Bsystems Limited, an enterprise software development company based in Accra together with IFC (World Bank Group) have implemented Bsystems flagship application “Collateral Registry System (CRS)” in Malawi.
The Registry System is a public or market sector reform which, among other things enables businesses and individuals access loans using movable assets.
Malawi is the third African country apart from Ghana and Liberia to have successfully executed this project.
The Malawi project was launched by the country's Vice President Dr. Saulos Chilima in Lilongwe, Malawi early this month.
Dr Chilima said “just like in many other countries, financial institutions traditionally require fixed assets such as land or buildings, as collateral for loans but with the registry that would be a thing of the past.”
The new system was implemented for the Ministry of Justice through the Registrar General, as well as the Ministry of Trade and Industry of Malawi.
According to officials of BSystems, the Collateral Registry System is also being used at the Bank of Ghana, Central Bank of Liberia and soon to be deployed at the Central Bank of Nigeria (CBN).
The system has been successful in Ghana three years after it was introduced.
The system has so far registered more than 104,308 collaterals on which 49,096 loans have been secured, Central Bank Governor Henry Kofi Wampah revealed in Accra.
About 160 institutions—both local and foreign— have so far accessed the Registry, with a total of 14,608 searches conducted by various lending institutions, law firms and the general public, he said at the official launch of the Registry in Accra.
Bsystems, key partners in developing this project also develops Identity Verification Systems, database management systems, human capital management systems, financial management solutions, enterprise mobile applications and planning and budgeting systems.
The applications are being used by the financial services Institutions, Insurance and Telecommunication companies.