In order to boost access to credit by SMEs in Nigeria, the Credit Reporting Act of 2017 and the Secured Transactions in Movable Assets Act 2017, were passed. The Secured Transactions in Movable Assets Act 2017 enables SMEs to use movable assets (Vehicles, farm equipment, jewellery, machinery) as collateral to get a loan from banks. The passage of Credit Reporting Act of 2017 gives borrowers the legal right to access credit data from credit bureaus who provide credit scores for banks and other financial institutions.
The National Collateral Registry of Nigeria is an initiative of the Central Bank of Nigeria (with the support of the International Finance Corporation) to improve access to finance particularly for MSMEs.
The NCR handles both incorporated and non-incorporated entities (such as associations). The database of the NCR stores information for the whole economy and is stored electronically and publicly accessible to registrants and searchers. The registry covers all types of security rights in movable assets such as machines, inventory, tangible assets and receivables which are most likely owned by small businesses.
The electronic database is filed by debtor’s name or a unique identifier (e.g. unique number)
Create an Account
*Financial institutions and banks are required to create a client account on the National Collateral Registry of Nigeria (NCR) website before being able to register a financing statement. The steps are as follows:
Create a financial statement
*To create a financing statement, the financial institution must already have an account with the National Collateral Registry (NCR) and have adequate funds in their wallet as registering a financing statement attracts a charge. The steps are as follows:
Website - www.ncr.gov.ng
Website - www.cbn.gov.ng
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