House of Representatives has pledged to establish a stronger legal framework to reform the banking sector and protect Nigerians from excessive and unfair bank charges.
Chairman of the House Committee on Banking Regulations, Muhammad Bello El-Rufai, stated this during a public hearing on two bills at the National Assembly in Abuja.
The bills include an amendment to the Banks and Other Financial Institutions Act, and another seeking to regulate factory and receivables financing business mechanisms.
El-Rufai explained that the amendment bill was prompted by numerous complaints from bank customers over unexplained and multiple charges on withdrawals, transfers, and other transactions.
He noted that although the bill originated in the 9th Assembly, the committee is now working closely with the Central Bank of Nigeria and other relevant stakeholders to introduce clear penalties for defaulting banks.
According to him, the objective is to strengthen customer protection, ensure transparency, and enhance accountability within the financial system.
On the proposed Bill seeking to regulate factoring and receivables financing businesses financial mechanisms, Governor Uba Sani of Kaduna state supported the process as it can guarantee transformational legislative intervention that will deepen access to finance and stimulate productivity across Nigeria’s economy.
Represented by his Special Assistant on Research, Documentation and strategy Mr Fabian Okiye, the Governor emphasized the need for transparency in the implementation of laws that will ensure Small and Medium Enterprises are protected form the predatory amd the framework aligns with existing financial regulations.
Stakeholders at the public hearing include the Central Bank of Nigeria CBN, Security SEC and Exchange Commission, the Nigerian Export-Import Bank NEXIM among others.
COV / TSIBIRI
