Lagos Licenses 184 Money Lenders

The Lagos State Government said it has licensed 184 money lenders to enhance money lending activities in the state.

The Commissioner for Home Affairs, Prince Anofiu Elegushi, said this on Tuesday at Alausa, Ikeja, during the Ministerial Press Briefing to mark the first year in office of Governor Babajide Sanwo-Olu.

Elegushi said the money lenders were the mini-micro economic stimulants in Lagos State that created jobs, generated wealth, alleviated poverty and widened the tax net.

He said that their activities were increasing the socio-economic status of the state through the provision of enabling environment for small scale businesses and entrepreneurship.

“They make easy loan accessible for our citizens. They aid commerce and provide employment for the youths. It is cost-effective for grassroots financing and the requirements are simple and straightforward. The forms are available and the processes are simple and friendly,” Elegushi said.

“During the COVID-19 lockdown, the ministry automated the processing of money lending licenses, so as to ensure a hitch-free renewal and fresh applications. As at today, we have issued 184 licenses, 22 applications are in progress while one was outrightly declined out of the total number of 207 applications received,” he added.

He said automation of the money lending processes would help address several issues of trust that had overtime, bedevilled the practitioners.

The commissioner said that prior to the automation of the money lending processes, the ministry had held a Stakeholders’ Forum on the need to examine the laws guiding the activities of money lenders in the state.

According to him, reviewing the laws will make members of the public repose more confidence in the practitioners.

He reiterated the support of the administration of Mr Sanwo-Olu in creating an enabling environment for easy loan accessibility to the citizens.

Elegushi said that this was with an emphasis on pragmatic strategies for achieving positive and cost-effective results in grassroots financing, which would invariably help in achieving the T.H.E.M.E.S Agenda.

He said the money lending practitioners constituted key players in small and medium enterprises and were promoters of economic growth and prosperity of the state.

The commissioner said that he was hopeful that other practitioners in the business of money lending would key into the initiative by the government.

He called on all money lenders operating in the state to obtain a valid license from the ministry for a smooth and legal operation of their businesses.

Elegushi also advised borrowers to only patronise licensed money lenders. 

(NAN)