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Factoring Assignment and Receivables Financing Bill (HB. 516)
If this bill passes...
The Factoring Assignment and Receivables Financing Bill creates a legal framework that allows businesses to convert unpaid invoices into immediate cash by assigning them to licensed financial institutions, known as factors.
Imagine Grace supplies ₦10 million worth of medical equipment to a hospital with payment due in 90 days. Instead of borrowing at high interest or shutting down operations, she can assign the invoice to a factoring company and receive most of the money immediately.
Your business completes a ₦5,000,000 contract, but payment will arrive in 90 days. A factoring company offers to pay you ₦4,700,000 immediately. How much is deducted as the factoring cost?
What is the main goal of this Bill?
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