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Sola Ojo, Kaduna
The Senate is working hard to replace the obsolete aspects of the Banking and Other Financial Institutions Act (2004) to pave way for an improved financial system in Nigeria, the Chairman, Senate Committee on Banking and other Financial Institutions, Senator Uba Sani, has said.
Uba Sani (APC, Kaduna Central) told Nigerians on Twitter that his sponsored bill seeking to amend the Banking and Other Financial Institutions Act (2004) has already scaled through first reading in the Senate on Tuesday.
My Bill for an Act to Amend the Banking and Other Financial Institutions Act (2004) passed first reading in the Senate today.
The proposed amendment is to address the obsolete aspects of the current Act pic.twitter.com/uLhTLeXa4u
— Senator Uba Sani (@ubasanius) May 12, 2020
The lawmaker added that the ultimate goal of the bill is to infuse confidence in the Nigerian financial system and help boost the economy.
To him, apart from seeking to update the laws governing banks and banking services, the bill would also enhance efficiency in the process of granting banking licences in the country.
“In addition, the Bill also stipulates stiffer penalties for infractions in the financial sector and seeks to clarify the functions of the Central Bank of Nigeria (CBN) in the financial system.”
“The Bill also seeks the regulation of FINTECHs (Financial Technology Companies) in the country”, he added.
He thanked the President of the Senate, Dr Ahmad Lawan, and other distinguished colleagues for their support, hoping for “a quick passage of the important bill.”
