As of June 2022, Nigeria hit 44.30% of broadband penetration with over 84 Million Internet Users which is projected to experience 60% growth by 2027. According to Mastercard<\/a>, 91% of Nigerians use digital channels for financial transactions including lending, payment, investment and related services.  <\/p>\n\n\n\n

The above, when juxtaposed with the recent Google\u2019s investment in subsea cables in Nigeria<\/a>, is a boost for building a digital lending business and any other product or service in the Nigerian digital economy. Of course, Lagos, as the commercial centre and most populated city in Africa, is naturally the most attractive destination for setting up a fintech company. <\/p>\n\n\n\n

Doing business in Lagos is easy for\nboth locals and foreigners \u2013and the most interesting part is that a foreigner can\nsolely own a business without having to come over to Nigeria! Even the process\nof opening a bank account for a Nigeria business owned by a foreigner can be\ncompleted by the owner living overseas. <\/p>\n\n\n\n

In this article, we have, in a question and answer format, highlighted the requirements and procedure for registration of a money lender company at the Corporate Affairs Commission (“CAC”) and obtaining the operational certificate and license in Lagos State as well as the costs and timeline for completing the process. The requirements and procedure are the same for both Nigerians and foreign nationals seeking to set up a digital lending business in Nigeria.<\/p>\n\n\n\n

SEE ALSO:<\/p>\n\n\n\n

\nhttps:\/\/koriatlaw.com\/2026\/how-to-set-up-digital-lending-business-in-kenya\/\n<\/div><\/figure>\n\n\n\n

How\nis a Digital Lender regulated in Nigeria?<\/em><\/strong><\/p>\n\n\n\n

A digital lender is regarded as a money\nlender under a State\u2019s Money Lenders Law which is providing micro or consumer credit\nto individual or small businesses. This category of digital lender is regulated\nby either the Magistrate\u2019s Court or the Ministry of each State i.e. a sub-national\ngovernment (Nigeria has 36 States and a Federal Capital Territory in Abuja). <\/p>\n\n\n\n

A digital lender may also be a Commercial Bank or Finance Company or Microfinance Bank whose loan apps are available online, offering consumer credit with or without collateral. This category of digital lenders is regulated by the Central Bank of Nigeria (\u201cCBN\u201d) under federal laws. These financial institutions do not require additional licence from any State where they operate in order to provide digital lending services to their customers.<\/p>\n\n\n\n

Please note that effective from 2022, all digital lenders are now required to register their loan Apps with the Federal Competition and Consumer Protection Commission (“FCCPC”)<\/a>. The FCCPC now charges the sum of N500,000 (Five Hundred Thousand Naira) for each loan App subject to a maximum of three (3) loan Apps for a company. YOU CAN READ MORE IN THE LINK BELOW<\/p>\n\n\n\n

\nhttps:\/\/koriatlaw.com\/2026\/registration-of-digital-lenders-with-federal-competition-and-consumer-commission-fccpc-in-nigeria\/\n<\/div><\/figure>\n\n\n\n

The focus of this article is on the\nfirst category, State regulated digital lender, as opposed to the second\ncategory, which is the federal regulated digital lenders.<\/p>\n\n\n\n

Is a licence required to provide digital lending services in\nLagos?<\/em><\/strong><\/p>\n\n\n\n

Yes. Every money lender within Lagos\nState must be licensed by the Lagos State Ministry of Home Affairs and Tourism (\u201cMinistry\u201d)\nunless it is lending money as a cooperative society or CBN-licensed financial\ninstitution or a statutory body or a licensed pawnbroker. <\/p>\n\n\n\n

Under the Lagos State Money Lenders Law<\/strong>(\u201cLagos State Law\u201d), it is\nan offence to engage in a digital lending business without the required\ngovernment licence and anyone found engaging in any activity of digital\nlending, without with the required licence, will be presumed to be a Money Lender\nand held liable under the law. <\/p>\n\n\n\n

It is important to mention that in\nLagos State, a digital lender is granted both Money Lender Certificate (by a\nChief Magistrate\u2019s Court) and Money Lender Licence (by the Ministry). Both\nmoney lender certificate and licence are usually granted to a corporate\napplicant who meets the requirements.<\/p>\n\n\n\n

What\nis the scope of the Digital Lending Operations<\/em><\/strong>?<\/p>\n\n\n\n

