A digital bidding platform has been launched to make the enforcement of orders more efficient and transparent. The platform was launched by the Ministry of Justice and Rwanda Development Board (RDB) on Wednesday at Lemigo Hotel in Kigali.
Johnston Busingye, Minister of Justice hailed the new platform as a long-term solution to the challenges faced in the execution of enforcement orders that will reduce the processes involved in the enforcement of orders and curtail malpractices occasioned by human interaction.
The new system which is accessible at https://cyamunara.gov.rw/auction/ among other things will provide opportunity for bidders outside the country to participate in the auction exercise.
Clare Akamanzi, Chief Executive Officer of RDB commended the new initiative for execution of enforcement orders, from a manual to an electronic system that is in line with the Government’s vision of digitalizing all its services.
She said that over the last 10 years, Rwanda has implemented focused reforms aimed at improving the doing business environment for the private sector to thrive.
“Private sector contribution to the economic development of Rwanda is primary. We cannot talk about development without developing the private sector; activities such as this help the private sector to thrive in our economy. The net outcome of the electronic system is to improve the quality of auctions and recovery rate. We hope that this system will help banks and the private sector in general to thrive.”
The new Registrar General instructions on Management, Lease, Auction, and Take-over of mortgages, in addition to electronic auctioning of collateral, also provide for a bid deposit to ensure that only genuine bidders participate in the auction. The instructions also provide for a possibility for the property owner to object to the price if it is less than 75% at the first and second rounds of auction.