Uganda goes live with Bsystems Collateral Registry
Uganda has gone live with a Collateral Registry System called Security Interest in Movable Property Registry System (SIMPRS). The software solution was designed and developed by leading Ghanaian IT firm Bsystems Limited. It is a fully electronic platform open to secured creditors, borrowers and the general public for registration of notices and searches. It will provide information on encumbrances of movable property of borrowers. Secured creditors will be able to access the data base online. Registration on the system notifies the public of the secured interest in the movable asset.https://simprs.go.ug
Following the passing of the Security Interest in Movable Property Act of 2019 by the country’s legislative body, Uganda Registration Services Bureau (URSB), Financial Sector Deepening Uganda (FSD Uganda) and the Bank of Uganda together with other financial entities worked together to establishthe 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.
Bsystems has worked with the International Finance Corporation (IFC) a member of the World Bank Group and successfully implemented the Collateral Registry Solution for Bank of Ghana (BOG), Central Bank of Liberia (CBL), Department of Registrar General (DRG) of Malawi, Central Bank of Nigeria (CBN), Bank of Sierra Leone, Patents and Companies Registration Agency of Zambia (PACRA). This brings to seven the number of Sub – Saharan African countries that Bsystems has deployed its Collateral Registry Software Solution.
Speaking to Biztechafrica, the Vice President & Chief Information Officer of Bsystems Limited, Mr. Dennis Okyere, expressed his profound gratitude to the Government ofUganda for the support and the bold step to improve doing of business in the country.
He also expressed gratitude to the Registrar General of URSB Mr.Bemanya Twebaze for his support and leadership and specifically entrusting Bsystems with the task of establishing the collateral registry at Uganda Registration Services Bureau. He expressed thanks to the URSB and Bsystems project implementation team for their dedication and hardwork which led to the successful implementation of the Security Interest in Movable Property Registry System (SIMPRS).
He reiterated Bsystems limited resolved to continue to push for the use of technology to find solutions to problems confronting Governments and business on the continent.