The Lagos State Ministry of Home Affairs said it has started the process of automating the processing of money lending licenses. The Ministry’s Commissioner, Prince Anofiu Elegushi who revealed this during the annual ministerial briefing to mark Governor Babajide Sanwo-Olu’s one year in office made known that the ministry has received 207 applications since commencement of the process few months ago, out of which 184 applicants had been granted approval.
Elegushi pointed out that only one application had so far been declined by the ministry while the remaining 22 applications are currently being reviewed. According to him, automating the process of money lending licenses seeks to ensure a hitch-free renewal and fresh applications by prospective applicants; adding that, the initiative will henceforth guarantee easy access to loan opportunities to residents of the state and ultimately provide employment for the youths.
Finally, he hinted that the automation of the money lending processes would help address several issues of trust that had overtime bedevilled the practitioners. He further made known that the initiative is cost effective for grass root financing as the requirements are simple and straightforward