Every entrepreneur needs access to finance to sustain and scale a business successfully, and it is no news that entrepreneurs are constantly searching for ways to secure credit for their various enterprises. In fact, the need to obtain funds for your business is probably why you are reading this post.

So, you have successfully worked on that great business plan and it’s time to start your business, or you have started a business but you’ve reached a crossroad where you need to either get more funding or close up shop. Your next question is, “How exactly do I finance this business?”

The reality is that many business owners in Nigeria typically source for funds from family and friends because most financial institutions require land or immovable assets as collateral for giving loans. Even when available, the process can be quite challenging and sometimes lengthy. Also limiting are the fact that due to complicated land inheritance systems in some parts of Nigeria, many entrepreneurs, especially females, have no land to their name; and for small business owners living in major cities, acquiring property is a real feat.

Today however, there is a new development which you need to be aware of. The ‘No Land, No Loan’ mantra has now been replaced with ‘No Land, Yes Loan!’. This is because of the reforms implemented by the Presidential Enabling Business Environment Council (PEBEC), in collaboration with the Central Bank of Nigeria(CBN), which created the National Collateral Registry (NCR) to enables SMEs gain access to loans from lending institutions in Nigeria by using moveable assets as collateral.

That’s interesting, right? So let’s talk a little about how you can get finance for your business:

The National Collateral Registry (NCR):

Who says you can’t get a loan for your business with your sleek car or fine jewelry? The National Collateral Registry (NCR) is a web-based platform delivered to support the process of improving access to finance for MSMEs. The NCR allows business owners to use moveable assets like equipment, inventory, accounts receivables, bank accounts, farm products, motor vehicles, boats, planes, consumer goods (primarily for personal, family or household purposes).

The Secured Transactions in Movable Assets (STMA) Act was also passed to support the use and acceptance of movable assets as collateral in Nigeria, meaning it’s also backed by the law. It’s the whole truth, and is not very complex! Click here to see how it works, or download the NCR User Manual. Not ready to read? Then you can watch the How-To videos here.


Provision of credit reports to secure a loan

Due to the passage of the Credit Reporting Act 2017, individuals now have the legal right to request their credit data from Credit Bureaus to enable them prove their credit-worthiness for a loan.

We all know that everyone has a busy schedule, so to make this even easier, you can get your credit report simply by visiting or

With these PEBEC reforms, a lack of funding does not have to be the end of the track for your business. Find out more at

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