World Bank and CBN Take Steps to Increase MSMEs’ Access to Credit

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The Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC), a unit of the World Bank, have established the National Collateral Registry (NRC) as a financial infrastructure to address issues relating to MSMEs’ (Micro, Small and Medium-sized Enterprises) access to financing in Nigeria.

The Registrar of NRC, Mr. Musa Bulus, stated his organization’s readiness during a town hall meeting for MSMEs in the ICT, E-commerce & Poultry value and Financial Institutions in Jos, Plateau State. He said his organization is in fulfillment of the CBN’s resolve to further deepen credit delivery to MSMEs and also reduce the difficulties of collateral as a requirement for loans to MSMEs.

The NRC is an online database that enables lenders to register their interest and assess their priority claims over moveable property acquired as collateral for loans.

The Registrar claims that the NCR is an online, centralised, notice-based registration for collaterals that enables financial service providers to register security interests in moveable assets after receiving such collateral for lending.

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