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New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. - Business (2) - Nairaland

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Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by SmartMugu: 8:43am On Apr 12, 2017
emmanuel596:
angry grin... Try it in Nigeria
It's should work in Nigeria too. Kidnappers will only start kidnapping livestock and humans will feel safer.

1 Like

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by qualityovenbake(m): 8:44am On Apr 12, 2017
CBN should implement this law in Nigeria grin
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:46am On Apr 12, 2017
onyetunge:
wahalla, fulani herdsmen now be like.
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by prince123(m): 8:47am On Apr 12, 2017
Stelvin101:
Africans. Let's underdevelopment don't be our birthday right. I heard someone below say "Good move". Biko what is good about it

Am surprised too, question who will maintain the cattles , what if something goes wrong
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:50am On Apr 12, 2017
I laugh
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by emmanuel596(m): 8:54am On Apr 12, 2017
SmartMugu:

It's should work in Nigeria too. Kidnappers will only start kidnapping livestock and humans will feel safer.

And ordinary chicken wld be sold for 10k abi

2 Likes

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by jbcul4ril(m): 9:00am On Apr 12, 2017
Most comments above shows the volume of ideas in your heads.
For the govt to make that law they trying to make sure that MEDIUM AND SMALL business and enterprises access micro loans considering the fact that it is the major problem of small businesses across Africa including Nigeria.
No bank will want to release shareholders funds without security. So, if borrowers livestock can be use as collateral it is a welcome development.
Mind you it is also practiced in Malaysia and India. Therefore, Nigeria should borrow a leap from this countries considering the fact MSME are bedrock of any Economy.

2 Likes

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Adesiji77: 9:04am On Apr 12, 2017
cheesy grin
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by sirusX(m): 9:05am On Apr 12, 2017
jbcul4ril:
Most comments above shows the volume of ideas in your heads.
For the govt to make that law they trying to make sure that MEDIUM AND SMALL business and enterprises access micro loans considering the fact that it is the major problem of small businesses across Africa including Nigeria.
No bank will want to release shareholders funds without security. So, if borrowers livestock can be use as collateral it is a welcome development.
Mind you it is also practiced in Malaysia and India. Therefore, Nigeria should borrow a leap from this countries considering the fact MSME are bedrock of any Economy.
While there are other ways to make things work, this is a step that can be taken if we as a nation need to grow the economy
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Johnrake69: 9:05am On Apr 12, 2017
Stelvin101:
Africans. Let's underdevelopment don't be our birthday right. I heard someone below say "Good move". Biko what is good about it

A nation must use what it has to emancipate themselves financially and otherwise.

1 Like

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by toolovely(m): 9:07am On Apr 12, 2017
what is the livestock dies within the period, who bears the loss?
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Bimpe29: 9:10am On Apr 12, 2017
Hahaha! That sounds barbaric.
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by timecapsule: 9:14am On Apr 12, 2017
It seems that HERDSMEN have spread down to zimbabuwe and have enter deep into their government. STUPID PEOPLE!
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by otomatic(m): 9:23am On Apr 12, 2017
The livestock may die, so their lives must be insured. The TV sets, cars, etc will soon be old models so their depreciation and fair market value must constantly be monitored vis-a-vis the loan amount.

I wonder if the sme's will afford the insurance that will come with the policy
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by yomi007k(m): 9:26am On Apr 12, 2017
grin


Yeye...

Wat if d animals die? I no fit collect dt kind collateral. Soon dem go say mk we collect tomatoes n rice.

Oshi
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by davidif: 9:28am On Apr 12, 2017
Lanre4uonly:
It can only happen in Zimbabwe.

Don't be to certain it can't happen here eventually?
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by wellmax(m): 9:37am On Apr 12, 2017
kinngie:
It's very bad! What if after collecting the collateral, the cattle catches flu and die? It can't happen here o
What if you use your house as collateral and the house catches fire and burn

1 Like

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Chidonc(m): 9:44am On Apr 12, 2017
jaymejate:
grin grin grin
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
lol. even fowl for my area hear this news find there road
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by TheVictorious(m): 9:44am On Apr 12, 2017
Will the loan be worth the cattle and other nonsense collateral listed there?? If you ask me, Zimbabwe is about to fold up!
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by malware: 9:47am On Apr 12, 2017
Oya, here are my collaterals grin

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Donjazzy12(m): 9:58am On Apr 12, 2017
Stelvin101:
Africans. Let's underdevelopment don't be our birthday right. I heard someone below say "Good move". Biko what is good about it
You are a Joke! What is the value of a big northern cow in Nigeria? There is absolutely nothing wrong in using domestic animals as collateral
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 10:03am 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.

this is the most stupid thing i have read in a long time, and it shows how much mugabe has failed zimbabwe

just about everything listed there depreciates fast. in less than four years, your tvs , computers etal are obsolete and valueless.

by basic depreciation, the netbook value of a car is zero in four years.

as for livestock, what happens if they die?

nonsense

mugabe has reduced banks to pawnshops.
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by eyinjuege: 10:04am On Apr 12, 2017
Is this a joke?
Na who wan look after the sheep, cows and other livestock?
Who will be responsible for their feeding whole waiting for repayment?
If the animals catch a disease and die, who will bear the losses?
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by scachy(m): 10:31am On Apr 12, 2017
I just pray that naija won't nosedive to this level under Buhari led APC government. Smh
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Kellydrive1: 11:10am On Apr 12, 2017
[quote author=prince123 post=55494897]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.

So where will the Banks keep the cattle and other animals ..??
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by engrshakespeare: 11:41am On Apr 12, 2017
alignacademy:


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

Or better still wonder why that minister`s head is shaped like a box
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 11:44am On Apr 12, 2017
Donjazzy12:

You are a Joke! What is the value of a big northern cow in Nigeria? There is absolutely nothing wrong in using domestic animals as collateral

Can you hear yourself talking! You must be a Fulan***. Swerve!
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 11:47am On Apr 12, 2017
Johnrake69:


A nation must use what it has to emancipate themselves financially and otherwise.

And you expect such nation to grow to a level of competiting with Developing countries. Argentina as a nation who holds the records for Cattles rearing does not do such. Africans eh! Una matter tire me

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by joinnow: 12:05pm On Apr 12, 2017
.
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by MtuMsuper: 12:08pm On Apr 12, 2017
Before we get ahead of ourselves, let us remind ourselves of the qualities that collateral must have.

Can the item put up as collateral have recoverable value at current or projected market price commensurate or exceeding the loan given?

Is it a fast moving asset?

Can it be reasonably valued by a qualified valuer and its value given to within reasonable acciracy?

Is it in good condition?

Can the said asset be assuredly in the possession of the loanee ,if and when the prospect of recovering the loan becomes a reality?


A good healthy cow with no defects, and good beef/milk producing properties can and does have collateral value here in kenya esp with micro finance institutions. Farmers in the USA frequently put up their herd as collateral when securing a loan with a bank. Heck, they even insure their cows!


No biggie here!

3 Likes

Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Johnrake69: 2:29pm On Apr 12, 2017
Stelvin101:


And you expect such nation to grow to a level of competiting with Developing countries. Argentina as a nation who holds the records for Cattles rearing does not do such. Africans eh! Una matter tire me

The dollar is backed by the mere promise that tax payers will continue to pay their taxes. And now, compare it with an instrument backed by cattles. Which one makes sense to you? Westerner!
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by darlingtin1985(m): 9:11pm On Apr 13, 2017
oluseyiforjesus:
If you hear story of some countries you will appreciate Nigeria..........
Hw I wish we can use our senators as collateral in World Bank



That will be a welcome development.

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