President Buhari yesterday assented to the Banks and other Financial Institutions Act 2020 which repeals the former Act of 1991.
Here are some significant changes that were introduced in this new Act and how it may affect Nigerians or foreigners undertaking financial transactions here.
The BOFIA 2020 is expected to allow financial institutions to channel more credit into the real sector which will support economic recovery and promote sustainable growth.
It also improves the loan recovery process and is expected to address the recovery of high non-performing loans. In addition, the regulatory and supervisory framework for the financial industry has been strengthened in terms of financial stability.
The Minister of Finance has also opined that the 2020 Finance Bill will help reduce transportation within the country which is largely responsible for inflation in the country.
