Speaker calls on government to enforce securities law
Speaker Rebecca Kadaga
Kampala. Speaker of Parliament Rebecca Kadaga has expressed disappointment over the delay in the enforcement of the Chattels Securities Act and asked the ministry of Finance to account to the country.
“About six years ago, we enacted the Chattel Securities Act. The purpose of this Act was to support people who do not have land titles to get other securities to use to get money. I am still waiting. Each year I ask the minister of Finance what has happened to the law and they say they are working out regulations,” Ms Kadaga said on Wednesday during the Cente Supawoman Business Meet and Greet event in Kampala.
According to the Chattels Securities Act 2014, a chattel is any movable property that can be completely transferred by delivery and includes machinery, book debts, stock, crops, wool or property in respect of which a valid document of title.
Centenary Bank managing director Fabian Kasi said banks are simply waiting for the regulations that would actualise the enforcement of the Act to provide loans to people without collateral such as land.
Women entrepreneurs case
Private Sector Foundation Uganda executive director Gideon Badagawa said enforcement was long overdue and that the small entrepreneurs especially women entrepreneurs in Uganda would have benefited from this law if the rules had been written.
“The challenge that we have been alluding to is that the regulations for this Chattels Securities Act have not been written and gazetted. You hear it is between Bank of Uganda, ministry of Finance, Parliament and bouncing back for seven years,” Mr Badagawa said at the event.
At the same event, experts emphasised the need for government to ensure 30 per cent of goods and services to government are provided by businesswomen.
