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The Movable Property Security Rights Act No. 13 of 2017 in Kenya establishes a legal framework for securing interests in movable property. It facilitates access to credit by allowing businesses and individuals to use movable assets as collateral for loans, thereby enhancing financial inclusion and supporting economic growth.

The Act defines movable property as assets that are not immovable, such as vehicles, machinery, and inventory. It outlines the procedures for creating, registering, and enforcing security interests in these assets. The Act introduces a centralized electronic register for security interests, ensuring transparency and reducing the risk of disputes. It also sets out the rights and obligations of parties involved in secured transactions, including priority of claims in the event of default.

The primary objective of the Movable Property Security Rights Act is to provide a robust legal framework that facilitates the use of movable property as collateral. It aims to improve access to credit for businesses and individuals, promote investment, and enhance the efficiency of the credit market by simplifying the process of securing and enforcing security interests.

The 2017 Act represents a significant reform in credit and security law by modernizing the approach to movable property. It integrates digital solutions, such as electronic registration, to streamline processes and reduce administrative burdens. This modernization aligns Kenya's legal framework with international best practices, supporting economic development and financial stability.

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