MONEY LENDING SERVICES IN NIGERIA

  Introduction Money lending in Nigeria has transitioned from traditional banking to a more flexible, technology-driven system. This evolution, which includes FinTechs and other digital companies, offers increased convenience, speed, and efficiency. As the money lending landscape has changed, the need to regulate these entities and their interactions with borrowers has become crucial. This paper outlines key regulatory and compliance considerations for establishing and operating money lending businesses in Nigeria. Who Can Offer Money Lending Services in Nigeria? In Nigeria, money lending services can be offered by various entities, including: Deposit Money Banks (DMBs) Microfinance Banks (MFBs) Finance companies Cooperative societies Financial technology companies operating...

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