WHEREAS, modern secured transactions system enables individuals and entities to use their movable assets as security for credit generating new productive capital, expands investments, creates more job opportunity, increases production and productivity, creates an opportunity to expand and foster access to and usage of financial products and services;

WHEREAS, establishing single comprehensive electronic registration regime for secured transactions in movable property to determine priority rights among competing claimants is necessary;

WHEREAS, it is necessary to enable the creation of security rights in current and future movable property, ensure their publicity and effectiveness through efficient enforcement mechanisms;

NOW, THEREFORE, in accordance with Article 94(2) and 95 of Movable Property Security Right Proclamation No. 1147/2019, the National Bank of Ethiopia issued this directive.