Micro-Lending Licence

According to section 2 of the NBFIRA Act, any person who engages in a micro-lending business, advancing loans below a specified threshold, is required to have a micro-lending licence. This requirement does not apply to a person licensed under the Banking Act or the Building Societies Act. Businesses requiring micro-lending licences include cash loan businesses and pawn shops.

Requirements for Obtaining a Micro-Lending Licence

  1. Covering letter on company letterhead
  2. Completed Form 1
  3. Vetting documentation (biographical/personal questionnaire affidavit, DIS form, ID and police clearance for all controllers)
  4. Proof of financial liquidity – certified by an accountant
  5. Proof of payment of associated licence fees
  6. Proof of company incorporation
  7. Detailed 3 – 5 year business plan
  8. Latest financial statements, (for existing businesses)
  9. CV/Resume of company manager and/or Principal Officer
  10. Resolution of board, if a registered company
  11. Proof of an established office or letter of intent to establish premises
  12. Standard proposed loan application form for customers
  13. Proposed dispute resolution and complaints guidance
  14. Proposed organisational structure
  15. Proof of registration with BURS