The National Collateral Registry in collaboration with the Development Finance Department of the Central Bank of Nigeria has said it has disbursed over N16.6tn since 2017 and registered over 650,000 businesses under the NCR scheme.
This was disclosed at an event in Lagos organised by the Development Finance Department of the Central Bank of Nigeria in collaboration with the National Collateral Registry, the Pro-poor Growth, and promotion of Employment in Nigeria program-SEDIN of Deutsch Zusammenarbeit stakeholders’ town hall meeting on the use of 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 noted that the governor was concerned about catalysing the economy, the growth of the small- and medium-scale industry and the Secured Transaction in Movable Assets.
Speaking further, he said SMEs should go to their banks and notify them in order to benefit from the scheme.
He said they should notify their banks that they did not have landed properties but had other properties such as vehicles, jewelries and an account with a reputable company, including 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.”