Wednesday, March 3African Business News
Shadow

Tag: Bofia

Stakeholders urge compliance with BoFIA law to enhance stability

Stakeholders urge compliance with BoFIA law to enhance stability

Business
Experts have underscored the need for financial institutions operating in the country to comply with the law governing the Banks and Other Financial Institutions Act (BoFIA), and support the development of the capital market. At a webinar on, “Banks and Other Financial Institutions (BoFIA) Amendment Bill 2020: A capital market perspective,” the experts insisted that strengthening the BoFIA via the 2020 Amendment Bill, will go a long way in enhancing the role of banks in supporting medium-to-long term funds’ mobilisation in the capital market, which ensures the overall stability of the financial system. BoFIA Bill 2020 seeks to amend the 2004 Act, to ensure a more effective supervision of banks by the Central Bank of Nigeria (CBN). The experts pointed out that in addition to faci...