B-systems Limited, one of Ghana's foremost enterprise software development companies has launched its flagship software; the Collateral Registry Software (CRS) in Zambia.
The project undertaken in collaboration with the World Bank/IFC is a public sector reform initiative which among other functions enables businesses and individuals that do not have access to traditional collateral like land or real estate to use movable assets such as machinery to access credit.
This brings to six, the Sub-Saharan Africa countries, the company has deployed its software in with the support of the World Bank Group - after Ghana, Liberia, Malawi, Nigeria, and Sierra Leone.
The CRS system was launched in Lusaka, Zambia on 17th November 2017 by Miss Kayla Siame, Permanent Secretary for the Ministry of Commerce, Trade and Industry on behalf of the Zambian government.
Deputy Governor, Administration, Bank of Zambia, Dr Tukiya Kansaka-Mabula stated at the launch “This occasion symbolizes a significant step in enhancing the legal and institutional infrastructure that fosters financial inclusion and access to finance.
“We need not relent in our efforts in order to sustain these gains and improve the statistics on financial inclusion in general and access to credit by SMEs particularly on lending secured by a movable property.”
In the World Bank Group’s 2018 Doing Business report, Zambia was ranked second globally in the Getting Credit category – just after New Zealand. Small businesses in the country, however, continue to struggle with access to credit facilities by financial institutions – necessitating the launch of the Secured Transactions Law and Collateral Registry Software to facilitate the process.
Zambia’s B-systems Collateral Registry System is hosted by the Patents and Companies Registration Agency (PACRA) and can be accessed at www.pacra.org.zm/mprs.