Amendment of Financial Institution Act will Transform Financial Sector, Says Sani via thisdaylive
The Chairman, Senate Committee on Banking, Insurance and other Financial institutions, Senator Uba Sani, has said that the amendment of the Banks and Other Financial Institutions Act will bring about improvement in the financial sector in line with global best practices.
According to him, amending the act, “will bring about best practices in the financial sector in line with global best practices”. The statement noted that the challenge of Covid-19 and the need to safeguard and strengthen the banking sector has made the repeal and reenactment of the act imperative. He said further that the bill also seeks to “regulate the activities of Financial Technology Companies and to update commensurate penalties for regulatory breaches in the financial services sector and ensure these penalties are stiff enough to serve as deterrent to potential breaches”.
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