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National Collateral Registry

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The NCR portal was launched in May 2016. It is an electronically driven and centralized database of all transactions wherein interest in movable assets / property provided as collateral for loan facility are registered to facilitate lending to individuals, smallholder farmers and MSMEs.

The Secured Transactions in Movable Assets Act, (STMA) 2017 provides the regulatory backing for the NCR.

The objectives of the NCR include to:

  • Enable businesses to leverage on their movable assets to obtain credit
  • Improve the liquidity of short-term assets such as accounts receivables
  • Allow financial institutions to access claims against a collateral
  • Make asset diversification possible in financial institutions by efficiently spreading risk and providing banks with profitable lending opportunities in the MSME sector
  • Reduce cost of loan administration thereby reducing interest rate
  • Promote credit diversification and increased non–bank financial intermediation etc.
  • Permit a security right (interest) to be created in any transferable property; such as a leasehold interest in goods, a license of intellectual property


Frequently Asked Questions about National Collateral Registry (NCR)


Q: How does the registry work?

A: whenever a borrower seeks credit from a financial institution with the intention of using his/her movable asset as collateral for the loan, the institution/lender shall conduct a search on the registry to ascertain that the pledged movable asset has not been earlier pledged to any earlier institution /lender as collateral for a running loan facility.


Q: How does the financial services provider assess the value of the collateral?

A: The Financial Service Provider does its due diligence on the collateral.


Q: Can I use farm products as collateral?

A: Yes! These include seeds, crops in the field and harvested produce. Others are fish stocks, poultry, livestock and farm inputs.


Q: Can individuals pool assets and apply for a loan together?

A: Yes, using assets owned individually or as a group.


Q: Who can take a security interest in a collateral?

A: Banks and financial services providers


Q: Will the financial institution take over the possession of the pledged asset?

A: The security interest in the asset is what is being registered and not the physical asset. The physical asset will remain in the possession of the borrower to continue their business as proceeds from its usage is what will be used to repay the loan facility. Assets not in use are kept in the custody of financial service providers.


Q: What structures are in place to safeguard the pledged assets against theft, fire and other hazards?

A: Registered assets must be insured by the beneficiary to guarantee its replacement in case of any accident or loss.


Q: What information goes into the registry?

A: The borrower’s personal details such as name, address, contact details, BVN number etc. along with a description of the movable asset that is being registered. The Registry does not publicize financial details of the transactions such as the terms and conditions of the loan or the value of the asset.


Q: What happens to the asset after a loan has been repaid?

A: The collateral is clear of any claims within 15 working days and can be used again if the borrower wants to seek another loan from the same institution or a different institution.





Registration of Financing Statements for Deposit Money

Banks (DMBs), Finance Companies/Houses and Merchant Banks.



Printing of Search Report for Deposit Money Banks (DMBs),

Finance Companies/Houses and Merchant Banks.



Registration of Financing Statements for Microfinance Banks

(MFBs), Development Finance Institutions (DFIs) and

Non-Bank Financial Institutions.



Printing of Search Report for Microfinance Banks

(MFBs), Development Finance Institutions (DFIs) and

Non-Bank Financial Institutions.



Update on Financing Statements



Subordination of Financing Statements



Public Search


Q: Can a public user register an asset on the NCR?

A: No, a public user cannot register a movable asset, but can conduct a search on a movable asset. It is the responsibility of the financial institutions to register movable assets.

  1. CAMA
  2. Equipment Leasing Act (ELA)
  3. Finance Act (2020)
  4. Secured Transactions in Movable Assets Act
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