TVC E, BUSINESS – The Central Bank of Nigeria, CBN says Nigerians will soon be able to take bank loans using unconventional properties as benefits of the Nigerian Collateral Register, NCR in view.
The collateral register to be launched in the first quarter of the year, is an electronic public database that contains information on security interests in movable property, aimed at improving ease of loan application for small and medium scale enterprises in the country.
CBN Assistant Director, NCR Project, Mainasara Muhammad said the registry will enable loan seekers use movable assets such as cars, generators, deep freezers and farm products including crops, fish stocks, poultry and livestock, seeds, fertilizers, as loan collateral.
Ubong Awah, project manager of the Nigerian financial infrastructure project revealed that the collateral registry has worked in Ghana, Malawi and Liberia, providing N45 billion, about $226 million in loans for Liberian MSMEs in one year.
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