This topic explores two sets of issues—the strength of credit reporting systems and the effectiveness of collateral and bankruptcy laws in facilitating lending. The most recent round of data collection for the project was completed in June 2017.
|1||Credit Reporting Act 2017 which was passed by the National Assembly.||
Borrowers now have the right by law to access their credit reports.
Credit scores, provided by the Credit Bureaus, are now a value added service for all banks and financial institutions.
|2||Secured Transactions in Movable Assets (aka Collateral Registry) Act 2017 passed by the National Assembly||
The existence of an integrated or unified legal framework for secured transactions in movable property.
The operationalisation of a modern, notice-based, web-enabled National Collateral Registry (NCR), under the aegis of the Central Bank of Nigeria.
|3||Credit scores, provided by the Credit Bureaus, are now a value added service for all banks and financial institutions.||
Facilitates credit rating and mitigates the risk of lending.
|4||The operationalisation of a modern, notice-based, web-enabled national Collateral Registry (NRC), under the aegis of the Central Bank of Nigeria.||
SMEs can now use movable assets as collateral for loans such as motor vehicles, machinery, inventory and account receivable and even farm produce.