The\nLagos State Law is silent on the scope of the services that a digital lender can\nprovide with the money lender certificate and licence. <\/p>\n\n\n\n

In our view, however, a digital\nlender can loan any amount of money not exceeding the value of its share\ncapital, provided there is nothing in the nature of the transaction that\nviolates any laws and guidelines of the financial institutions regulated by the\nCBN or the Securities and Exchange Commission (“SEC”).<\/p>\n\n\n\n

Can\na digital lending company obtain a money lender licence in one State and use\nsame to operate digitally in other States?<\/em><\/strong><\/p>\n\n\n\n

With\nthe advent of technology, it is possible for the registered address of a money\nlender to be in one State whilst the business is potentially servicing\ncustomers from or residents in different other States of the country through its\ndigital lending applications.<\/p>\n\n\n\n

Please\nnote, however, that a digital lending company requires the money lender\ncertificate and licence of every State in which it seeks to operate either\nphysically or digitally. Failure to obtain the money lender certificate and\nlicence from a particular State where loans are given to customers may create enforcement\nissues and deprive the company the right to seek recovery or enforce a loan\nagreement in the State. <\/p>\n\n\n\n

Also,\nthe promoters of such lending business may be exposed to criminal liability for\ndoing such business without the required licence. It is an offence to engage in\nmoney lending business in a State without the certificate and licence issued by\nthe Government of that State.<\/p>\n\n\n\n

What\nare the requirements for registering a Digital Lending company in Lagos?<\/em><\/strong><\/p>\n\n\n\n

In\nLagos State, an applicant for money lender\u2019s licence must be incorporated by\nthe CAC as a private limited liability company with a share capital of not less\nthan N20 Million and at least two (2) adult directors who must each have three\n(3) years\u2019 tax clearance certificate.<\/p>\n\n\n\n

The\ngeneral requirements for setting up a digital lending business as a private\nlimited liability company in Lagos State are as follows:<\/p>\n\n\n\n

i.\nTwo (2) proposed names for the company for CAC\u2019s name screening and approval;<\/p>\n\n\n\n

ii.\nA proposed registered address, email and phone number of the company in\nNigeria;<\/p>\n\n\n\n

iii.\nNames, resident address, email address, phone number, electronic signature(s)\nand means of identification (preferably data page of international passport) of\nthe shareholder(s), at least two directors and the company secretary; <\/p>\n\n\n\n

iv.\nThe amount of share capital (please note that the minimum share capital of a\nmoney lender company must not be less than N20 million share capital);<\/p>\n\n\n\n

v.\nThe division of the company\u2019s shares amongst the shareholders (if the company\nhas more than one shareholder) and the names of person with significant control\nover the company;<\/p>\n\n\n\n

vi. The description of business\nwhich must be solely for money lending services. However, we have successfully\nregistered and obtained money lender licence for tech companies as a digital\nlending business with additional business objects relating to development of\nmobile applications, technology services and use of lending technologies and\nother software or digital solutions;<\/p>\n\n\n\n

vii.\nA copy of the company’s Memorandum and Articles of Association (\u201cMEMART\u201d). The\nCAC has a generic MEMART for applicants to adopt when incorporating a new\ncompany but we can insert relevant clauses to make it suitable for the money\nlending businesses. <\/p>\n\n\n\n

ix.\nAny other document(s) (such as work permit or business permit, etc. for foreigners\nwho are already in Nigeria) as may be required by the CAC;<\/p>\n\n\n\n

What\nare the requirements for obtaining money lenders\u2019 license (for a company) in\nLagos State?<\/em><\/strong><\/p>\n\n\n\n

1         \nTwo Application Letters in the prescribed form on the letter head paper of the\ncompany: one to the Magistrate\u2019 Court and the other subsequently to the\nPermanent Secretary of the Ministry of Home Affairs;<\/p>\n\n\n\n

2         \nCertified True Copies of the Certificate of Incorporation, the Memorandum and\nArticles of Association (\u201cMEMART\u201d) of the Company and other CAC Forms showing\nthe share capital of the company, the shareholder(s), the director(s), company\nsecretary and other particulars. Please note that the MEMART must contain an\nobject to the effect that the Company engages in the business of providing\nlending services to companies, individuals, etc.;<\/p>\n\n\n\n

3         \nThree (3) years Tax Clearance Certificate (Lagos requirement only) of at least\n2 Individual directors of the Company (if they are more than two directors).\nPlease note that Lagos requires that the company must have at least two (2)\nadult directors. <\/p>\n\n\n\n

