(RE-ISSUED) A bill for an Act to amend the Banking and Other Financial Institutions Act (2004) has passed first reading in Nigeria’s Senate.
The sponsor of the bill, Senator Uba Sani, Chairman Senate Committee on Banking ,Insurance and Other Financial institutions, disclosed this in a statement Tuesday in Abuja.
He said, “My Bill for an Act to Amend the Banking and Other Financial Institutions Act (2004) passed first reading in the Senate today.
According to Senator Sani, “The proposed amendment is to address the obsolete aspects of the current Act and also engender a better regulated financial system in Nigeria. The ultimate goal is to infuse confidence in the nation’s financial system and help (bolster) our economy.
He added that, “The amendment bill seeks to do the following: Updating of the laws governing banks and banking services.
“Enhancing efficiency in the process of granting banking licences.
“Stiffer penalties for infractions in the financial sector.
“Clarification of the functions of the Central Bank of Nigeria (CBN) in the financial system.
It also seeks to ensure, “Regulation of FINTECHs (Financial Technology Companies) in the country.
The Senator representing Kaduna Central expressed gratitude to his colleagues for their support.
“My sincere appreciation to the President of the Senate, Dr. Ahmad Lawan and other distinguished colleagues for their support as we hope for a quick passage of this important bill,” Senator Uba Sani said.
