Last Thursday, Uganda became the seventh African country to get on the Security Interest in Movable Property Registry System (SIMPRS), a customised web-based Collateral Registry System (CRS), a flagship application developed by Bsystems Limited.
Uganda is the 7th of African countries to roll onto this system.
This all-important project started last year by the government of Uganda through Uganda Registration Services Bureau (URSB) following the passing of the Security Interest in Movable Property Bill of 2018 which went on to be accepted as an Act in 2019 by Uganda’s legislative body and the Security Interest in Movable Property Regulation, 2019.
The Security Interest in Movable Property Registry System is a public sector reform that was instituted by the government through the Uganda Registration Services Bureau with support from Financial Sector Deepening Uganda (FSD Uganda) and the Bank of Uganda.
The SIMPRS is a complete electronic notice-based registry system. Its web-based nature permits online accessibility by persons authorized to register.
The authorised persons range from URSB officials or users, secured creditors, grantors and or debtors and the public who are granted access to create accounts and register notices and or conduct searches at any time of the day.
Interaction with the System is possible worldwide through an internet-connected device.
Beside registrations, the registry provides information on the existence of relationships between lenders and borrowers as they relate particularly to movable collateral(s) as well as other ancillary functions.
The online Registry in its entirety enables secured creditors to register their security interests in movable assets such as livestock, crops, motor vehicles, electronics, and furniture etc. while providing the public with notice of the existence of such security interest.
The long-term goal is that access to this information will result in affordable financing from regulated financial and non-financial institutions who prefer traditional collateral like land and buildings, as searching the Registry will aid creditors in the evaluation of the risk of lending before a decision to lend is made.
By this historic milestone, Uganda has joined the league of the likes of Ghana, Liberia, Nigeria, Sierra Leone, Malawi and Zambia to establish a modern online Collateral Registry System that facilitates the access to loans by businesses and individuals using movable assets as collateral.
In an interview, the Vice President and Chief Information Officer of Bsystems Ghana, Dennis Okyere said, “Bsystems has worked with the International Finance Corporation (IFC) part of World Bank Group and successfully implemented the online 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 countries that Bsystems has deployed its Collateral Registry Application in the last seven years”.
Mr. Dennis Okyere when on to express his profound gratitude to the Government of Uganda for the support and the bold step to improve business operations in the country.
He also expressed gratitude to the Registrar General of URSB, Bemanya Twebaze for his support and leadership and specifically for entrusting Bsystems an indigenous African Technology Company, with the task of establishing the Security Interest in Movable Property Registry System at Uganda Registration Services Bureau.
He expressed thanks to the URSB and Bsystems project implementation team for their dedication and hard work which led to the successful implementation of the Security Interest in Movable Property Registry System (SIMPRS).
Mr Twebaze reiterated Bsystems Limited’s resolve to continue to push for the use of technology to find solutions to problems confronting Governments and businesses on the continent.