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.
According to the statement, the new act which comes to replace the 1991 act is set to;
- Increase the appetite of banks and other financial institutions to channel credit to the real sector.
- Introduce credit tribunal for the improvement in loan recovery
- Identify non-performing loans
- Enhance resilience for economic growth
- Strengthen the regulatory and supervisory framework for the financial industry
- 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.