4         \nEvidence of maintenance of a current account with a licensed bank in Nigeria;<\/p>\n\n\n\n

5         \nEvidence of payment of Company Income taxes for 3 years (for old company); <\/p>\n\n\n\n

6         \nPassport Photographs of the individual applicant (or of director of a corporate\napplicant) and means of identity;<\/p>\n\n\n\n

7         \nEvidence of application for TIN (this is applicable only when it is a newly\nincorporated company).<\/p>\n\n\n\n

8         \nReference letter from the applicant\u2019s bank.<\/p>\n\n\n\n

9       \nForms B and C from the Magistrate\u2019s Court.<\/p>\n\n\n\n

10       \nPolice Clearance Report.<\/p>\n\n\n\n

What\nare the Applicable Costs for Incorporating and obtaining a Money Lender Certificate\nand Licence?<\/em><\/strong><\/p>\n\n\n\n

\n S\/N\n <\/td>Particulars<\/strong> <\/td>\n Amount (N)<\/strong>\n <\/td><\/tr>
\n 1.<\/strong>\n <\/td>Company registration costs <\/td>\n N<\/s><\/strong>305,000\n <\/td><\/tr>
\n 2.<\/strong>\n <\/td>Costs associated with police report for two directors (@ N50,000 per director) <\/td>\n N<\/s><\/strong>100,000\n <\/td><\/tr>
\n 3.<\/strong>\n <\/td>Company seal, tax registration etc. <\/td>\n N<\/s><\/strong>100,000\n <\/td><\/tr>
\n 4.<\/strong>\n <\/td>Costs for processing Money Lender Certificate at the Magistrate\u2019s Court and Money Lender Licence at the Ministry <\/td> N<\/s><\/strong>550,000 <\/td><\/tr>
\n 5.<\/strong>\n <\/td>Miscellaneous expenses (taxi, telephone calls, printing, data, courier, etc.) <\/td>\n N<\/s><\/strong>200,000\n <\/td><\/tr>
\n 6.<\/strong>\n <\/td>Post licensing registrations with Federal Competition and Consumer Protection Commission (“FCCPC”), the Nigerian Data Protection Bureau (“NDPB”) and thee Moneylenders Association of Nigeria (“MAN”)<\/td>Available on request <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Please\nnote that where the two directors do not have three years\u2019 tax clearance certificates\n(\u201cTCC\u201d), there may be additional costs to process their TCCs.<\/p>\n\n\n\n

How\nlong does it take to complete the incorporation and licensing of a Money\nLending company?<\/em><\/strong><\/p>\n\n\n\n

\n S\/N\n <\/td>\n Particulars<\/strong>\n <\/td>\n Estimated Timelines<\/strong>\n <\/td><\/tr>
\n 1.<\/strong>\n <\/td>Company registration <\/td>\n 2 days\n <\/td><\/tr>
\n 2.<\/strong>\n <\/td>Police report for two directors <\/td>\n 5 days\n <\/td><\/tr>
\n 3.<\/strong>\n <\/td>Company seal, bank account opening, tax registration etc. <\/td>\n 10 days\n <\/td><\/tr>
\n 4.<\/strong>\n <\/td>Processing Money Lender Certificate at the Magistrate\u2019s Court <\/td>\n 7 days\n <\/td><\/tr>
\n 5.<\/strong>\n <\/td>Processing Money Lender Licence at the Ministry is subject to satisfactory inspection by the Ministry <\/td>\n 4 to 6 weeks \n <\/td><\/tr>
\n 6.<\/strong>\n <\/td>Other post licensing registrations with Federal Competition and Consumer Protection Commission (“FCCPC”) and Moneylenders Association of Nigeria<\/td> 2 weeks<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The\nestimated timeline for completing the process of incorporation and licensing is\n6 to 8 weeks. Please note that the timeline for the grant of money lender\u2019s licence\nby the Ministry may be longer because of the scheduling of its inspection of\nthe applicant\u2019s physical office before licensing.<\/p>\n\n\n\n

What\nare the benefits of obtaining Money lending Certificate and License<\/em><\/strong><\/p>\n\n\n\n

1.\nRight to institute an action in court to recover the principal loan and accrued\ninterest from a defaulting borrower. It is an offence to lend money for purpose\nof attracting interests unless the lender has obtained a money lender\u2019s\ncertificate and licence.<\/p>\n\n\n\n

