Mov­able prop­erty registry nets 12,000 trans­ac­tions

Daily Nation Newspaper - - NORTH WESTERN NEWS DAILY NATION -

By BUUMBA CHIMBULU OVER 12, 000 trans­ac­tions have been reg­is­tered for the mov­able prop­erty registry sys­tem at the Patents and Com­pa­nies Regis­tra­tion Agency (PACRA) which al­lows bor­row­ers use prop­erty such as live­stock and ve­hi­cles as col­lat­eral to ac­cess credit from fi­nan­cial ser­vice providers.

Ac­cord­ing to PACRA chief ex­ec­u­tive of­fi­cer and reg­is­trar, An­thony Bwem­bya, the agency as of Wed­nes­day this week had reg­is­tered 12,792 and that a ma­jor­ity of them were Small and Medium En­ter­prises (SMEs).

"There has been steady growth in the num­bers of peo­ple reg­is­ter­ing for col­lat­eral. This law will al­low fi­nan­cial ser­vice providers to ex­pand their busi­nesses by ex­tend­ing loans to other sec­tors, par­tic­u­larly the SMEs," Mr Bwem­bya said.

Mr. Bwem­bya ex­plained that the Act would en­able SMEs ac­cess credit as fi­nan­cial ser­vice providers would have con­fi­dence in the col­lat­eral used.

"The col­lat­eral registry was wel­comed by the fi­nan­cial ser­vice providers. This in­no­va­tion is in­tended to as­sist SMEs eas­ily ac­cess credit," he said.

He was speak­ing yes­ter­day at the Mas­ter Class for busi­ness re­porters in Lusaka oranised by Fi­nan­cial Sec­tor Deep­en­ing Zam­bia (FSDZ) and the Zam­bia In­sti­tute for Pol­icy Anal­y­sis and Re­search (ZIPAR).

And PACRA as­sis­tant reg­is­ter, Christo­pher Ma­pani, ex­plained that the ma­jor­ity of reg­is­tra­tions were SMEs.

Mr. Mopani also urged all busi­nesses, par­tic­u­larly the SMEs to take ad­van­tage of the sys­tem and ac­cess credit.

Mr. Bwem­bya

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