Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Kenyans to access credit using movable assets after Uhuru nod

Some of the movable assets include electronics and among others. For the longest time, financial institutions have focused on immovable assets like land and houses as collateral to access credit/FILE

NAIROBI, Kenya, May 10 – President Uhuru Kenyatta has signed into law the Movable Property Security Rights Bill 2017, which enhances the ability to access credit using movable assets.

The new law facilitates the use of movable property as collateral for credit facilities, establishes the office the Registrar of Security Rights as well as provides for the registration of security rights in movable property.

“There is established the Office of Registrar that will be for receiving, storing and making accessible to the public information on registered notices with respect to security rights and rights of non-consensual creditors; and the general running of the registry,” a section of the law reads.

The law also promotes consistency and certainty in securing financing relating to movable assets.

Some of the movable assets include electronics and jewellery among others. For the longest time, financial institutions have focused on immovable assets like land and houses as collateral to access credit.

President Kenyatta signed the Bill before he travelled to the United Kingdom to attend the 3rd London Conference on Somalia.

Deputy President William Ruto, National Assembly Speaker Justin Muturi, Solicitor General Njee Muturi and National Assembly Majority Leader Aden Duale witnessed the signing of the Bill into law.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...