Understanding the Banks and Other Financial Institutions Act 2020: Key changes and Implications

Posted on Dec 1, 2020

On the 13th of November 2020, President Muhammadu Buhari signed into law, the Banks and other Financial Institutions Act 2020 (the “Act”) which ushered in significant modifications to the Nigerian banking sector and the financial services market in general. The Act repealed the Banks and Other Financial Institutions Act 1991 (“BOFIA 1991”) and introduced key provisions (incorporating international best practices and recent global legal developments) in relation to the regulation of banks and other financial institutions in Nigeria.

In this edition of Understanding the Banks and Other Financial Institutions Act 2020: Key Changes and Implications for Businesses, we present some of the major highlights of the Act and their implications for the banking industry in Nigeria.

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