Saturday, 13 May 2017

Kenya Government Approves Bill To Allow Livestock, And Household Appliances To Be Used For Bank Loans

President Uhuru Kenyatta has signed into law the Movable property Security Rights Bill 2017. According to the presidency, the law “enhances the ability to access credit using movable assets.”

‘‘The new law facilitates the use of moveable property as collateral for credit facilities, establishes the office of the Registrar of security rights as well as provides for the registration of security rights in movable property,’‘ Africa News quotes the presidency as saying.
Kenya Government Approves Bill To Allow Livestock, And Household Appliances To Be Used For Bank Loans
Low-income earners in Kenya can now take bank loans by using livestock, crops and other household appliances as collateral.


The law will allow especially women, small-scale farmers and young people to secure bank loans as parts of efforts aimed at boosting the economy.

The head of Kenya bankers Association, Halil Olaka, lauded the new law stressing that it was ‘‘a good development for the industry.’
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