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Home » President Buhari Gives Assent to Banks and Other Financial Institutions Act 2020
Nigeria

President Buhari Gives Assent to Banks and Other Financial Institutions Act 2020

Israel Boafo Bansah
Last updated: November 13, 2020 7:20 pm
By Israel Boafo Bansah
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President Buhari assents to Banks and Financial Institutions Act 2020
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The President of Nigeria, Muhammad Buhari has given his assent to the Banks and Other Financial Institutions Act 2020.

This was announced in a statement on Friday, November 13, by his Special Assistant, Garba Shehu.

President Buhari assents to Banks and Financial Institutions Act 2020

According to the statement, the new act which comes to replace the 1991 act is set to;

  1. Increase the appetite of banks and other financial institutions to channel credit to the real sector.
  2. Introduce credit tribunal for the improvement in loan recovery
  3. Identify non-performing loans
  4. Enhance resilience for economic growth
  5. Strengthen the regulatory and supervisory framework for the financial industry
  6. Provide additional tools for managing failing institutions and systemic distress to preserve financial stability.

All the concerned stakeholders will be met by the Central Bank of Nigeria (CBN) to critically analyze the Act.

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By Israel Boafo Bansah
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ABOUT POST EDITOR ..... Bansah obtained a degree from the University of Ghana where he started a campus news network (LegonConnect) as a student. He has been in the blogging and journalism space for over 7years now and well known among bloggers most of which he has mentored into creating a career through writing. He's well known for his passion for education and his philanthropic gestures towards needy students. eMail - [email protected]
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