LAGOS: Govt registers 400 money lenders in two years

THE Lagos State Government has disclosed that it registered 400 money lenders in two years in its bid to legalise the operations of lenders and protect the public from fraud.

Commissioner for Home Affairs, Anofiu Elegushi, at a press briefing in Ikeja, yesterday, said: ”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.”

According to the commissioner, 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.

He added that ”this activity had contributed to the micro-economic growth of businesses in the state.”