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Thursday, December 1, 2022

National Collateral Registry teaches entrepreneurs methods of accessing finance

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By Polycarp Auta
Jos, Nov. 10, 2022. The National Collateral Registry (NCR), an arm of the Central Bank of Nigeria (CBN), has organised a townhall meeting to enable Micro, Small and Medium Enterprises (MSMEs) to get access to finance.

Speaking at the event on Thursday in Jos, Mrusa Bulus, the Registrar of NCR, said that event was organised in collaboration with GIZ, a German Organisation.

Bulus, represented by Mr Christian Nwosu, the Principal Manager of NCR, said that his organisation “is a financial infrastructure set up by the CBN with support from the International Finance Corporation.

He explained that the meeting “is to ensure the efforts of CBN toward driving access to credit to MSMEs in Nigeria.

”NCR is a financial infrastructure set up by the CBN with support from the International Finance Corporation, a World Bank Group, to address the challenges around access to finance by MSMEs.

“It 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, more than 500,000 MSMEs have accessed credit from various banks in total of 16 trillion using their farm equipment, inventory, jewelry and farm products,” he said.

He explained that the meeting aimed at introducing small business holders to new opportunities toward ensuring the steady growth of our local economy.

Mrs Stella Dimlong, the Local Economic and Value Chain Development Advisor of GIZ, said that the meeting would avail small business holders the opportunity to create relationship with financial institutions, partners and other business owners on ways to access good finances for businesses to grow.

She urged participants to interact with each other and share ideas toward a better business environment in the state and nation in general.

The News Agency of Nigeria (NAN) reports that the event had the theme “MSMEs Safe Haven: Improving Access to the Nation’s Main Economy Drivers.”

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