Stella Dimoko Korkus.com: Commercial Banks In Zimbabwe To Accept Livestock As Collateral.

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Wednesday, April 12, 2017

Commercial Banks In Zimbabwe To Accept Livestock As Collateral.

Commercial banks in Zimbabwe will soon be compelled to accept livestock such as cattle, goats and sheep as collateral for cash loans to informal businesses under a new law presented to parliament Tuesday.




Under the Movable Property Security Interests Bill tabled for debate by Finance and Economic Development Minister Patrick Chinamasa in the House of Assembly, the Reserve Bank of Zimbabwe will compile and administer a collateral-security register in which small-business operators and individuals can register their movable assets as security for credit.


Vehicles, television sets, refrigerators, computers and other household appliances will become acceptable as collateral once they are evaluated and registered in the central bank’s register, according to Chinamasa.

“As minister in charge of financial institutions, I feel there is need for a change of attitude by our banks to reflect of our economic realities,” he said. Banks are “stuck in the old ways of doing things and failing to respond to the needs of our highly informalized economy.”


Can such happen in Nigeria?


14 comments:

  1. My prayer is that Nigerian should not become another zimbabwe.

    Buhari and APC we are getting to May 29. It will be 2 years

    ReplyDelete
  2. Naaa! That can't happen in Nigeria.

    Your comment will be visible after approval.

    ReplyDelete
  3. Lols, if this one happen in niaja.

    ReplyDelete
  4. In Nigeria ke? It can't happen o! Ra ra!

    ReplyDelete
  5. Hahahahahahahaha this have got to be the funniest News ever hahahahahaha

    There is serious hunger in the land

    ReplyDelete
  6. Nawao! Let this one no happen in Nigeria cos Naija na copy copy

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  7. I don't think it can happen in Nigeria but one day they will using human beings as collateral; the more handsome or well formed an individual is, the more money that can be borrowed.

    ReplyDelete
  8. They should come to Oshodi, plenty people dey carry Ghana must go bags waka.

    ReplyDelete

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