Bsystems introduces online Collateral Registry Solution in Zambia
By Nana Appiah Acquaye, Accra, Ghana
Owners of Small and Medium Enterprise organizations and individuals in Zambia will now heave a sigh of relief following the establishment and introduction of the new Collateral Registry Software System in that country.
Bsystems Limited, one of Ghana’s finest enterprise software development companies, has now launched its flagship software, the collateral Registry Software, in Zambia.
This brings to six the number of Sub-Saharan African countries that the company has deployed its software solution in, with the support of the World Bank Group- after Ghana, Liberia, Malawi, Nigeria and Sierra Leone.
Collateral Registry System is a public sector reform initiative undertaken in collaboration with the World Bank/ IFC which among other functions enables businesses and individuals that do not have access to traditional collateral like land or real estate to use movable assets such as machinery to access credit.
The official launch of the Collateral Registry Software Solution in Lusaka attracted top business magnates from both the public and private business community and was grace with the attendance of the Permanent Secretary for the Ministry of Commerce, Trade and Industry, Miss Kayla Siame, on behalf of the Zambian government.
Speaking at the event, the Deputy Governor in charge of Administration at the Bank of Zambia, Dr. Tukiya Kansaka-Mabula noted that the launch of the Collateral Registry Software System in Zambia marks a significant step in enhancing the legal and institutional infrastructure that fosters not only financial inclusion but also access to finance.
“We need not relent on our efforts in order to sustain these gains and improve the statistics on financial inclusion in general and access to credit by SME’s particularly on lending secured by a movable property,” he said.
In his remarks the Chief Executive Officer of Bsystems Limited, Thomas Barfi expressed his profound appreciation to the government of Zambia for the support and the bold step to improve doing of business in the country.
He then reiterated his company’s resolved to continue to push for the use technology to find solutions confronting the easy way of doing business on the continent.
“In Ghana the collateral Registry System was implemented about 5 years ago at the Bank of Ghana. The System is one of the world Bank index for doing business in the country amd Bsystems is helping in implementing it across Africa,” he stated.
In the World Bank Group’s 2018 Doing Business Report, Zambia was ranked second globally in the Getting Credit category- just after New Zealand. Small businesses in the country however continue to struggle with access to credit facilities by financial institutions- necessitating the launch of the Secured Transactions Law and Collateral Registry Software to facilitate the process.
Zambia's B-Systems Collateral Registry System is hosted by the Patents and Companies Registration Agency (PACRA) and can be accessed at www.pacra.org.zm/mprs.