Rwanda is set to launch an electronic auctioning system in courts as it seeks to move to reduce corruption in the auctioning process of loan defaulters’ property.
The system is aimed at reducing the human element in the auctioning process thereby tackling corruption and undervaluation of auctioned properties.
While speaking to the New Times Agency, The Registrar General Richard Kayibanda said that with the electronic collateral auctioning system any interested bidder will be able to bid from wherever they are, whether in Rwanda or abroad, as the bidding will be done online.
He said that the use of the digital collateral auctioning system will make the process more transparent and make the bidding environment friendlier contrary to some past instances where some ‘brokers’ would physically harass genuine bidders due to human interaction.
“It will be easier, faster and more transparent. The client can place their bid at any time and will be able to see the bidding results at the opening time, which will be communicated through email,” he explained.
According to the Head of the Access to Justice Services in the Ministry of Justice, Martine Urujeni, this will help weed out ‘mafia rings’ formed by some brokers to distort prices and value.