Assets worth N16.63bn on National Collateral Registry – New Telegraph
Assets worth N16.63 trillion have been pledged on the National Collateral Registry (NCR) portal since its inception in 2017, said NCR Registrar, Mr. Bulus Musa. He said so during a conversation with journalists on the sidelines of the Stakeholder Awareness Raising (Public Meeting) on the Use of Secured Transactions in Movable Assets (STMA) held yesterday in Lagos. The public meeting was organized by the Development Finance Department of the Central Bank of Nigeria (CBN) in collaboration with the NCR and the Propoor Growth and promotion of Employment in Nigeria program of the Deutsche Gesellschalt for Internationale Zisammenarbeit (GIZ-SEDIN) .
According to Musa, around 752,000 individuals/MSMEs have registered movable assets for loans from financial institutions since the establishment of the NCR, which he noted was created to promote the acceptance of movable assets. as collateral for loans and contribute to economic development. the growth and development of the country.
He said: “The NCR is an initiative of CBN Governor Mr. Godwin Emefiele and the International Finance Corporation (IFC). The governor catalyzes the economy and the growth of micro, small and medium enterprises. Musa explained that the registry seeks to deepen the provision of credit to MSMEs by improving the acceptability of movable assets – equipment, machinery, vehicles, Keke – NAPEP, crops, livestock, accounts receivable, inventory and jewelry – as collateral for loans from financial institutions.
He said, “You just need to go to your bank, tell your bank that you want a loan that you don’t have any land as collateral but you have a motorbike, or a vehicle, or even my jewels or my account. to be received from a reputable company. Talk to them, you will register all these assets on the National Collateral Registry. And when they are registered, it gives that bank priority over those assets and they extend credit to you. They give you the amount you need.
In her speech at the event, Toyin Craig-Adeniran, Local Economic Development and Value Chain Advisor, GIZ-SEDIN, Lagos, said that part of the organization’s mandate is to support MSMEs. She noted that although many businesses are emerging these days, with people becoming entrepreneurs and having ideas, access to finance remains a major challenge for these people. She said it was as part of efforts to address this issue that the event was organized, adding that it would help empower MSMEs – the engines of economic growth – to grow and create jobs, promote equity and inclusive income distribution.
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