2.\nRight to own moveable and immovable property in the company\u2019s name.<\/p>\n\n\n\n

3.\nCertificate and licence serve a huge added advantage and brand visibility.<\/p>\n\n\n\n

4.\nIt can attract serious investors and create an opportunity for business\nexpansion if a money lending business is registered and licensed.<\/p>\n\n\n\n

5.\nProtects the business and promoters from criminal liability for doing money\nlending business without regulatory licence. <\/p>\n\n\n\n

What\nare the procedures for obtaining a Money Lender\u2019s License in Lagos State?<\/em><\/strong><\/p>\n\n\n\n

1.\nThe first step is to make a formal application on the Company\u2019s Letter Head to\nthe Commissioner of Police, Police Command, attaching the applicant company\u2019s\nCertificate of Incorporation, MEMART and other CAC Forms showing the\nparticulars of shareholders and directors of the company.<\/p>\n\n\n\n

2. \nUpon the above application, the Police will obtain the Applicant\u2019s (or\ndirector\u2019s) thumbprints for the purpose of issuing a Clearance Report to the\nApplicant.<\/p>\n\n\n\n

3. \nThereafter, the applicant is required to make an application in a prescribed\nform to the Chief Magistrate located within the Magisterial District where the\nbusiness is situated.<\/p>\n\n\n\n

4.\nIf the application is successful, a Money Lender Certificate (Form B<\/em>)\nfrom the Chief Magistrate along with a Letter which would be addressed to the\nPermanent Secretary of the Ministry, confirming due compliance, and\nrecommending the issuance of the Money Lender Licence.<\/p>\n\n\n\n

5. \nThereafter, a further application for a Money Lender Licence shall be made to\nthe Ministry attaching all the relevant documents.<\/p>\n\n\n\n

6.\nThe next stage is physical inspection of the money lender’s place of business\nby the officials from the Ministry of Home Affairs who, on an agreed date, will\nphysically visit and inspect the premises and the officers of the Applicant\ncompany (including books and records where the applicant has already commenced\noperations). <\/p>\n\n\n\n

7. Upon satisfaction by the official of the Ministry that the applicant has complied with the statutory requirements, the applicant will be issued with a Money Lender License for a period of one (1) year and shall be renewable every year.<\/p>\n\n\n\n

Is there any other mandatory post-licensing registration for digital lenders in Lagos State?<\/em><\/strong><\/p>\n\n\n\n

Yes. The Federal Competition and Consumer Protection Commission (“FCCPC”) has in the exercise of its powers under its enabling law, ventured into the regulation of digital lending business in Nigeria. Recently, in exercise of the powers conferred upon it by sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act, 2018 (\u201cthe FCCP Act<\/strong>\u201d), and all other powers enabling it in that behalf, the FCCPC issued the Limited Interim Regulatory\/Registration Framework and Guidelines for Digital Lending, 2022 <\/em>(\u201cGuidelines for Digital Lending 2022<\/em>\u201d)<\/strong>.<\/p>\n\n\n\n

According to FCCPC, the Guidelines for Digital Lending 2022 was developed and adopted by the Joint Regulatory and Enforcement Task Force as a temporary step to establishing a clear regulatory framework for the lending space. The Guidelines for Digital Lending 2022<\/em><\/strong> provides for a mandatory registration of digital lenders with the FCCPC and sets out the registration requirements and additional regulatory approval of the FCCPC to carry out the business of digital lending in Nigeria.<\/p>\n\n\n\n

Also, the Guidelines for Digital Lending 2022<\/em><\/strong> provides that every applicant seeking to register with the FCCPC must present an evidence of membership of a trade or professional association. This presupposes that a digital lender must register with the Money Lenders Association the same way Finance Companies register with Finance Houses Association of Nigeria or Microfinance Banks with the National Association of Microfinance Banks.<\/p>\n\n\n\n

READ MORE BELOW:<\/p>\n\n\n\n

\nhttps:\/\/koriatlaw.com\/2026\/registration-of-digital-lenders-with-federal-competition-and-consumer-commission-fccpc-in-nigeria\/\n<\/div><\/figure>\n\n\n\n

What are the requirements and procedure for registration of a digital lender with the FCCPC?<\/em><\/strong><\/p>\n\n\n\n

