Businesses persons will soon be able to acquire loans from commercial banks using non fixed assets as collateral, symptoms http://comerydivertirse.com/wp-content/plugins/jetpack/class.jetpack-admin.php Uganda Registration Services Bureau (URSB) has revealed.
Bemanya Twebaze, sick http://ccresourcecenter.org/wp-includes/media-template.php the URSB Registrar General told journalists on Friday that the electronic chattels securities registry seeks to make it convenient for people to access credit and in turn ease doing business in Uganda.
“One of the biggest challenges has always been access to credit and financial inclusion which is hindering the ease of doing business. Most banks insist on fixed assets like land titles when someone is in need of a loan. And even then, http://debbiehowes.com/wp-content/plugins/contact-form-7/modules/textarea.php they prefer land that is in urban areas which doesn’t favor many,” Twebaze said during a breakfast meeting with the press at Kampala Serena Hotel.
He explained that once open, the chattel registry will be operational 24 hours daily.
“We want people to be able to use their coffee, cows, machinery, as collateral. This way, the lenders’ risk is reduced. If one chooses to lend you money based on machinery as collateral, they should be comfortable that the machinery works,” Twebaze said.
In December, URSB issues will launch its integrated one stop center which will house all the regulatory agencies including Kampala Capital City Authority, Uganda Revenue Authority and Uganda Investment Authority among others.
In the recently released World Bank report on ease of doing business, Uganda came in third position within the East Africa region and was ranked 113th globally.
In reaction to the not so good performance, several actors in the economy recommended that there be more coherence between government agencies in addition to further lowering the duration of the registration process.
According to Twebaze, the name search and business name reservation has already been automated and the online registration of intellectual property will be rolled out next.
This endeavor has however not been with setbacks, inadequacy in funding being the major one, he said.