Banks to now accept moveable assets as Collateral – CBAN

Banks to now accept moveable assets as Collateral – CBAN

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The Credit Bureau Association of Nigeria (CBAN), Central Bank of Nigeria (CBN) and International Finance Corporation (IFC) are working towards improving access to loan facilities using movable assets as collateral.

It was gathered that the institutions held a one-day workshop in Kaduna, on Wednesday, to create the needed awareness on the new financial infrastructure.

Representative of the IFC, Mr Ubong Awah, identified the new infrastructure as Collateral Registry (CR) and Credit Reporting System (CRS).

Awah explained that the infrastructure would allow small and medium-scale enterprises (SMEs) to use any movable asset as collateral to access bank loan.

He said that the National Collateral Registry (NCR), an online centralised-database which commenced operation in May, now allows financial service providers to register security interest in movable assets.

He said that the registry, set up by the federal government was being maintained in line with CBN regulations.

According to him, the innovation would facilitate easy lending by financial institutions to individuals, farmers, micro entrepreneurs and SMEs.

“The registry will enable these categories of borrowers to use movable assets such as inventory, livestock, crops equipment, vehicles and accounts receivable as collateral for loans.”

He also described CRS as a document that contains information regarding a consumer’s credit history based on data gathered electronically by financial institutions and other creditors. NAN

 

 

Nigerian Online Newspaper=


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