Money Lenders license (MLL) - Lagos State
NGN 500,000.0
150 days
Compliance Registration
Description
Information about the compliance service
Money Lender's License (MLL) is the legal authorization issued by the Lagos State government, allowing businesses to engage in money lending activities. It ensures that lenders operate within the law, providing loans under fair terms. The license is mandatory for any entity offering personal or small-scale loans and must be renewed annually to remain valid.
Requirements
Info and documents needed for this service
1. CAC Certificate
2. Memorandum and Articles of Association;
3. Status Report;
4. Police Clearance Certificate for 2 directors;
4. ID card of at least 2 directors;
5. Passport phrotographs of 2 directors;
6. Utility Bill of the company;
5. Previous Money Lenders License issued (if applicable);
6. Tax Clearance Certificate of the company for last 3 years;
7. Updated Payee filings for the company;
8. Preparation for physical presence of at least 1 director during inspection by the Ministry before final approval.
2. Memorandum and Articles of Association;
3. Status Report;
4. Police Clearance Certificate for 2 directors;
4. ID card of at least 2 directors;
5. Passport phrotographs of 2 directors;
6. Utility Bill of the company;
5. Previous Money Lenders License issued (if applicable);
6. Tax Clearance Certificate of the company for last 3 years;
7. Updated Payee filings for the company;
8. Preparation for physical presence of at least 1 director during inspection by the Ministry before final approval.
Process
Steps involved in this compliance service
The registration process involves three stages:
- Preliminary Review: Submission of documents and application to the Magistrate Court for the issuance of Forms B & C.
- Ministry Submission: Submission of the application documents to the Ministry in charge.
- Inspection and Approval: Inspection of premises by the Ministry, followed by final approval and issuance of the Money Lender’s Certificate.
FAQs
Frequently asked questions about this service
1. Who is eligible to apply for a Money Lender’s License in Lagos State?
corporate entities intending to provide money lending services within Lagos State are eligible, provided they meet the regulatory requirements.
corporate entities intending to provide money lending services within Lagos State are eligible, provided they meet the regulatory requirements.
2. What is the process for obtaining a Money Lender’s License?
The registration process involves three stages:
The registration process involves three stages:
- Preliminary Review: Submission of documents and application to the Magistrate Court for the issuance of Forms B & C.
- Ministry Submission: Submission of the application documents to the Ministry in charge.
- Inspection and Approval: Inspection of premises by the Ministry, followed by final approval and issuance of the Money Lender’s Certificate.
3. How often must the license be renewed?
The Money Lender’s License must be renewed annually to remain valid. Irrespective of the month the certificate is issued, it expires on the 31st day of December of that same year
The Money Lender’s License must be renewed annually to remain valid. Irrespective of the month the certificate is issued, it expires on the 31st day of December of that same year
4. Are there penalties for operating without a license?
Yes, operating as a money lender without a valid license is illegal and may result in fines or prosecution.
Yes, operating as a money lender without a valid license is illegal and may result in fines or prosecution.