By Johnson Kanyesige<\/p>\n
Money lenders and borrowers in Bunyoro region and some parts of Buganda have been rallied to embrace the online Security Interest in Movable Property Registry System in order to access less costly and affordable credit.<\/p>\n
This call was made on Thursday during a one-day engagement organized by the Uganda Registration Services Bureau (URSB) together with Microfinance Regulatory Department (MRD).<\/p>\n
Parliament in 2019 passed the Security Interest in Movable Property Bill to facilitate credit for small borrowers and manage the risk of borrowing by the financial sector.<\/p>\n
Shammah Elizabeth Trint, a Registration Officer at the Uganda Registration Services Bureau (URSB) says the system considers movable assets to be used as security. Some of the movable assets include household items, livestock, farm produce, farm harvest, motor vehicles, shares among others.<\/p>\n
Elizabeth revealed that the system also provides for the creation and perfection of security interest, rules for determining priority of claims among competing claimants and registration of security interest in movable property by notices and others.<\/p>\n
Leornard Mubiru, the Field Officer at the Uganda Registration Service Bureau (URSB) says the system protects the legal rights over movable assets by lenders and enables the borrowers to access credit at an affordable cost without necessarily having possession of big collaterals like houses and pieces of land.<\/p>\n
Mubiru has revealed that the system helps buyers to make careful and correct decisions by checking for the availability of the assets they intend to buy on the system, without losing their money on the already caveated assets by money lenders. He says they will continue to sensitize the public to embracing the system such that lenders know how to use it and borrowers access cheaper credit at an affordable cost using the most available movable collateral.<\/p>\n
Mwesige James, the Director Witsel Financial Services in Igayaza town council in Kakumiro district has welcomed the system saying they been struggling to give simple loans using heavy collateral and sometimes incur more costs to get back the money.<\/p>\n
Amir Kintu, the Deputy RCC Hoima West division called on unlicensed money lenders to ensure they clean their records in order to benefit from the system and ensure they are not closed by authorities for operating illegally.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Johnson Kanyesige Money lenders and borrowers in Bunyoro region and some parts of Buganda have been rallied to embrace the online Security Interest in Movable Property Registry System in order to access less costly and affordable credit. This call was made on Thursday during a one-day engagement organized by the Uganda Registration Services Bureau […]<\/p>\n","protected":false},"author":4,"featured_media":11103,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[2,3],"tags":[],"class_list":{"0":"post-11098","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bunyoro","8":"category-business"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/posts\/11098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/comments?post=11098"}],"version-history":[{"count":1,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/posts\/11098\/revisions"}],"predecessor-version":[{"id":11105,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/posts\/11098\/revisions\/11105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/media\/11103"}],"wp:attachment":[{"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/media?parent=11098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/categories?post=11098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/spicemedia.ug\/spicefm\/wp-json\/wp\/v2\/tags?post=11098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}