AI agents for business finance: what they can and can't do
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The short answer
The National Collateral Registry (NCR) is a CBN-run online register of security interests in movable assets such as vehicles, equipment and stock, set up to operate the Secured Transactions in Movable Assets Act 2017. A member of the public can search it by an individual debtor's BVN, a company or business name, or a collateral serial number, after paying online and entering a payment PIN. A registration means a lender has claimed that asset as security, and priority between lenders follows the time of registration.
What the National Collateral Registry is
The NCR is, in its own words, a centralised web-based system that holds information on security interests in financing statements filed by registered users. It is run by the Central Bank of Nigeria, with support from the IFC, and exists to operationalise the Secured Transactions in Movable Assets Act 2017. Its stated aim is to widen access to finance, especially for micro, small and medium enterprises, by letting borrowers pledge movable assets that stay in their own possession.
Before the registry, lenders in Nigeria leaned heavily on land and buildings as security. Movable assets were hard to use because there was no central place to see whether someone else already had a claim over them. The NCR fills that gap: a lender can record its interest, and anyone else can check for existing interests before lending against, or buying, the same asset.
What it records
The registry records financing statements. A financing statement is a short public notice that a named lender (the secured party) has a security interest in described collateral belonging to a named debtor. It is not the loan agreement itself. Typical collateral includes:
- Vehicles, tricycles and motorcycles.
- Machinery and equipment, such as generators, grinding machines or medical equipment.
- Inventory or stock in trade.
- Receivables owed to a business, and similar movable assets.
When a lender files, the system gives each accepted financing statement a sequential registration number with the date and time of registration. The NCR states that priority between competing security interests is determined by the time of registration, so the first lender to register generally ranks ahead of later ones. The NCR home page also notes that, under the Collateral Registry Regulations 2015, only a bank or financial institution licensed by the CBN under the Banks and Other Financial Institutions Act can take a security interest there.
How to search as a member of the public
According to the NCR How To guide, accessed in October 2026, a public search works like this:
- Buy search credit. From the Search menu choose Payment, then Make an Online Payment. Enter your details, choose a new payment, enter the number of searches or amount, and pay by card. Save the Transaction Reference Number and PIN shown at the end; you need both to search. You can also generate a payment voucher and pay at a bank.
- Open the Search menu on the home page and select Search.
- Choose one criterion: an individual debtor's BVN, a company or business name, or the collateral's serial number.
- Submit the request and enter your PIN in the Payment Verification box. Results appear once payment is verified.
- Select the result you want, click View and Generate Search Report, and download the search certificate.
The guide does not list the search fee; it points to a separate Fee Structure page on the NCR site. Check the current charge there before you pay. Registered users (lenders) have a fuller search, which by default is a 'Legally Effective Search', and can search by the financing statement's initial registration number.
Which criterion to use
| You want to check | Search by |
|---|---|
| Whether a person has pledged assets | The individual's BVN |
| Whether a company has pledged assets | The company or business name |
| A specific vehicle or machine you plan to buy | Its serial number (for a vehicle, usually the chassis or VIN) |
What a registration means for you
If you are buying a used asset
A serial-number search before you pay is cheap insurance. If the asset shows a live financing statement, a lender may have a claim on it. Ask the seller to get the lender to discharge the registration, or to give you written confirmation from the lender, before money changes hands. Our guide on cars as collateral covers vehicles in more detail.
If you are the borrower
A registration against your BVN shows that you have pledged movable assets to a lender. When the loan is repaid, ask the lender to discharge the financing statement and send you confirmation, then run your own search to check. The How To guide does not describe a route for debtors to correct or dispute a registration; the NCR gives a contact line (+234 803 3595 834) and a contact page for queries. See also the Secured Transactions in Movable Assets Act for borrowers.
What the NCR does not cover
- Land and buildings, which are registered at state land registries.
- Charges over company assets filed at the Corporate Affairs Commission, which sit in a separate system.
- Your credit history. That is held by licensed credit bureaus; see how credit bureaus work.
Where Pryme fits
Loans on Spaces, lent by Solid Allianze Microfinance Bank, are offered based on how your account is run and are spent only with Spaces merchants. See Loans on Spaces.
Questions people ask
How do I search the National Collateral Registry in Nigeria?
Pay online for search credit, then on the NCR site choose Search and enter an individual's BVN, a company or business name, or a collateral serial number, plus your payment PIN.
Can I check if a car is used as collateral in Nigeria?
Yes. Search the NCR by the vehicle's serial number. A live financing statement suggests a lender has a security interest in it.
How much does an NCR search cost?
The NCR How To guide does not state the fee. Check the Fee Structure page on the NCR website for the current amount.
Who runs the National Collateral Registry?
The Central Bank of Nigeria, with support from the IFC, under the Secured Transactions in Movable Assets Act 2017.
Sources
- National Collateral Registry Nigeria (CBN): home and search page · accessed Oct 2026
- National Collateral Registry Nigeria: How To guide (search, payment, financing statements) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.