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Collateral registry registers 65,370 assets

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The number of moveable assets registered on the portal of National Collateral Registry stood at 65,370 as of 20th March 2019. Some of the registered moveable assets include consumer household goods, motorcycle, motor vehicle, jewellery, refrigerator and assorted electronics with financing statement value of N1.2 trillion spread across 165,456 depositors. Similarly, no fewer than 630 financial institutions registered on the portal of the newly established NCR during the period under review. National Registrar, Mallam Mainasara Muhammad, confirmed the updates in Abuja at a Forum organised by Abuja chapter of Finance Correspondents Association of Nigeria (FICAN) which had a theme: “National collateral registry: Enhancing ease of access to finance.”

Giving further breakdown of number of registered institutions, he added that it comprise 21 Deposit Money Banks (DMBs), 552 microfinance banks, four merchant banks, four development finance institutions, 34 finance companies, one non-interest bank and 14 non-bank financial institutions. A CBN initiative, established by an Act of 2017, National Collateral Registry is a data bank where security interests in moveable assets are registered for the purpose of being used as collateral to obtain facilities from financial institutions.

It allows borrowers to prove their credit worthiness and lenders to assess their priority interest in potential claims against particular collateral. Stressing importance of collateral registry as a means of easing access to credit facility by Micro Small and Medium Enterprises (MSMEs), Mainasara explained that a registry improves both access to finance and induces prompt payment. He said that the CBN, in collaboration with International Finance Corporation (IFT), established the NCR to improve access to finance particularly for MSMEs and ultimately reduce the risk associated with MSMEs funding.

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