The procedure for registration with the FCCPC is by filling and submitting two Registration Forms with some documentary requirements. The Registration Forms are:<\/p>\n\n\n\n

i. Form DLG 001 (Explanatory Notes & Provisional Guidance to Interim Digital Lending Guidelines Form 001) <\/strong>which is required to be completed and submitted to the FCCPC by the applicant company. The Form DLG 001 requires the applicant company to disclose to FCCPC some key information which includes the registered name of the digital money lender as well as other brand names for its digital presence; physical address; contact details; identity of promoters, directors and initial key role players; affiliated companies; source(s) of funding; proposed interest rate regime; service providers and service level agreements; list of all Apps in the business operations or intended for operation; etc.<\/p>\n\n\n\n

ii. Form DLG 002 (Declaration for Digital Lending Business in Nigeria Form 002)<\/strong> which contains a declaration by the company to the effect that its business is legitimate, lawful and will operate in continuing compliance with any prevailing and applicable laws; that the company has complied with all applicable regulatory requirements and or approvals for any technology to be deployed; that the capital of the business is not of any illegal source; and have complied with all provisions of laws on non-involvement in illegal activity, privacy rights and data protection, and anti-money laundering regulations.<\/p>\n\n\n\n

The list of documents that are required to accompany a digital lender\u2019s application to the FCCPC are as follows:<\/p>\n\n\n\n

i. Certified copy of the certificate of incorporation of the applicant company;<\/p>\n\n\n\n

ii. A brief description of the business of the applicant company and where relevant, their groups;<\/p>\n\n\n\n

iii. Organogram showing role players and location of key role players and any operational approving authorities\/person;<\/p>\n\n\n\n

iv. Name and address of a person within the business who is authorized to accept all correspondence and accept service on behalf of the business (e.g. Compliance Officer or Data Protection Officer or Managing Director of the company);<\/p>\n\n\n\n

v. Evidence of membership in any trade or professional associations (e.g. the Money Lenders Association);<\/p>\n\n\n\n

vi. Any service level agreements with any service providers with respect to operations but excluding administration (e.g. agreement with a credit bureau or agreement with debt recovery company, etc.);<\/p>\n\n\n\n

vii. Evidence of feedback and complaint resolution mechanism;<\/p>\n\n\n\n

viii. Evidence of tax payments or tax waivers where applicable;<\/p>\n\n\n\n

ix. All applicable fees and charges associated with service;<\/p>\n\n\n\n

x. Terms of Use or Loan Contract;<\/p>\n\n\n\n

xi. Privacy Policy;<\/p>\n\n\n\n

xii. Code of Conduct;<\/p>\n\n\n\n

xiii. Evidence of compliance with FCCPC Interim Digital Lending Guidelines Form 001; and<\/p>\n\n\n\n

xiv. FCCPC Interim Digital Lending Guidelines Form 002 (Declaration for Digital Lending Businesses in Nigeria)<\/p>\n\n\n\n

Please note that upon submission of the above requirements to the FCCPC, the FCCPC will reply with a letter of additional requirement. The FCCPC will direct the company to obtain and submit a data privacy audit report from the Nigerian Data Protection Bureau (NDPB) on the company’s privacy policy. The FCCPC will give an approval after a successful review of the application.<\/p>\n\n\n\n

What\nare the likely factors that delay or frustrate the success of application for\nmoney lender company’s incorporation and licensing process?<\/em><\/strong><\/p>\n\n\n\n

From\nour experience, there is a 100% chance of grant of licence if all the requirements\nare complete and in order. However, the following factors have been noted\namongst other reasons for the delay or frustration of the incorporation and\nlicensing of a money lender company in Lagos State:<\/p>\n\n\n\n

Factors\nassociated with Delay in the Incorporation Process<\/em><\/strong>\n<\/p>\n\n\n\n

1.\nChoosing a prohibited name for the proposed company delay or stall the\nincorporation by the CAC.<\/p>\n\n\n\n

2.\nInclusion of vague and wide object clause. For smooth incorporation process, it\nis advisable that the object clause should be limited to money lending services\nand not too wide to suggest inclusion of businesses under the supervision and\nregulation (and therefore requiring the approval in principle) of the Central\nBank of Nigeria (“CBN”) or the Securities and Exchange Commission\n(“SEC”).<\/p>\n\n\n\n

3.\nTechnical glitch with the CAC Pre-Incorporation Portal may also slow down the\nprocess of registering a company.<\/p>\n\n\n\n

