LASG Automates Process of Issuing Money Lending Licenses, Approves 184 Applications

Must Read

- Advertisement -

Lagos State Ministry of Home Affairs on Tuesday said that the State Government has started the procedure of automating the processing of money-lending licenses, revealing that since the commencement of the process a few months ago, it has received 207 applications out of which approvals were granted for 184 applicants.

The Commissioner for Home Affairs, Prince Anofiu Elegushi, who disclosed this on Tuesday at a Ministerial Press Briefing commemorating the first year in office of Mr. Babajide Sanwo-Olu at JJT Park, Alausa, Ikeja, explained that the decision to automate the process of money-lending licenses in the State was to ensure a hitch-free renewal and fresh applications by prospective applicants.

LASG Automates Process of Issuing Money Lending Licenses, Approves 184 Applications - Brand Spur

Elegushi reported that only one application has so far been declined by the Ministry, while 22 applications are currently being reviewed, stressing that the initiative would henceforth guarantee easy access to loan opportunities by residents of the State and ultimately provide employment for the youths.

- Advertisement -

According to him, “the initiative is cost-effective for grassroots financing and the requirements are simple and straightforward. The forms are available and the processes are very friendly. In addition, the automation of the money-lending processes would help address several issues of trust that had over time bedevilled the practitioners”.

Elegushi described the various Money Lenders across the State as mini-micro economic stimulants that create jobs, generate wealth, alleviate poverty while widening the tax net, thereby increasing the socio-economic status of the State, through the provision of enabling environment for small scale businesses and entrepreneurship.

Read Also:  Insights from the Ground: Managing Through the COVID-19 Pandemic

He recalled that prior to the automation of the money lending processes, the Ministry had earlier held a Stakeholders’ Forum on the need to examine the laws guiding the activities of money lenders in the State to make members of the public have more confidence in the practitioners.

The Commissioner also acknowledged the support of the Governor Babajide Sanwo-Olu in creating an enabling environment for easy loan accessibility to the citizens, with an emphasis on pragmatic strategies for achieving positive and cost-effective results in grassroots financing, which will invariably help in achieving the T.H.E.M.E.S Agenda pillar objective of ‘Making Lagos a 21st Century Economy’.

- Advertisement -
Read Also:  Kaspersky warns of top IT security threats in Africa

While noting that the moneylender practitioners constitute key players in small and medium enterprises and are promoters of economic growth and prosperity of the State, Elegushi expressed the hope that other practitioners in the business of money lending would key into the initiative of the government.

He also used the occasion to make a renewed call to all money lenders operating in the State to obtain a valid license from the Ministry for smooth and legal operation of their businesses while advising borrowers to only patronise licensed money lenders.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Visa Currencycloud

Visa to Acquire London fintech Currencycloud for £700M

07/22/2021 - Visa today announced it has signed a definitive agreement to acquire Currencycloud, a global platform that enables banks and fintech to provide...
- Advertisement -
spot_imgspot_img

Latest News

Visa to Acquire London fintech Currencycloud for £700M

07/22/2021 - Visa today announced it has signed a definitive agreement to acquire Currencycloud, a global platform that enables...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img