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Senator Uba Sani Says BOFIA Amendment Bill To Strengthen Financial Institutions, Repositioning Economy

The Senator representing Kaduna Central, Uba Sani has reassured Nigerians that a stable financial sector that will lift Nigeria to a new height in a Post-COVID19 world is now in place, with the amendment of Banks and Other Financial Institutions Act 2004(Repeal and Re-enactment Bill, (BOFIA) 2020. While making the declaration at the Public hearing on the Bill, he further explained that a “stable and strengthened banking sector will refocus its activities and concentrate on providing credit access to Micro, Small and Medium Enterprises (MSMEs) to help grow the economy.”

He added that a properly regulated electronic transactions system will enhance operational efficiency and boost customers confidence in the banking sector. At the public hearing, which was organized by the Senate Committee on Banking, Insurance and Other Financial Institutions which he chairs, Senator Uba maintained that the Banking and Other Financial Institutions Act is long overdue for review and amendment. A strengthened legal framework he said, is very critical and strategic to maintaining the health of the banking sector. “A sanctions regime that is effectively implemented will help check sharp practices in the banking sector and prevent future distress,” he said while commending the Senate President for his strong leadership which has helped in stabilizing the Senate and making it responsive to the yearnings and aspirations of Nigerians.

Noting that the challenge of COVID-19 has further worsened the economic situation of countries, he warned Nigeria against taking chances, saying “we must remain vigilant and keep our banking sector under close watch.” He further stated that a stable financial sector will lift Nigeria to a new height in a Post-COVID19 world while a stable and strengthened banking sector will refocus its activities and concentrate on providing credit access to Micro, Small and Medium Enterprises (MSMEs) to help grow the economy. The public hearing on the bill jointly sponsored by Uba Sani and Senator Betty Apiafi was held alongside the Electronic Transactions Bill, 2020 sponsored by Senator Ibikunle Amosun.

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