The two bills recently passed by the National Assembly, Collateral Registry Act and the Credit Reporting Act, 2017 were today, May 29, signed into law by acting President Yemi Osinbajo.
According to a statement by the Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, the bills signed into law will ultimately facilitate access to more affordable credit for Nigerians.
The signed bills are the Secured Transactions in Movable Assets Act, 2017.
According to the statement, ‘The Collateral Registry Act’ ensures that Micro, Small and Medium Enterprises 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.
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“This, in turn, will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs,” Akande said.
The Credit Reporting Act provides for credit information sharing between Credit Bureaus and lenders (such as banks), as well as other institutions that provide services on credit such as telecommunication companies and retailers.
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