Secure Transaction Registarion

What is a Secured Transaction Contract Registration?

A secured transaction is a financial arrangement where a borrower pledges an asset (collateral) to a lender as security for a loan or obligation.
Registration of the contract is done to legally record this security interest, giving public notice and protecting the lender’s rights if the borrower defaults.

In Zanzibar  this process is typically handled under the Business and Property Registration Agency (BPRA) system  specifically through the Secured Transactions Registry.

Registration

This security interest shall be registered with the BPRA Secured Transactions Registry in accordance with the Secured Transactions Act and related regulations.

Purpose of Registration

• To protect the lender’s security interest against other claims.

• To prioritize the creditor’s rights over others.

• To enable enforcement if the debtor defaults.

• To ensure transparency in commercial lending