The Registrar of National Collateral Registry (NCR), Bulus Zgbawa-Musa, has said Macro, Small and Medium Enterprises ( MSMEs) can now easily access loans from financial institutions with movable collaterals.
Zgbawa-Musa said this in Benin at a town hall meeting for owners of MSMEs organised by NCR in collaboration with GIZ, a German based international organisation, with the theme, “MSMEs’ Safe Haven: Improving Financial Access to the Nation’s Main Economy Drivers.”
Businesses post-pandemic: Role of location
Anambra APC disowns Ngige for not endorsing Tinubu
“The Central Bank of Nigeria with the International Finance Corporation established the NCR to assist MSMEs to leverage on their movable assets such as equipment, vehicles, motorcycles, wheelbarrows, farm products and livestock as collateral for assessing loans from financial institutions”.
“NCR is a notice-based registry for collaterals. It is an online centralised, publicly available data that allows financial service providers to register security interests in movable assets after accepting such collateral for loans,” he said.
According to him, the NCR is in fulfilment of the CBN’s resolve to further deepen credit delivery MSMEs and also reduce the challenges of collateral as a requirement for loan to MSMEs.
Represented by Assistant Director in the registry, Dr Xavier-Itan Okoh, said the development facilitates lending to individuals, farmers, macro entrepreneurs, and small and medium-scale businesses.
He said the information registered with NCR will enables other financial institutions to verify whether a movable collateral given by MSMEs owner in seeking for loan has been used in other banks as collateral by the loan takers.
He explained that the law allows loan takers to use the items given as collateral for businesses since using the items will also aid the repayment of the loan.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
