Bsystems helps launch Collateral Registry in Malawi
Bsystems Limited and IFC (World Bank Group) have implemented Bsystems’ flagship application ‘Collateral Registry System (CRS)’ in Malawi.
This application was launched by the Vice President of Malawi, Dr. Saulos Chilima in Lilongwe, Malawi, on 4th of February, 2016.
The Collateral Registry is a public sector reform that was initiated by the World Bank/IFC, and in collaboration with Bsystems Ghana Limited implemented this solution for the Ministry of Justice through the Registrar General and Ministry of Trade and Industry.
The Vice President said: “Just as in many other countries, financial institutions traditionally require fixed assets, such as land or buildings, as collateral for loans -- but with the registry that will be a thing of the past”.
Malawi has become the third sub-Saharan African country after Ghana and Liberia to establish a modern online Collateral Registry System that enables businesses and individuals to access loans using movable assets.
“Our Collateral Registry software is being used in the Bank of Ghana, central bank of Liberia, and will soon to be deployed at the central bank of Nigeria (CBN),” said Chief Executive Officer of Bsystems Ghana, Thomas A. Baafi.
The main objective of the Registry is to register charges and collaterals created by borrowers on movable properties to secure credit facilities provided by lenders.
Beside registrations, the registry provides information on the existence of relationships between lenders and borrowers as they relate particularly to movable collateral(s) as well as other ancillary functions.
Bsystems is an enterprise software development company based in Accra, Ghana. Bsystems also develops Identity Verification Systems, database management systems, human capital management systems, financial management solutions, enterprise mobile applications and planning and budgeting systems.
Bsystems applications are being used by financial services Institutions, Insurance and Telecommunication companies.