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ARTICLE · 15 OCTOBER 2021

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BOFIA 2020: What's New?

SimmonsCooper Partners
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On November 12, 2020, President Muhammadu Buhari signed the Banks and Other Financial Institutions Act 2020 into law and thereby effectively repealed the erstwhile Banks and Other Financial Institutions Act 1991.

NigeriaFinance and Banking
Olayinka Alao
Olayinka Alao

Introduction

On November 12, 2020, President Muhammadu Buhari signed the Banks and Other Financial Institutions Act 2020 ("BOFIA" or "the Act") into law and thereby effectively repealed the erstwhile Banks and Other Financial Institutions Act 1991. The erstwhile Act had become obsolete and out of tune with the evolving complexities in the financial sector particularly technology driven financial services and other contemporary risks in the sector. Thus, the new Act was enacted to overhaul and reposition the banking and finance sector with a view to enhancing the soundness and resilience of the financial system for sustainable growth and development of the Nigerian economy.

Some of the profound novelties in the new Act are as follows:

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