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Summary of the Legal and Judicial Aspects of the Credit Environment in Mali

Introduction

The legal and judicial environment in Mali plays a critical role in determining the ease with which businesses can access credit. The country's legal framework is influenced by both domestic laws and regional OHADA (Organization for the Harmonization of Business Law in Africa) regulations. Four key areas of business law—law on secured transactions, law on collective proceedings, credit information, and legal environment and collection proceedings—are particularly relevant to credit accessibility and enforcement. The current legal structure, while generally appropriate, faces challenges in implementation and enforcement, which limit the effectiveness of credit mechanisms and contribute to the concentration of credit among a small group of clients.

Core Content

• Legal and judicial environment affects credit access and confidence.
• OHADA Uniform Acts provide a modern framework, but enforcement remains a major issue.
• Credit information systems are absent, despite their importance for lending decisions.
• Security rights in movable and immovable property are central to credit availability.
• Collective proceedings are under-reformed and require modernization to protect both creditors and debtors.

Main Views and Key Information

1. Law on Secured Transactions

• 2011 OHADA Reform: Introduced modern mechanisms like forfeiture clauses and security rights in future assets, improving creditor rights.
• Challenges:
  • The RCCM (Register of Movable and Immovable Property) is not operational due to reliance on paper records.
  • Provisional titles are widespread, especially in rural areas, and are treated as movable property, limiting mortgage possibilities.
  • Land register is incomplete, affecting the enforceability of security rights in immovable property.
• Impact: Banks tend to rely on immovable property as collateral, excluding many small businesses from accessing credit.

2. Law on Collective Proceedings

• Revised OHADA Act (2015): Aims to improve legal security for both creditors and debtors by introducing restructuring and liquidation procedures.
• Improvements:
  • Preventive settlements are now limited to six months with a possible three-month extension.
  • Conciliation is introduced as a new type of proceeding, managed by a concilium and not requiring creditors to agree to debt reduction.
  • Streamlined procedures for SMEs and non-commercial entrepreneurs.
  • Judicial representatives are now subject to specific regulations, including professional training and insurance.
• Challenges:
  • Inadequate legal framework for international collective proceedings.
  • Limited use of restructuring procedures by SMEs and debtors due to complexity and lack of clarity.

3. Credit Information

• Absence of a credit information system is a major constraint on credit availability.
• Proposed Law: A credit reporting law was submitted to parliament, which is an important step toward improving transparency and access.
• Need for:
  • A centralized and automated credit information system.
  • Legal tools that allow for efficient sharing of debtor information among financial institutions.

4. Legal Environment and Collection Proceedings

• Lack of confidence in courts leads to a concentration of credit among a small number of clients.
• Judicial collection is slow and inefficient, contributing to the reluctance of creditors to lend.
• Automation and modernization of legal processes are essential for improving credit accessibility and enforcement.

Recommendations

1. Modernize and automate the RCCM:

   • Implement a single, fully automated system for Bamako, Mopti, and Kayes RCCMs.
   • Enhance access to information and ensure public disclosure of security rights.

2. Convert provisional titles into land titles:

   • Review the process of converting provisional titles into land titles.
   • Complete the development of a comprehensive land register as outlined in the MDEAFP report.

3. Improve the legal framework for collective proceedings:

   • Develop a legal framework that supports international collective proceedings.
   • Ensure judicial representatives are regulated by specific legislation covering qualifications, rights, and ethical conduct.

4. Establish a credit information system:

   • Create a centralized and automated credit information system.
   • Facilitate the sharing of debtor information to improve lending decisions and reduce risk.

5. Enhance the dispute settlement process:

   • Introduce conciliation and other alternative dispute resolution mechanisms.
   • Improve the efficiency and transparency of judicial procedures to restore confidence in the legal system.

Conclusion

Mali's legal and judicial environment, while providing a modern framework through OHADA, suffers from poor enforcement and outdated procedures. The lack of a functional credit information system and the inefficiency of the RCCM and judicial processes significantly limit credit access and availability. The recent reforms in secured transactions and collective proceedings represent progress, but further improvements are needed to align with international best practices and enhance the effectiveness of the legal system in supporting economic growth and financial inclusion.