4.\nInsufficiency of documentation. Foreign directors may require immigration\ndocuments if they use Nigerian address. Also, foreign or local corporate\nshareholder(s) may require certificate of incorporation and necessary\nresolutions for the consideration of the approving department of CAC. Failure\nto supply the required documents may lead to the incorporation application\nbeing queried and delayed.<\/p>\n\n\n\n

5. Failure to supply mandatory information and other necessary details. For example, the details of Persons with Significant Control (PSC) of the company, the correct details of the shareholders, directors and company secretary as well as their respective means of identity and electronic signatures must be supplied to the CAC Pre-Incorporation Portal to avoid query of the registration application.<\/p>\n\n\n\n

SEE ALSO:<\/p>\n\n\n\n

\nhttps:\/\/koriatlaw.com\/2026\/renewal-of-money-lenders-licence-in-nigeria\/\n<\/div><\/figure>\n\n\n\n

Factors\nAssociated with Delay in the Licensing Process<\/em><\/strong><\/p>\n\n\n\n

1.\nFailure to provide the required supporting documents;<\/p>\n\n\n\n

2.\nFailure to meet the share capital and directorship requirements;<\/p>\n\n\n\n

3.\nDelay associated with opening bank accounts especially due to failure to\nprovide necessary requirements including two (2) corporate bank references; or\ndelay or inability of bank account officer to verify the money lender’s\nbusiness address in order to activate the money lender company’s bank account;<\/p>\n\n\n\n

4.\nDelay associated with processing biometric information of and Police Reports on\ndirectors especially where the biometric forms are not filled appropriately or\nwhere one director or a non-director attempts to fill the biometric data form\non behalf of the (other) director(s).<\/p>\n\n\n\n

5. Delay associated with scheduling office inspection by the Ministry of Home Affairs (for Lagos State) before granting a money lender licence. Please note that in Abuja, office inspection is not a requirement.<\/p>\n\n\n\n

READ ALSO: <\/strong><\/p>\n\n\n\n

\nhttps:\/\/koriatlaw.com\/2026\/costs-and-requirements-of-company-registration-in-nigeria\/\n<\/div><\/figure>\n\n\n\n

https:\/\/koriatlaw.com\/2026\/koriats-update-on-fintech-lending-law-in-nigeria-august-2022\/ <\/p>\n\n\n\n

\nhttps:\/\/koriatlaw.com\/2026\/how-to-set-up-digital-lending-business-in-kenya\/\n<\/div><\/figure>\n\n\n\n
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********************************************************<\/p>\n\n\n\n

About\nKORIAT & CO.<\/em><\/strong><\/p>\n\n\n\n

We\nare a commercial law firm in Nigeria with network of lawyers and consultants in\nGhana, Kenya and Rwanda. The above article is not legal advice and does not\nautomatically make our readers our clients unless they specifically instruct us\nto act or represent them in any way. <\/em><\/p>\n\n\n\n

We assist local and foreign clients\nto process company registration and business licences in Nigeria, Ghana, Kenya\nand Rwanda.<\/em><\/p>\n\n\n\n

Please\ncontact Koriat & Co. through admin@koriatlaw.com or 09067842241 if you\nrequire additional information about or assistance in making the application\nfor<\/em><\/strong> a money lender’s licence.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Introduction Nigeria has about 220 Million population with about 210 Million active mobile phone users, according to the Nigerian Communications Commission, and […]<\/p>\n","protected":false},"author":1,"featured_media":4967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[12,289,313,320,14,315,16,19,321,21,30,22],"class_list":["post-5374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications","tag-caccbnbusiness-licencecompany-registrationfinance-company-koriat-lawyers-koriat-and-coloan-agreementmicro-creditmicrofinance-lawyersmoney-lendersme-lawyers-business-lawyers","tag-companyregistration","tag-digitallender","tag-doingbusinessinlagos","tag-financecompany-cbn-koriatlawyers-koriatandco-smelawyers-businesslawyers-microfinancelawyers","tag-investinafrica","tag-moneylender","tag-business-licence","tag-doingbusinessinnigeria","tag-finance-company-koriat-lawyers-koriat-and-co","tag-micro-credit","tag-money-lender"],"_links":{"self":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/posts\/5374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/comments?post=5374"}],"version-history":[{"count":0,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/posts\/5374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/media\/4967"}],"wp:attachment":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/media?parent=5374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/categories?post=5374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/tags?post=5374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}