Acting President Yemi Osinbajo, SAN, has signed into law two bills from the National Assembly that will ultimately facilitate access to more affordable credit for Nigerians.
The bills which have now become ‘Acts’ are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.
‘The Collateral Registry Act’ ensures that Micro, Small and Medium Enterprises (MSMEs) in Nigeria can register their movable assets such as motor vehicles, equipment and accounts receivable in the National Collateral Registry, and use same as collateral for accessing loans. This in turn will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs.
On the other hand . . . read more