Hello guys, I'm thinking of going into a pawnshop business here in Nigeria and I need Ideas from people who have either done it before, currently doing it or those who know how the business is run.

Was watching "American jewelry and loans" some years back and discovered that this could be a very good business to do in Nigeria especially now that the economy is not really looking good and many people need small loans that can sustain them for the week or month.

Also,the rise in the activities of loan sharks has also come with a lot of complaints from customers of high interests rates for small loans. Interests could be as high as 40% for a two weeks loan.

Pls I need u to tell me what u think about a pawnshop ownership in Nigeria. Is it doable in Nigeria based on our laws, people and our environment. I forgot to say that I have never heard of any pawnshop anywhere in Nigeria.

Is it that many have tried and failed?

I will be waiting for ur comments.. Thanks

So you'd have cash at hand to be giving people and space to hold their collateral. And everybody would know you have them. First, how do you intend to secure all these? Secondly, how do you know you are not receiving a stolen item?