The Chartered Institute of Bankers of Nigeria, CIBN, has been pressuring the National Assembly to pass the Financial System Strategy, FSS, bill into law to promote financial inclusion and strengthen electronic payment system.
The CIBN President, Segun Ajibola, through a statement by the Spokesperson for the Institute, Folake Akintayo, said that the pressure became necessary because the bills were critical to the year 2020 targeted at products innovation and creation of enabling an environment for financial institutions.
Mr Ajobola also urged the National Assembly to pass other bills pending before it, like the Nigeria International Financial Centre Bill, Financial Consumer Protection Bill and the Electronic Payment System Bill.
He, however, said that The CIBN boss, during a visit to the Senate President, Bukola Saraki, commended the Senate for passing the Collateral Securities Bill into law.
“The passage of 15 other major economic bills into law and review of over 50 existing extant laws shows the exemplary leadership of the Senate President.
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“The Collateral Registry Bill has provided an enhanced environment for Micro, Small and Medium Enterprises SMMEs to access credit,” Mr Ajibola said.
He said that the institute would soon approach the National Assembly to amend its extant law, Act No. 5 of 2007, to further strengthen its capacity to deliver its statutory mandate.
Responding, the Senate President said the Senate, under his leadership, had passed several bills geared towards strengthening the financial sector for the overall growth of the economy.
“Nigeria has demographics that highlight that more than 70 percent of the population is in the youth bracket which is an asset to the nation and must be properly utilised.
“The only option is to create a conducive environment for the youth to exploit their talents,” Mr Saraki said.
