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BUSINESS
SAMAR to be agreed across the industry. At present, three of the
four “big” banks have since issued SAMAR with letters of recognition
as the authorised registry of movable assets, while some of the
prominent equipment dealers have already loaded hundreds of their
assets on the system. Dutton tells
Capital Equipment News
that the
system is currently under testing and will go live in February 2017.
Better control
Dutton says the idea behind SAMAR is to allow for better control
of title and ownership of movable assets, which in turn offers
better control over these assets. It also provides for improved risk
management of movable assets through registration and verification
of all critical information related to the identifiers of movable assets,
on a common framework. Registration of an asset on SAMAR will
be billed at a cost of R80 per asset, per registration or transfer of
ownership. Dutton believes the cost is very favourable to the industry
and is substantially less than eNaTIS transactions.
Three financing institutions have already loaded some of their
assets on SAMAR during this trial phase. As soon as the system
goes live in February, these institutions will start compelling all their
customers financing their equipment needs through them to register
the asset before they can conclude the purchase.
In an ideal world, the products financed by the banks would already
be on the SAMAR registry as manufacturers and equipment importers
have been invited to load their assets as soon as they enter the
country or roll off the production line. About 7 000 assets are already
on register across various banks’ titles and people’s ownerships. Of
the 7 000, about 5 000 are Volvo pieces of equipment, a gesture that
demonstrates the immediate buy-in from manufacturers and local
yellow metal equipment dealers. When the asset is sold, registration
into the ownership of the buyer takes place for an R80 fee. If the
asset is being financed, the title will reside with the bank or the
About 7 000 assets are already on the
SARMA register across various banks’
titles and people’s ownerships.
Kyle Dutton of SAMAR
says the idea behind
SAMAR is to allow for
better control of title and
ownership of movable
assets.
CAPITAL EQUIPMENT NEWS
JANUARY 2017
23