Regulatory Alerts2016-06-29 | FPR/DIR/GEN/CIR/06/001Circular to Banks and Other Financial Institutions-Secured Transactions and National Collateral Registry for MSME Financing in Nigeria
The Central Bank of Nigeria (CBN) issued a circular to banks and financial institutions regarding secured transactions and the National Collateral Registry for MSME financing. The CBN gazetted the Registration of Security Interests in Movable Property in February 2015 to provide a regulatory framework for accessing credit, creating and perfecting security interests, and stimulating responsible lending to MSMEs. All financial institutions are required to register their security interests in movable assets with the National Collateral Registry from July 4, 2016.
Tags
credit
operational