DODOMA: FINANCE Minister Khamis Mussa Omar has tabled the Movable Property Security Interests Bill, 2026, in Parliament, seeking to establish an effective framework for managing loans secured by movable assets. Ambassador Omar tabled the Bill today, August 31, 2026, in Parliament in Dodoma, saying the proposed legislation seeks to increase the use of banking services … The post Tanzania tables a bill to establish effective framework for loans secured by movable assets appeared first on Daily New
**DODOMA: **FINANCE Minister Khamis Mussa Omar has tabled the Movable Property Security Interests Bill, 2026, in Parliament, seeking to establish an effective framework for managing loans secured by movable assets.
Ambassador Omar tabled the Bill today, August 31, 2026, in Parliament in Dodoma, saying the proposed legislation seeks to increase the use of banking services in the country from 22 per cent in 2023 to 50 per cent by 2030.
He said the Bill also seeks to increase private sector credit as a share of Gross Domestic Product (GDP) from 22.5 per cent in 2024 to 50 per cent by 2030, while creating more employment opportunities and supporting the growth of the financial sector to 20 per cent by 2030, up from 17.1 per cent in 2024.
He said the proposed measures were important in expanding access to credit for individuals and businesses by allowing movable assets to be used as collateral, rather than relying predominantly on immovable assets such as land and buildings.
Ambassador Omar said one of the challenges the Bill seeks to address is the absence of a centralised registration system for movable assets that can be used as collateral.
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He said the current situation could allow the same asset to be pledged as security for multiple loans without other lenders being aware, potentially contributing to an increase in non-performing loans in the financial sector.
Another challenge, he said, was the absence of a coordinated system for the management and administration of movable assets used as collateral, as well as inadequate procedures for enforcing the rights of borrowers and lenders when such assets are sold.
Ambassador Omar further said the need for such a framework was also driven by the fact that some movable assets can lose their value within a short period or deteriorate over time.
He said the Bill is divided into 10 parts, establishing a comprehensive legal framework governing the use, registration, management and enforcement of security interests arising from movable assets.
The post Tanzania tables a bill to establish effective framework for loans secured by movable assets appeared first on Daily News.
