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Yaoundé - 22 October 2019 -
Finance

Cameroon’s national personal property security directory is officially operational

Cameroon’s national personal property security directory is officially operational
  • Comments   -   Thursday, 23 May 2019 12:01

(Business in Cameroon) - Cameroonian finance minister, Louis Paul Motaze (photo), officially launches today May 23 in Yaoundé, the exploitation of the National Personal Property Security Register (RNSM). It is a database that centralizes information relating to personal property, conventional and credit security rights.

According to the minister, this directory supplements the real estate security rights registry. The property securities, favored by credit institutions, could not be produced by all categories of customers for access to credit, such as small and medium-sized enterprises (SMEs) and individuals.

The project to establish the Personal Property Security Registry, developed with the support of the World Bank, aims to reduce the difference in information levels between borrowers and money lenders. As a result, it should make credit more accessible.

As part of the implementation of an online RNSM system in Cameroon, the government reports that there are sanctions against financial institutions guilty of concealing or misrepresenting movable property pledged as collateral by borrowers.

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