What is SAMAR
SAMAR allows manufacturers, importers, builders, banks, insurers and the public to control title and ownership of movable assets that would in time allow for improved control over movable assets in the Users of the system can anticipate improved availability of personal and commercial financing of movable assets.
SAMAR’s use by the insurance industry to load their interest against the asset under finance will reduce risk for the banks and related costs.
For some users, the benefits of registering movable assets on SAMAR will facilitate financing that may not otherwise have been available, by providing identifiable data and markings for tracking and control that are admissible in a court of law.
SAMAR covers the entire life-cycle of an asset, and creates the most recent reliable record of an asset by continuous updating the record as changes are made by various system interactions. SAMAR may be used for all moveable assets including “yellow metal”, and MAY also be applied to motor vehicles registered on eNaTIS, where additional control is required.
SAMAR, as a concept, was agreed with the banks as being necessary as early as 2009, as the NRCS changed their policy regarding “yellow metal” to bring it in line with Regulation 5 of the Road Traffic Act. This policy change created a gap with regards to the ability to effectively manage and control the financing of assets throughout their lifecycle due to the lack of systems to fulfil this need.
SAMAR, the Southern Africa Moveable Assets Register, was developed to fulfil precisely this requirement, as it provides for improved risk management of movable assets through the registration and verification of information related to the identifiers of moveable assets, on a common framework. SAMAR will be billed at a cost that is very favorable to the industry, and substantially less costly than ENaTIS transactions