The National Collateral Registry (NCR), in partnership with the Central Bank of Nigeria’s (CBN) Development Finance Department, has said that it has disbursed over N16.6 trillion since 2017 and registered over 650,000 firms under the NCR system.
This was revealed at a town hall meeting in Lagos organized by the Central Bank of Nigeria’s Development Finance Department in collaboration with the National Collateral Registry, the Pro-poor Growth and Promotion of Employment in Nigeria program-SEDIN of Deutsch Zusammenarbeit stakeholders on the use of the Secured Transactions in Movable Assets Act 2017 and the benefits of the transactions regime in Nigeria.
Also, the Pro-Poor Growth and the Promotion of Employment in Nigeria Program-SEDIN of Deutsch Zusammenarbeit (GIZ)- partnered with NCR to sensitise the stakeholders on the use of Secured Transactions in Movable Assets Act 2017 and the benefits of its regime in Nigeria.
Musa said, “Over 650,000 have been registered and the credit that has been disbursed and collaterised is about N16.6tn since 2017 on the National Collateral Registry portal. The NCR is an initiative of the Governor of the Central Bank of Nigeria, Godwin Emefiele. It is an initiative from the International Finance Corporation and Central Bank of Nigeria.”
He mentioned that the governor was worried about the economy, the expansion of small and medium-sized businesses, and the Secured Transaction in Movable Assets.
In addition, he stated that SMEs should contact their banks in order to profit from the plan.
He advised them to tell their banks that they did not own landed property but did own other assets such as automobiles, jewelry, and an account with a respected firm that included inventory.
He added, “They will register all these documents on the National Collateral Registry, and when it is registered on NCR, it gives that bank the priority over these assets and they give you the amount you need. But payment is still with you.”
