The Security Interest in Movable Property Registry System (SIMPRS) at Uganda Registration Services Bureau is established under the Security Interest in Movable Property Act of 2019. This Law allows Micro, Small and Medium Enterprises as well as individuals whose major constraint to economic growth is lack of affordable credit, to use their movable assets as collateral for loans.
The SIMPRS has been developed in fulfillment of Government of Uganda’s objective in the Second National Development Plan 2015/16 – 2019/20 of reducing interest rates, decreasing default rates and increasing the pool of new borrowers.
The fully online Registry facilitates secured creditors to register their security interests in movable assets such as livestock, crops, motor vehicles, electronics, and furniture while providing the public with notice of the existence of such security interest. It is envisaged that access to this information will result in affordable financing from regulated financial and non-financial institutions who prefer traditional collateral like land and buildings, as searching the Registry helps creditors to evaluate the risk of lending before a decision to lend is made.