Governor Babajide Sanwo-Olu of Lagos State

184 Money lenders get licences to boost economic activities

* Money lenders make easy loan accessible for Lagosians ─Lagos State Commissioner

* Notes they are stimulants for job and wealth generation, poverty alleviation

Alexander Davis | ConsumerConnect

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

Agency report says Prince Anofiu Elegushi, Honourable Commissioner for Home Affairs, Lagos State, stated this at Alausa, Ikeja, Tuesday, June 2 during the Ministerial Press Briefing to mark the first year in office of Governor Babajide Sanwo-Olu.

Hon. Elegushi said that the money lenders were the mini-micro economic stimulants in Lagos State for job creation, wealth generation, poverty alleviation, and widening of the tax net in the state.

Their activities were increasing the socio-economic status of the state through the provision of enabling environment for small-scale businesses and entrepreneurship, the Commissioner noted.

He stated: “They make easy loan accessible for our citizens. They aid to 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.

“During the COVID-19 lockdown, the ministry automated the processing of money lending licences, so as to ensure a hitch-free renewal and fresh applications.

“As of today, we have issued 184 licences, 22 applications are in progress while one was outrightly declined out of the total number of 207 applications received.”

According to him, automation of the money-lending processes in the state would help to address several issues of trust that had bedevilled the practitioners over the years.

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.

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

He called on all money lenders operating in the state to obtain valid licences from the ministry for a smooth and legal operation of their businesses, while advising borrowers to only patronise licensed money lenders.

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