URSB empowers financial institutions with SIMPO training
The Uganda Registration Services Bureau (URSB) recently conducted a specialised training workshop in Arua City, focusing on the Security Interests in Movable Property Registry System – SIMPO – for money lenders and financial institutions.
The workshop aimed to enhance participants’ understanding of secured transactions and movable property registration processes. By bringing together key financial sector professionals, URSB demonstrated its commitment to improving regulatory compliance and operational efficiency in the lending industry.
Participants gained critical insights into the intricacies of SIMPO, a system designed to streamline the registration of movable property used as security for loans. The training highlighted the importance of documentation and legal procedures in financial transactions.
This targeted workshop underscores URSB’s role in supporting the financial sector through the SIMPO Registry, which provides seamless and transparent access to information related to registration, amendment, cancellation, and discharge of security interests and liens in movable property.
The Security Interests and Movable Property Registry System – SIMPO – establishes a legal framework for using movable assets as collateral for loans. It creates a registry system that allows lenders to record their security interests in borrowers’ movable property, providing greater certainty for creditors and expanding access to credit for businesses and individuals without traditional collateral, like land.
