WHEREAS, a 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 opportunities, increases production and productivity, fosters access to and usage of financial products and services, and creates opportunity to expand banking services to rural areas;

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

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

NOW, THEREFORE, in accordance with Article 55(1) of the Federal Democratic Republic of Ethiopia Constitution, it is hereby proclaimed as follows: