National Collateral Registry , a financial infrastructure set up by the Central Bank of Nigeria and International Finance Corporation , a World Bank group have expressed readiness to address the challenges around access to finance by Micro, Small and Medium Enterprises in Nigeria.
Represented by the Principal Manger at NRC, Mr. Christian Nwosu, the Registrar said that NRC is an online database that allows lenders register their interest and determine their priority interests over movable property taken as collateral for loans. From inception of the registry till date, over 500,000 MSMEs have accessed credit from various banks in total of sixteen trillion naira using their farm equipment, inventory, jewelry, farm products etc.
He added that the information registered with NCR will enable other financial institutions verify whether movable collateral given by MSMEs owners in seeking a loan has been used in other Banks as collateral by the loan takers.
if only they will allow the money to reach our hands or some fat cow or ghost business will swallow literally 80-90% of the funds providing for their personal gains