Anyone who is interested in participating & investing in the loan service market. The party can either be a Business Starter (BS), or a Business Owner (BO).

Business Starter (BS)

Business Owner (BO)


A Business Starter may or may not have a Registered Business Name


A Business Owner must obtain a Registered Business Name from Corporate Affairs Commission (CAC).

·Business Account must be a Limited Liability Company with at least, two members constituting the Board of Directors.

·Memorandum & Articles of Association (MEMART) must reflect categorically that business is into money lending


A Business Starter do not have to establish a business relationship/secure an account with Aposhashamura Payment Aggregator- Paystack Payments Limited

A Business Owner must establish a business relationship with Aposhashamura Payment Aggregator- Paystack Payments Limited.


Aposhashamura Money Lending License covers for a Business Starter because of their modus operandi that leverages on a defined transactional structure which complies with CBN regulation

A Business Owner must comply with CBN regulations by obtaining Lagos State Money Lending License


  1. A cover letter / Application letter
  2. Application Form -Ten Thousand Naira (NGN 10,000.00)


  1. A Money Lender Ordinance (Form B 1938 Magistrate Court)
  2. Duly completed and endorsed Form C- Chief Magistrate Court
  3. Police Report from Commissioner of Police– Showing the Finger print of Resident Directors/Board of Trustees/Applicants
  4. 3 Years Income Tax Clearance Certificate (Including current year)/Development Levy for Individual Applicant.
  5. Pay-As-You-Earn (P.A.Y.E) Certificate, Tax Clearance Certificate of at least two (2) of its Resident Directors and evidence of payment of Company Tax
  6. Certificate of Incorporation of Company from Corporate Affairs Commission; Articles of Association to reflect Moneylenders’ Business
  7. Evidence of payment of Application Fee to the Lagos State Government Account.
  8. Inspection of the premises by Officials of the Ministry of Home Affairs.
  9. Reference Letter from Banker
  10. Issuance/Registration of Money lenders’ License – N 50,000.00

*   Yearly License Renewal Cost – NGN 25,000

** Bank Account details to be supplied   by the Account Department

NB: Aposhashamura Legal Team provides assisted service of procuring a Money Lending License for interested Business Owners at a cost of N450,000 (Four Hundred & Fifty Thousand Naira only) at a duration of 8-12 weeks for businesses provided they can make available Tax clearance certificates of two members of the board of directors. Businesses without tax clearance certificates is billed NGN700,000 (Seven Hundred Thousand Naira only)

Interested BO should contact [email protected] 

All loans are disbursed to Borrowers using Aposhashamura Business Name

A Business Owner may choose to use its Business Name to disburse loans to borrowers. The transactions will simply be routed  on the Aposhashamura platform but carries the name of the Business Owner