Tag: money lender

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

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 …

IS THERE A SPECIAL LICENCE FOR A MONEY LENDER COMPANY IN GHANA? Yes. No person shall carry on the business of micro lending or finance business in anywhere within Ghana unless the Bank of Ghana licenses it to do so. Ghana is becoming a destination …

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 The Money Lending business in Nigeria has witnessed a paradigm shift particularly in the way money lenders do their business. Moreso, is the aggressive campaign by the Federal Competition Consumer Protection Commission (“FCCPC”) in collaboration with other law enforcement agencies to bring sanity into …

Aggressive Regulatory Enforcement against Unregistered Money Lenders In our earlier Koriat’s Update on Fintech Lending Law in Nigeria (January 2022), we provided update that the Federal Competition and Consumer Protection Commission (“FCCPC”) had announced that a Joint Committee (comprising federal regulators and law enforcement agencies) was set …

1. Strong Regulatory Supervision Builds up in the Fintech Lending Industry In November 2021, the Federal Competition and Consumer Protection Commission (“FCCPC”) announced that a Joint Committee was set up by the Federal Government to tackle violation of consumer rights and unfair practices in the money …

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          Who is a guarantor? A guarantor is one who gives security for a debt. It is a term used to describe an individual who undertakes to pay a borrower’s debt in the event that the borrower defaults on his loan obligation by pledging his assets as collateral against the loan.  …

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 …