National Collateral Registry Of Nigeria
The National Collateral Registry of Nigeria is an initiative of the Central Bank of Nigeria (with support from IFC) to improve access to finance particularly for Micro, Small and Medium Enterprises (MSMEs). The Collateral Registry, which operationalizes Part III of the Central Bank of Nigeria’s Regulations on Registration of Security Interests in Movable Property by Banks and other Financial Institutions (Regulations No, 1, 2015) is a web-based system that allows lenders to determine any prior security interests, as well as to register their security interests over movable assets provided as collateral. The Collateral Registry facilitates the use of movable / personal assets as collateral that remain in possession or control of the borrowers and thereby improves access to secured finance because:
Movable assets/personal property often account for most of the capital stock of private firms and comprise an especially large share MSMEs;
Movable assets are the main type of collateral that MSMEs, especially those in developing countries, can encumber to obtain financing; and
Given the opportunities in agri-business among others, the Collateral Registry regime allows Nigerian farmers and entrepreneurs to unlock significant sources of capital with assets that would otherwise not be looked at by lenders as potential collateral.
The Central Bank of Nigeria remains committed to the sustainable economic growth of Nigeria and shall continue to support the development of necessary financial sector infrastructure.
The Collateral Registry system is a centralized web-based software designed and developed based on international standards that contains information relating to security interests in movable property included in financing statements submitted by registered users.
The collateral registry software automatically assigns a sequential registration number, date and time of registration to each financing statement accepted for registration The priority among competing security interests is established according to the time of registration.
The web-based nature of the system offers remote access from the comfort of your location even beyond normal business hours without visiting the registry office. It reduces and frees officials of the registry operations from paper burdens, manual reviews, searches and storage costs.
A Collateral Registry is established for the purposes of receiving, storing and making available to the public information submitted by users in the form of financing statements relating to security interests. The software saves data submitted by registered users to a database and makes it available to the searchers who use the appropriate search parameter.