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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    GHASALC laments drop on number of digital transactions following e-levy

    Italy’s top producers of agro-tech products explore opportunities in Ghana

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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President Museveni lauds introduction of Bsystems Collateral Registry System in Uganda

October 1, 2020
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Ugandan President, His Excellency Yoweri Kabuta Museveni has applauded the introduction of the Bsystems Collateral Registry System now known as the Security Interest in Movable Property Registry System (SIMPO) in the country.

According to him, the use of the online registry platform in the country will enable Ugandans to use their movable assets as collateral to borrow money for their businesses from financial institutions.

Speaking during the official launch of the registry software platform alongside the country’s National Intellectual Property Policy by the Uganda Registration Services Bureau (URSB) at the State House Entebbe, President Yoweri Museveni noted that the smooth implementation of the registry system and the IP Policy will go a long way to boost the ease of doing business and stimulate innovation and creativity in Uganda.

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“To most lenders, collateral means having land or a building. But if I have a thousand heads of cattle, each valued at SH 1 million, why would you refuse to finance my investment? The Ministry of Finance should wake up the banking sector. For entrepreneurship, agriculture, and industrialization to thrive in Uganda, the Government will continue to address the issue of high lending rates amongst financial providers,” he said.

The Registrar General of Uganda Registration Services Bureau (URSB), Twebaze Bemanya in his remarks also disclosed that following its activation in September 2019, the Security Interest in Movable Property Registry System (SIMPO) has already recorded over 4,000 registrations, with the most commonly use assets to secure loans being motor vehicles and motorcycles.

He added that these account for most of the property owned and pledged by borrowers including micro, small and medium enterprises

Uganda’s new Security Interest in Movable Property Registry System (SIMPO) which was designed and developed by leading Ghanaian software solution company, Bsystems Limited will not only provide information on encumbrances of movable property of borrowers but to also assist creditors to easily have access to database online to register their interest in movable collateral pledged for loan.

Following the passing of the Security Interest in Movable Property Act of 2019 by the country’s legislative body, the Uganda Registration Services Bureau (URSB) and the Bank of Uganda together with other financial entities worked together to establish the SIMPRS to provide world-wide access for users to register an interest in movable property, enforcement of security interests, search of the register and other related matters.

Currently, Bsystems Collateral Registry System which allows customers to search the system’s database to ascertain whether the same collateral has not been used to cover another borrowing  has been implemented in eight African countries including Ghana, Liberia, Sierra Leone, Nigeria, Zambia, Malawi, Uganda, Ethiopia with an ongoing implementation in Mozambique to make it nine.

 

 

Source: citibusinessnews.com
Tags: Bsystems Collateral Registry SystemCiti Business NewsUganda
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