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Nigerians to Use Bag of Rices, Generators, School Certificates, Others As Loan Collateral – CBN

 

The Apex bank in Nigeria, Central Bank (CBN) has confirmed that Nigerians will be able to take bank loans using their reputation, generators, deep freezers, school certificates, farm produce such as rice and beans, and many unconventional properties. CBN official said the apex bank will be launching a Nigerian collateral register (NCR) in the first quarter of 2016 in partnership with the International Finance Corporation (IFC), a member of the World Bank Group. According to TheCable, the collateral registry, which is an electronic public database that contains information on security interests in movable property, is aimed at improving ease of loan application for small and medium scale enterprises (MSMEs) within the country. Read more…