Registration with the National Information Technology Development Agency is crucial for an online money lending company. NITDA was established under the NITDA Act of 2007 and it is responsible for developing, regulating and advising Information technology companies in Nigeria by observing its regulatory standards, guidelines and policies.

The major requirements for an online money lending company include;

1. Visit the registration portal on NITDA’s official page and upload all relevant information and document.

2. Completed the form and submit it with all accompanying documents stipulated in the form. This should be accompanied with a duly signed application Letter (addressed to the Director General of NITDA) to the Director General’s Registry;

3. Having completed all registration requirements stipulated in the guidelines, the applicant shall be issued a provisional registration certificate valid for an initial period of 6 (six) months. However, if the applicant failed to satisfy all registration requirements, a letter containing recommendations on how to comply with all registration requirements will be sent to you.

5. The Agency shall verify the accuracy of all information and documents submitted by the applicant. The Agency shall issue the applicant a substantive registration certificate which shall be valid for 2 (two) years commencing from the initial date of issuance of the provisional certificate.

6. In the instance where the Agency notices that some or all the documents submitted by the applicant are fabricated/untrue, the Agency shall revoke applicant’s provisional license and refuse the issuance of a substantive registration certificate.

7. Where an applicant intends to renew his or her substantive registration certificates, all the applications for renewal must be submitted at least 3 months before the expiration of issued certificates.

Once the above requirements have been met, the online money lending company will be listed in the NITDA’s National Database for Indigenous IT companies.

Book a consultation session at Abilegal Barristers and Solicitors to assist you with the registration requirements for your money lending company.