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Senate holds public hearing for two bills in banking sector

Senate holds public hearing for two bills in banking sector

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Senate holds public hearing for two bills in banking sector

The Senate on Wednesday held public hearing on Electronic Transactions Bill, 2020 and Banks and other Financial Institutions Act, Cap, B3 LFN, 2004 Repeal and Amendment Bill, 2020.

The chairman Senate Committee on Banking Insurance and other Financial Institutions, Uba Sani said the Electronic Transactions Bill “seeks to provide a legal framework for conducting transactions using electronic or related media and protection of the rights of the consumers and other parties in electronic transactions and services as well as facilitating electronic commerce in Nigeria.

The Banks and other Financial Institutions (Repeal and Amendments) Bill 2020 on the other hand seeks to update the laws governing banks, financial institutions and financial services, enhance efficiency in the process of obtaining and/or granting of banking licences, impose stiffer penalties for regulatory breaches in the financial services industry and also regulate the activities of Financial Technology Companies (FINTECHs).

Sani said the Banking and Other Financial Institutions Act, BOFIA was long over due for review and amendment, adding that a strengthen legal framework is very critical and strategic to maintaining the health of the banking sector.

“A sanctions regime that is effectively implemented will help check nefarious practices in the banking and prevent future distress. The challenge of COVID-19 has further worsened the economic of countries. We must not take chances; we must remain vigilant and keep our banking sector under close watch”, Sani said.

The two bills according to Sani are “very critical to our drive for economic stability” and urged the stakeholders at the public hearing to seize the opportunity to enrich the bills while assuring that the Senate will pass them without delay

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