Microfinance is basically about lending money to the working poor.

One individual who gained worldwide recognition for his work in microfinance is professor Muhammad Yunus who, with Grameen Bank, won the 2006 Nobel Peace Prize.

Yunus and Grameen Bank demonstrated that the poor have the ability to pull themselves out of poverty.

I'm carrying out a research on the viability of the money lending business in Nigeria.

What is required to become a money lender in Nigeria today?

How can a money lender minimise the risk of default?

What are the markets or sectors with good prospect for money lenders to thrive?

What are the documents or permits needed to carry out this business?

I will be glad if we can share ideas.

Just discovered that getting a money lender licence in Lagos is not so difficult...

Will share more information with time.

Still open to more information, ideas and suggestions

If you want to register a money lending business, then you have to study the Money Lending Law in Nigeria. As you can see there, you need a separate license to offer money loans. The process of receiving such a permit involves three stages, each with a number of steps.

Stage 1 – Apply to the Magistrate Court with the following 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
As a result, you will receive a letter from the Magistrate Court Registry and Form B of the Money Lenders ordinance.

mrsage:
If you want to register a money lending business, then you have to study the Money Lending Law in Nigeria. As you can see there, you need a separate license to offer money loans. The process of receiving such a permit involves three stages, each with a number of steps.

Stage 1 – Apply to the Magistrate Court with the following 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
As a result, you will receive a letter from the Magistrate Court Registry and Form B of the Money Lenders ordinance.

oga Sage,I am interested in this business,did u start it??

am in interested , please what are the requirements in starting a microfinance bank ?