The National Collateral Registry, in partnership with the Development Finance Department of the Central Bank of Nigeria, said it has disbursed over 16.6 tonnes since 2017 and registered over 650,000 businesses under the NCR scheme.

This is a session on the use of the Movable Secured Transactions Act 2017 and the benefits of the Nigerian transaction regime as disclosed at a Lagos event organised by the Development Finance Department of the Central Bank of Nigeria in collaboration with the National Mortgage Registry.

In addition, Deutsch Zusammenarbeit (GIZ)’s Pro-poor Growth and Employment Promotion Program for Nigeria – SEDIN has partnered with NCR to inform stakeholders about the use of the Movable Assets Secured Transactions Act 2017 and the benefits of its system in Nigeria.

Musa said: “Since 2017, more than 650,000 have been registered on the National Collateral Registry Portal with a line of credit of approximately N16.6tn paid and pledged. NCR is an initiative of the Governor of the Central Bank of Nigeria, Godwin Emefiele … This is an initiative of the International Finance Corporation and the Central Bank of Nigeria.”

He noted that the governor is concerned about boosting the economy, small and medium industry growth and chattel secured transactions.

He further said that SMEs should go to their banks and inform them in order to benefit from the scheme.

He said they should inform the bank that they do not own land property but have other property such as vehicles, jewellery and accounts with reputable companies, including inventory.

He added: “They will register all these documents in the National Collateral Registry and when it is registered in the NCR it gives the bank priority over these assets and they will give you the amount you need. But the payment is still at your side.”

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