A Bill sponsored by Kaduna Central Senator, Uba Sani for an Act to Amend the Banks and Other Financial Institutions Act (BOFIA 1991)...
A Bill sponsored by Kaduna Central Senator, Uba Sani for an Act to Amend the Banks and Other Financial Institutions Act on Tuesday passed second reading in the Senate.
The old Act, according to the Senator, was enacted about 30 years ago and has become obsolete as a lot of changes have taken place in the strategic banking sector giving rise to new and emerging challenges and opportunities. He enumerated the objectives of the bill as seeking to update the laws governing Banks, Financial Institutions and Financial Services Companies as well as to enhance efficiency in the process of obtaining/granting banking licenses.
The bill also aims 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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