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How To Obtain A Money Lending License In Nigeria

To legally lend money in Nigeria through digital means, an individual or company must first obtain a Money lenders license. A license for the business of money lending is issued by the state in Nigeria. The Federal Capital territory (Abuja) in Nigeria also has the authority to issue a Money lender’s license.

Money lenders license

How do you register as a money Lender in Nigeria?

In Nigeria, engaging in a money lending business without the requisite license is a punishable offense. We have therefore provided the requirements needed to process the money lender license below.

Requirement for Obtaining a Money Lenders License in Abuja

  1. Application letter using the letter headed paper of the company addressed to the Chief Magistrate on a Letterhead paper with the company seal affix to the letter);
  2. Certified True Copy of CAC Form 2;
  3. Certified True Copy of CAC Form 7;
  4. Memorandum and Articles of Association of the company;
  5. Certificate of Incorporation;
  6. Means of identification of the directors (photocopies);
  7. Tax Clearance of the Individual or Corporate Body obtained from Federal Inland Revenue Service (FIRS) and if it’s a new company – provide proof of tax registration;
  8. Police Clearance of the applying individual/ Corporate body showing the thumb printing of one of the company director. In Abuja, it is obtained from Zonal Intelligence Bureau, The Nigeria Police, Zone 7 Headquarters, Abuja.
  9. Evidence of Maintenance of current account under a licensed Bank/ Reference letter from the company’s bank; and
  10. Form B and Form C ( This is usually prepared by the Court after you submit the application).

Renewal of Money Lending License

After the above documents have been submitted, the applicant will be issued a Money Lenders License which shall be valid for one (1) year and subject to annual renewal. We have provided the requirements for the renewal of money lenders license below to ensure that your business is compliant

Requirement for renewing a Money Lenders License in Abuja

  1. Application for renewal
  2. Money lenders ordinance (form B) from Magistrate Court
  3. Duly completed as well as endorsed (form C) from Chief Magistrate court
  4. The previous license issued
  5. Updated tax clearance
  6. Evidence of payment of renewal fee.
  7. Inspection and Re-visitation.

Timeline for obtaining a money lenders License in Abuja

Obtaining a money lender license in Abuja takes between 2 (two) and 4 (four) weeks. However, this timeline could be extended if the proper documentation is not submitted.


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