The Bank of Ghana has introduced an online payment service for the collateral registry system “under the statutory Mandate of the Borrowers and Lenders Act 2008 (Act) 773”.
This is according to a notice issued by the Bank of Ghana which reveals that its outfit “operationalized the establishment of the Ghana Collateral Registry on 1st February 2010, to register charges and collaterals created by borrowers, to secure credit facilities provided by lenders” in pursuant to its mandate to regulate, supervise and direct the banking and credit system, and ensure the smooth operation of the financial sector.
“The Collateral Registry operates a 24/7 web-based system, which serves lending institutions and the general public,” the Bank of Ghana opined.
“With reference to the Bank of Ghana NOTICE NO. BG/GOV/SEC/2013/10, the use of some services of the Registry requires payment. The current modes of payment are the post-paid mode and the pre-paid mode, which require a deposit to be made at the Bank of Ghana”.
In addressing the inconveniences associated with the existing pre-paid mode of payment, the Bank of Ghana pronounced that it has introduced an online payment service for the Collateral Registry web-based system, affording clients signed on to the Collateral Registry the option to pay for the services rendered through various digital platforms in the comfort of their homes.
Detailing the different options available to clients, the Bank of Ghana said all Mobile Money platforms from network providers including MTN MoMo, Vodafone Cash and AirtelTigo Money are eligible for payment. Also, Visa and MasterCard are acceptable.
The Bank of Ghana further asserted that this new feature, the Collateral Registry Online Payment System is currently live and accessible via the URL link ‘an internet address’.
Mrs. Frances Van-Hein Sackey, the Registrar of the Collateral Registry Department of the Bank of Ghana posits that “as the first Collateral Registry on the African continent, we pride ourselves as an institution with the requisite legal and institutional framework to facilitate registration of notices of security interest and searching for information on prior registered security interests. In addition to equipping our guests with relevant materials on modern secured transactions, users can log in with the requisite login credentials to gain access to the Collateral Registry System (CRS) and patronize the services offered by the Registry.
“The Collateral Registry will combine professionalism, responsiveness and leadership in delivering effective and efficient services to its stakeholders through capacity building efforts, research and development, sensitization and awareness creation, and continual information technology upgrade”. The establishment of the Collateral Registry by the Bank of Ghana is indeed a welcomed inroad in credit delivery in Ghana, she added.
Finally, for further enquiries regarding the online payments and the use of the services of the new Collateral Registry System, the general public is invited to visit or contact the Registrar of the Collateral Registry Department.
The general public is duly informed and encouraged to adhere to the notice and be guided accordingly.
