“It is a good development for the industry, the absence of this law meant that banks could not advance credit to people presenting mobile assets as collateral’’.
Last month, Zimbabwe’s Finance Minister Patrick Chinamasa said he wanted a similar law to promote “financial inclusion” and give greater access to credit to those excluded under the current system.
But bankers have raised concerns about the definition of assets, most of which are susceptible to rapid depreciation in value, the UK-based Financial Times reported at the time.
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