Secured Transaction in Movable Assets Act, 2017 Explanatory Memorandum
Ministry of Finance, Budget and National Planning, Nigeria
This Act provides for secured transactions, registration and regulation of security interests in movable assets. Its objectives are to enhance financial inclusion in Nigeria, stimulate responsible lending to micro, small and medium enterprises, facilitate access to credit secured with movable assets, facilitate perfection of security interests in movable assets and establish a collateral registry and provide for its operations.
Process Flow
National Assembly ⬤
Office of the President ⬤
Secured Transaction in Movable Assets Act, 2017 Explanatory Memorandum Current Version
January 2022
This Act provides for secured transactions, registration and regulation of security interests in movable assets. Its objectives are to enhance financial inclusion in Nigeria, stimulate responsible lending to micro, small and medium enterprises, facilitate access to credit secured with movable assets, facilitate perfection of security interests in movable assets and establish a collateral registry and provide for its operations.
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