THE moveable property registry has broadened the scope of collateral acceptable by commercial banks to lend out loans, thereby widening access to financial services, Bankers Association of Zambia (BAZ) has said.Moveable property (security interest) intends to enhance access to credit particularly by small scale businesses by providing safeguards required by lenders to accept movable property as collateral.BAZ Chief Executive Officer, Leonard Mwanza, said the registry had widened the scope of security lenders, thereby expanding financial inclusion. Mr Mwanza said the registry provided an extra layer of comfort to commercial banks that their money was safe as they were lending it out.“Whilst previously there was a general outcry that financial institution lenders were only accepting landed properties, now the options for securities that banks can accept is far much wider with those assets that can be registered under the movable act,” he said in an interview.The registry which provides for the establishment of a “collateral registry” […]
LOAN COLLATERAL BROADENED – BAZ
