I. Ogbuka Legal
Regulatory Licensing

Digital Lending, Moneylending & Finance Company Registration in Nigeria

CAC, state, FCCPC and CBN licensing support for moneylenders, digital lending apps and finance companies.

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Services

What the firm provides

  • 1.Moneylending / finance company licensing & registration consultations.
  • 2.Corporate Affairs Commission (CAC) moneylending / finance company registrations.
  • 3.Digital lending company licensing application preparation & submission under the FCCPC.
  • 4.Nigerian Data Protection Commission (NDPC) data protection impact assessment filings.
  • 5.AML/CFT & Terms & Conditions policy drafting services.
  • 6.State-governed moneylending license grant application preparation & submission.
  • 7.Moneylending license renewals.
  • 8.CBN-governed finance company licensing applications & submissions.
FAQs

Frequently Asked Questions

What is the major regulatory provision governing FCCPC licensing of digital lenders in Nigeria?

The FCCPC exercises jurisdiction over digital lenders through its DEON (Digital, Electronic, Online/Non-Traditional) Consumer Lending Regulations.

Which companies are eligible to secure digital lending licensing from the FCCPC?

FCCPC licensing is open to companies that have already obtained money-lending licenses from their respective state governments, as well as other non-lending financial service companies (such as Mobile Money Operators) licensed by other sector regulators like the CBN.

What is the minimum share capital requirement for a money-lending company?

₦20 Million, and ₦100 Million for foreign-owned companies.

What are the requirements for obtaining a money-lending license from states like Lagos State?

A registered limited liability company with at least two directors and relevant incorporation documents; proof of a physical office in Lagos State; police clearance for the two directors; three-year Tax Clearance Certificates (or proof of tax registration for newly registered companies) for the company and its directors; a reference letter from the applicant's bank; filled and submitted magistrate forms B and C; an application fee of ₦25,000; a registration/license fee of ₦200,000; and a renewal fee of ₦100,000.

How long does it take to get the state money-lending license?

At least 4–8 weeks, if all documentation is complete.

How long does FCCPC digital lending licensing take?

30 days from submission of all required documentation.

What are the requirements for FCCPC digital lending licensing?

Filled and submitted application forms 001 & 002; an application fee of ₦100,000; an approval/licensing fee of ₦1 Million (enabling up to 2 loan apps); an additional ₦500,000 approval fee for a third proposed app (maximum 5 apps allowed per licensed lender); a consumer lending services agreement where the licensed lender partners with a technology services company for infrastructure; a completed data regulations compliance audit report from a Data Protection Compliance Organization (DPCO) plus NDPC clearance, to guard against DEON violations such as accessing defaulters' call logs and contacts; and the company's compliance policies — AML/CFT, Privacy, KYC, and Dispute Resolution, among others.

What is the validity period of FCCPC licensing for digital lenders in Nigeria?

Licensing lasts until 31 December of the third year from the date of FCCPC approval, and must be renewed not later than 31 March of the subsequent year. Renewal requires a fee of ₦500,000.

Can FCCPC licensing be revoked, and on what grounds?

Yes — on grounds including violation of the DEON regulations or any relevant FCCPC regulation; discovery of misleading or false information supplied at the licensing stage; or a money-lender acting against the interests of its consumers/platform end-users. Revocation may also come with fines.

What's the minimum share capital for a CBN-licensed finance company, and how long does it take to get this license?

A minimum share capital of ₦100 Million, with licensing taking 6–12 months to procure.

Please note: This page and its contents neither constitute legal advice nor prohibited advertising as prescribed by the Rules of Professional Conduct for Legal Practitioners in Nigeria.

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