FG Releases N17tn to SMEs, and Registered 650,000 Businesses

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The National Collateral Registry (NCR) and the Development Finance Department of the Central Bank of Nigeria has said it has released over N16.6tn since 2017 and has registered over 650,000 businesses under the NCR scheme. This was announced at an event put together by the Development Finance Department of the Central Bank of Nigeria and the National Collateral Registry,

The Pro-Poor Growth and the Promotion of Employment in Nigeria Program-SEDIN of Deutsch Zusammenarbeit (GIZ) joined forces 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 collateralized 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 mentioned 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. He advised that SMEs should go to their banks and notify them in order to benefit from the scheme.

He said that even if they don’t have landed properties, they should still go to their banks and notify them that they did not have landed properties but have 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.”

 

 

 

 

 

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