The National Collateral Register (NCR), said it has registered about 628 financial institutions, including 551 Micro Finance Banks (MFBs), and 21 Deposit Money Banks (DMBs), as at December 31, 2018.
Also, registered collateral rose to 58,843 with 39,786 financing statements valued at N1.23 trillion, while 16,500 searches have been conducted on the NCR portal within the same period.
NCR is an online, centralised and publicly available database that allows financial service providers to register movable assets such as vehicles, jewellery, farm equipment and machinery after accepting such assets as collateral for loans.
The initiative, established under the Central Bank of Nigeria (CBN’s) mandate on sustainable economic inclusive growth and financial inclusion, in collaboration with the International Finance Corporation (IFC), enables banks to lend to individuals, micro entrepreneurs and Small and Medium scale businesses.
It is also aimed at enhancing financial inclusion in Nigeria, stimulate responsible lending to MSMEs, facilitate access to credit secured with movable assets, perfect security interests in movable assets, facilitate realisation of security interests in movable assets.
Special Senior Presidential Assistant on Industry, Trade and Investment, Dr Jumoke Oduwole, speaking at a stakeholders engagement forum on, ‘Ease of Doing Business,’ organised by the Presidential Enabling Business Environment Council (PEBEC, in Lagos, said the target for 2019 is to ensure that Nigeria ranks among the top 100 in ease of doing business.
She pointed out that Lagos State is already benefiting in the area of ease of doing business from registering properties and dealing with construction premise adding the state government is leveraging to derive maximum benefit of these intervention initiatives.
“Lagos State is already leveraging technology; their tax collection is now electronic, in the area of access to credit.
The federal Government through the CBN has created a collateral register so that small businesses can register their properties not landed property and access credit and from Lagos it would permeate other states.
“We have been to so many states and each state accepted to adopt this PEBEC model.
We need to work together to achieve this that so that the economy will benefit from the impact of the business.
Collaboration is key.
“The impact of the reforms that we have worked on in the last three years, the private sector must know them so communication is very critical, and we should see the concrete evidence nationally and internationally, by being the top 100 economy in the world in ease of doing business.
“The Nigerian people are entrepreneurial, this is our competitive advantage, so the government job is to make sure that businesses can thrive, a company starts, a company pays staff and a company needs credit.”