Admore Khandlela, the Chief executive officer of the Post Office Savings Bank (POSB) recently told a Small to Medium Enterprises Development Forum that banks were now able to accept goats and other livestock as security for loans.
When you look at it (Bill), it’s actually simplifying the whole process of doing business. I know people joked so much about it before the Bill was actually being crafted but it’s now out.
I don’t know how many of us have seen it a(Bill); that you can now use your goat, any of the movable assets.
I know people literally even talked about goats. Yes, it was a joke but it’s a fact. If you have animals out there, it’s happening in Australia by the way. In Ghana, in Kenya, those things are happening and they are working.
Although some banks may resist because it’s happening against traditional factors, some of us have had experiences; we won’t bother much with that. We will actually move with it and time will actually catch up with it.