As part of its approach to explore alternative sources of finance, the Nigerian Competitiveness Project (NICOP) together with the GIZ SEDIN programme and in partnership with the National Collateral Registry (NCR) and Central Bank of Nigeria conducted a one-day sensitisation programme for over 200 artisans and MSMEs from two clusters in Aba to create awareness on the use of the Secured Transaction in Moveable Asset (STMA).
The event was attended by financial institutions, including Money Deposit Banks and Micro Finance Banks, artisans, and MSMEs who came to learn about the class of movable assets that are acceptable under the STMA act of 2017, the requirements and the procedures for using the NCR, and the benefits of using the STMA. The participants were given a comprehensive overview of the STMA process and encouraged to use it to expand their businesses and increase their access to finance opportunities.
Thanks to this sensitisation programme, the MSMEs in the leather and garment value chains are now better equipped to take advantage of the STMA to use their movable collaterals to access finance, grow their businesses and create jobs. They now know what movable assets can be pledged for loans and understand the processes and requirements for using the NCR. With this new knowledge and empowerment, MSMEs are in a better position to access the financing they need to grow their businesses and improve their livelihoods.