The Lagos State Government disclosed it has registered 400 money lenders in 2 years, citing that the registration would legalise the operations of lenders and protect the public from scams.
This was disclosed by the Commissioner for Home Affairs, Mr Anofiu Elegushi, who made the statement in Ikeja, at a press briefing on Sunday.
What the Commissioner said about money lenders registration:
”In return, the ministry registers, profiles and monitors the viability of such lending companies.
This is in ensuring that while the money lenders are in business, the general public is also protected from scammers and people of questionable characters, while we also regulate the activities of the companies,” Elegushi said.
According to him, the partnership has assisted small scale business owners in the state to keep their petty businesses afloat without having to contend with the high interest rates of the big banks.
”This activity had contributed to the micro-economic growth of businesses in the state,” he said.
What you should know
Nairametrics reported last month that Microfinance Banks in Nigeria recorded an 82% boost in lending rising from N300.2 billion in 2019 to N546.6 billion in 2020, according to data from the National Bureau of Statistics.
