Banks to now accept moveable assets as collateral -CBAN

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CREDIT BUREAU ASSOCIATION OF NIGERIA

The Credit Bureau Association of Nigeria (CBAN), Central Bank of Nigeria (CBN) and International Finance Corporation (IFC) are working towards improving access to loan facilities using movable assets as collateral.

The News Agency of Nigeria (NAN) reports that the institutions held a one-day workshop in Kaduna, on Wednesday, to create the needed awareness on the new financial infrastructure. Representative of the IFC, Mr Ubong Awah, identified the new infrastructure as Collateral Registry (CR) and Credit Reporting System (CRS). Awah explained that the infrastructure would allow small and medium-scale enterprises (SMEs) to use any movable asset as collateral to access bank loan.

He said that the National Collateral Registry (NCR), an online centralised-database which commenced operation in May, now allows financial service providers to register security interest in movable assets. He said that the registry, set up by the federal government was being maintained in line with CBN regulations.

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