Osinbajo signs 2 bills into laws to make small businesses get easy loans

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Prof. Yemi Osinbajo, Acting President

Acting President Yemi Osinbajo has signed into law two bills that would facilitate access to more affordable credit for Nigerians.

The laws are: the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.

The Collateral Registry Act’ ensures that Micro, Small and Medium Enterprises (MSMEs) in Nigeria can register their movable assets and accounts receivable in the National Collateral Registry and use same as collaterals for accessing loans.

This in turn will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs.

The Credit Reporting Act provides for credit information sharing between Credit Bureaux and deposit lenders as well as other institutions that provide services on credit such as telecommunication companies and…

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