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Nairaland Forum / Nairaland / General / Business / New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. (12457 Views)
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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: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 |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Nobody: 8:46am On Apr 12, 2017 |
onyetunge: |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by prince123(m): 8:47am On Apr 12, 2017 |
Stelvin101: 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: 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 |
Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by sirusX(m): 9:05am On Apr 12, 2017 |
jbcul4ril: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: 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 |
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: 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: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: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
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Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by Donjazzy12(m): 9:58am On Apr 12, 2017 |
Stelvin101: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: 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: 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: 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
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Re: New Law Compels Zimbabwe Banks To Accept Cattles, Goat And Sheep As Collateral. by joinnow: 12:05pm On Apr 12, 2017 |
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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: 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: That will be a welcome development. |
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