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Nairaland Forum / Nairaland / General / Business / New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. (12545 Views)
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New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by prince123(m): 8:31am On Apr 12, 2017 |
Commercial banks in Zimbabwe will soon be compelled to accept livestock such as cattle, goats and sheep as collateral for cash loans to informal businesses under a new law presented to parliament Tuesday. Under the Movable Property Security Interests Bill tabled for debate by Finance and Economic Development Minister Patrick Chinamasa in the House of Assembly, the Reserve Bank of Zimbabwe will compile and administer a collateral-security register in which small-business operators and individuals can register their movable assets as security for credit. Vehicles, television sets, refrigerators, computers and other household appliances will become acceptable as collateral once they are evaluated and registered in the central bank’s register, according to Chinamasa. “As minister in charge of financial institutions, I feel there is need for a change of attitude by our banks to reflect of our economic realities,” he said. Banks are “stuck in the old ways of doing things and failing to respond to the needs of our highly informalized economy.” Big question, can such happen in Nigeria? Do you think its a good move. https://www.bloomberg.com/news/articles/2017-04-11/new-law-to-compel-zimbabwe-banks-to-accept-cattle-as-collateral |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by youngest85(m): 8:33am On Apr 12, 2017 |
Though it's a good development but I think animals are more than men in that country 15 Likes 1 Share |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:36am On Apr 12, 2017 |
Africans. Let's underdevelopment don't be our birthday right. I heard someone below say "Good move". Biko what is good about it 8 Likes
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Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by oluseyiforjesus(m): 8:36am On Apr 12, 2017 |
If you hear story of some countries you will appreciate Nigeria.......... Hw I wish we can use our senators as collateral in World Bank 74 Likes |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Gwan2(m): 8:37am On Apr 12, 2017 |
Very good one from Zimbabwe, laws as such engage the bank to be stakeholders in ur business. Only if Africans start doing things their way...The whites never allowed us to grow naturally, growth process is gradually and sometimes procedural. We were forced to catch up with 21st century advancement in technology, reasons we can't compete because our growth wasn't organic. . Zimbabwe had realized, atleast in the banking sector...reason they went back to the drawing board. 4 Likes |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by jaymejate: 8:37am On Apr 12, 2017 |
NIGERIA BANKS ooo Collect mansion cos of 100k borrowed If we start that one here, na the Fulani people go suffer am cos any cow wey waka anyhow, that's a potential collateral, i go carry am 21 Likes 1 Share |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by rusher14: 8:37am On Apr 12, 2017 |
Fulani herdsmen are encouraged. |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by onyetunge: 8:37am On Apr 12, 2017 |
wahalla, fulani herdsmen in zimbabwe now be like. 3 Likes
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Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by jbkomo(m): 8:37am On Apr 12, 2017 |
With dis in naija, am sure herdsmen will stop killin and start actin coporate like bankers |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Jabioro: 8:37am On Apr 12, 2017 |
If happened here in Nigeria, definitely it would be abuse.. turn to big time scam. |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:37am On Apr 12, 2017 |
prince123: This minister's comment is deeper than it looks. At times we forget that money is essentially a medium of EXCHANGE. One man's trash is another man's treasure. Haven't you heard of the young man who once traded up from a red paper clip until he had a house? Even here in Nigeria, people are already trading their land for cars. Why? Because nobody really "needs" money. We only need what money buys. Think about it: can you really "eat" the pieces of coloured paper? No, you want the cash so it can help you get the "things" you really want Let's commend this minister for thinking outside the box 6 Likes 1 Share |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Qmerit(m): 8:38am On Apr 12, 2017 |
Try that here lols |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by martineverest(m): 8:38am On Apr 12, 2017 |
Noice |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Flexherbal(m): 8:38am On Apr 12, 2017 |
This kind of a law, will not work in Nigeria. |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by OLAFIMIX(f): 8:38am On Apr 12, 2017 |
Good one..... I get ten goat, Gtb how far..... Just 10m. Sorry not for nija |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by austinoeze(m): 8:38am On Apr 12, 2017 |
Hahahaha funny |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by SmartMugu: 8:39am On Apr 12, 2017 |
No wonder herdsmen are now heading to Zimbabwe. |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by prince123(m): 8:39am On Apr 12, 2017 |
youngest85: Animals more than men , thats funny. |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:39am On Apr 12, 2017 |
In the others news.
Who else heard about the bombing of Dortmund team bus.
That is my bet9ja brothers at work.
Them don burst ticket die this season.
Can't defeat common schalke 04 at the weekend.
Manchester United aka draw soup team.
Beware |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:40am On Apr 12, 2017 |
if hapun in naija, you will see scarcity of livestocks immediately while people hoarding to create scarcity. |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by AngelicBeing: 8:40am On Apr 12, 2017 |
oluseyiforjesus:l concur 4 Likes |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by prince123(m): 8:40am On Apr 12, 2017 |
Vehicles, television sets, refrigerators, computers and other household appliances will become acceptable as collateral once they are evaluated and registered in the central bank’s register, according to Chinamasa. Wow for real |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Pavore9: 8:40am On Apr 12, 2017 |
Mugabe has messed up the country and he keeps blaming the West. 6 Likes 1 Share |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by dragonking3: 8:40am On Apr 12, 2017 |
Buhari the cattle herder must have given this instructions |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by kinngie(m): 8:41am On Apr 12, 2017 |
It's very bad! What if after collecting the collateral, the cattle catches flu and die? It can't happen here o 2 Likes |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by emmanuel596(m): 8:41am On Apr 12, 2017 |
... Try it in Nigeria |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by SmartMugu: 8:42am On Apr 12, 2017 |
youngest85:That's why the banks need to keep the animals to give enough room for men to play |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:42am On Apr 12, 2017 |
Nawa o |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by TeamSimple(m): 8:42am On Apr 12, 2017 |
Pastoral banking 2 Likes |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by otunbaajamu(m): 8:42am On Apr 12, 2017 |
Its as a result of bad management of the economy. since the govt collected farms from the white, the economy failed, all commodities skyrocketed. 1 Like |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Lanre4uonly(m): 8:43am On Apr 12, 2017 |
It can only happen in Zimbabwe. |
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