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How Profitable Is Micro Finance/ Money Lending Business? by mrsage(m): 8:43pm On Oct 21, 2019 |
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. |
Re: How Profitable Is Micro Finance/ Money Lending Business? by mrsage(m): 8:23am On Oct 22, 2019 |
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 |
Re: How Profitable Is Micro Finance/ Money Lending Business? by mrsage(m): 4:48pm On Oct 22, 2019 |
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. |
Re: How Profitable Is Micro Finance/ Money Lending Business? by vulpeslopez(m): 2:00am On Jan 08, 2021 |
mrsage:oga Sage,I am interested in this business,did u start it?? |
Re: How Profitable Is Micro Finance/ Money Lending Business? by SGANIVA(m): 11:33am On Jan 08, 2021 |
am in interested , please what are the requirements in starting a microfinance bank ? |
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