SIMPO is the Security Interest in Movable Property Registry System, managed by URSB. It allows lenders to record security interests in movable property used as collateral.
What Is a Security Interest?
If someone takes a loan and uses their car, machinery, livestock, or equipment as security, the lender can register that claim in SIMPO. This helps avoid disputes if the borrower tries to sell the item or take out another loan on the same asset.
Benefits of SIMPO
- Protects Lenders: If the borrower defaults, the lender has the legal right to claim the collateral.
- Boosts Credit Access: Small businesses can use movable assets to secure loans without needing land titles.
- Reduces Risk: SIMPO helps prevent fraud and double-pledging of the same asset.
How It Works
Lenders log into the SIMPO portal, fill in the details of the loan, and register the security interest. It’s a transparent system that promotes financial growth.