While the strength of Nigeria’s credit legal rights is admirable, the country’s Collateral Registry is under-utilized and Credit Bureau coverage is below average
National Assembly to pass relevant legislation
NASS considering two priority bills to ease access to credit – Secured Transactions in Movable Assets (aka Collateral Registry) Bill and Credit Bureau Services Bill
- Usage of movable assets as collateral
- Legal framework for operation of Credit Bureaus and Collateral Registry
Online searches of movable assets can be done by any interested party
The National Collateral Registry has been operational since May 2016 but is under-utilised by most financial institutions
- Online searches of movable assets can be done by any interested
- Online registrations, amendments and cancellations can be done by lenders
Support credit bureaus to expand coverage and provide credit scoring
Many Nigerians do not have their credit history/profiles captured, hence lenders do not have enough data to make informed decisions.
- Expanded coverage of adult population regarding credit data/history to enable credit decision making
- Increased credit information sharing between Credit Bureaus and lenders.