BoG introduces online payment service for collateral registry

The central bank has introduced an online payment service for the Collateral Registry web-based system.

A notice issued by the Bank of Ghana (BoG) indicates that the service is aimed at addressing the inconveniences associated with the existing pre-paid mode of payment.

This online payment service affords clients of the Collateral Registry the option to pay for the services rendered by either Mobile Money (MTN MoMo, Vodafone Cash, and AirtelTigo Money) or Visa/MasterCard.

During 2019, a total of 96,148 security interests were registered, compared to 82,302 registered in 2018. Also, a total of 239,705 collaterals were registered in 2019, as against 224,583 in 2018. Searches conducted in 2019 were 48,086, representing an increase of 30.3 percent over the 2018 figure.

Under the statutory mandate of the Borrowers and Lenders Act 2008 (Act) 773, the Bank of Ghana operationalized the establishment of the Ghana Collateral Registry on February 1, 2010, to register charges and collaterals created by borrowers, to secure credit facilities provided by lenders. This was 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 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.