Q FM Africa's Modern Radio
The Patents and Companies Registration Agency (PACRA) has disclosed that a total of 12,792 collateral transactions have been made since the movable property registration system was introduced late last year.
PACRA Registrar and Chief Executive Officer, Anthony Bwembya has told Journalists during the ongoing annual master class for business journalists in Chilanga that the system will be officially launched in November this year as it is still in the testing phase.
Mr Bwembya says once officially launched, the system will bring to an end the issue of physical transactions and payments.
He says the moveable property registry collateral system provides a system suitable to the Zambian business landscape, compared to the Malawian system the agency had adopted.
He adds that the movable property Act will also provide mechanisms for ensuring that security is not encumbered through a unified collateral registry.
Mr Bwembya says PACRA will embark on a vigorous campaign to raise awareness amongst citizens on the new movable property registration system.