The National Collateral Registry of Nigeria is an initiative of the Central Bank of Nigeria (with support from IFC) to improve access to finance particularly for Micro, Small and Medium Enterprises (MSMEs). The Collateral Registry, which operationalizes Part III of the Central Bank of Nigeria’s Regulations on Registration of Security Interests in Movable Property by Banks and other Financial Institutions (Regulations No, 1, 2015) is a web-based system that allows lenders to determine any prior security interests, as well as to register their security interests over movable assets provided as collateral. The Collateral Registry facilitates the use of movable / personal assets as collateral that remain in possession or control of the borrowers and thereby improves access to secured finance because:
Any person can access the Collateral Registry System by entering the URL address www.ncr.gov.ng in a web browser but only registered users are able to enter and save data to the database. Unlike a Registered Client, a Public Client needs no registration in the system in order to perform search in the registry. A Registered Client has to be a Legal Financial institution regulated by the CBN.
Postpaid Client Account users are financial institutions regulated by the CBN who hold a clearing account with the central bank. Such financial institutions should open a client account with the Collateral Registry by clicking the Create New Account Tab on the Home Page to register and request to be setup on a Postpaid Account. This allows the institution through its authorized users to login to the application, register notices of financing statement and request for search certificates without making any advanced payments. The transaction fees are automatically deducted from the financial institutions credit account with the Central Bank of Nigeria (CBN) and a statement is generated for the client at the end of each month, detailing all completed chargeable transactions.
Before you search the registry for registrations, you must first know how many searches you will make. Then pay the fees through Interswitch WebPay and use the payment security code issued to you to search for Registrations and then click the Search Tab on the Home page to go to the Search page and perform search.
Fees are charged during initial financing statement registrations, amendments, renewals and search. Registered clients holding Postpaid accounts with the Central Bank shall pay for transactions through settlement payment. To pay for a transaction in the collateral registry as Public client, first determine the total amount of fees for the service you want from the Fees option under the Help menu. Then pay that amount through either Interswitch WebPay. On the Home page click the Search Menu tab to redirect you to the main Search page where you will find the Payment menu. For WebPay click on the Make an Online Payment and follow the steps to continue. If the payment transaction is successful, the client will be issued with a payment security code which will be used to search for Registrations.