The Registry is part of the ongoing financial sector reforms which aimed at realigning service delivery in the financial sector with the Bank’s objective to improve efficiency in financial intermediation especially on Small and Medium Enterprises. It will also operate a diverse and multifaceted platform that will be supported by a legal and regulatory framework to register collateralized movable property.
The Country Manager for the World Bank Group in Sierra Leone, Parminder Brar applauded the Bank of Sierra Leone for fully owning the project and highlights some of the supports they and the Department for International Development DFID has provided for Sierra Leone Collateral Registry and said World Bank will continue to boost Sierra Leone.
In his statements, the Minister of Finance and Economical Development, Momodu Kargbo, said government believes that facilities such as the Sierra Leone Collateral Registry must be tailored to meet the needs and aspirations of the segment of the population to enable them contribute to the economic development and called on the Acting Governor of the Bank of Sierra Leone to organize a similar workshop for the Grassroots.
Delivering his keynote address the Acting Governor of the Bank of Sierra Leone, Dr. Ibrahim L. Stevens explained the significant of the Collateral Registry in which he said will help improve the Micro, Small and Medium Enterprises. He added that the bank is also in the process of migrating from compliance based supervision to Risk Based supervision with a view to enhance the bank management of risk across the sector.
The Acting Governor informed that the Bank is repositioning itself to be able to address emerging challenges through an effective resolution regime that will include a deposit Insurance scheme. He recognized and appreciated the support provided the Bank in the implementation of the project from the Ministry of Finance and Economic Development, Ministry of Trade and Industry, the Office of the Attorney General and Minister of Justice, the Honorable House of Parliament, Heads of Commercial Banks and other Licensed Institutions and the Media.
It is however hoped that this will create a comprehensive legal framework that will be in line with international best practice which will enabling to support the secure lending in Sierra Leone.