Visit Gambia Collateral Registry for more information
The Collateral Registry and Registration System have been established by the Central Bank of The Gambia under the Securities Interests in Movable Properties Act 2014 (hereinafter referred to as “the Act”). The Act makes provision for the creation, perfection, priority and enforcement of security interests in movable property. Regulations have also been issued which make provision for the operations of the Registry and the System.
The System is a public database that facilitates and records the registrations of securities over moveable property or collaterals created by borrowers to secure credit facilities provided by lenders. Any other type of obligation secured by moveable property may also be registered. Critically, the mechanism for enforcing credit agreements has been significantly improved and is envisioned to be extrajudicial i.e. exclude court proceedings. This will not however prevent a debtor from initiating court proceedings in instances where it chooses to. In the exercise of the right to realize a security interest over movable property used as collateral, a lender is not obliged to initiate proceedings in court in the event of default.
As a public database the system will provide information on the existence and details of relationships between lenders and borrowers as they relate particularly to movable collateral, as well as other ancillary functions.
The objective of the Collateral Registry is to assist in energizing the credit delivery system in The Gambia through the provision of efficient and cost effective services and to play a key role in creating an enabling environment to ensure easy access to credit.
The Collateral Registry and Registration System have been established by the Central Bank of The Gambia under the Securities Interests in Movable Properties Act 2014 (hereinafter referred to as “the Act”). The Act makes provision for the creation, perfection, priority and enforcement of security interests in movable property. Regulations have also been issued which make provision for the operations of the Registry and the System.
The System is a public database that facilitates and records the registrations of securities over moveable property or collaterals created by borrowers to secure credit facilities provided by lenders. Any other type of obligation secured by moveable property may also be registered. Critically, the mechanism for enforcing credit agreements has been significantly improved and is envisioned to be extrajudicial i.e. exclude court proceedings. This will not however prevent a debtor from initiating court proceedings in instances where it chooses to. In the exercise of the right to realize a security interest over movable property used as collateral, a lender is not obliged to initiate proceedings in court in the event of default.
As a public database the system will provide information on the existence and details of relationships between lenders and borrowers as they relate particularly to movable collateral, as well as other ancillary functions.
The objective of the Collateral Registry is to assist in energizing the credit delivery system in The Gambia through the provision of efficient and cost effective services and to play a key role in creating an enabling environment to ensure easy access to credit.