By Saminu Ibrahim
Chairman Senate Committe on Banking, Insurance and other Financial Institutions, Senator Uba Sani has expressed optimism that a stable financial sector will lift Nigeria to a new height in a post COVID-19 World.
According to Sani, a stable and strengthened banking sector will refocus its activities and concentrate on providing credit access to Micro, small and medium Enterprises (MSMEs) to help grow the economy.
Senator Sani spoke at a one day Public Hearing on the Electronic Transactions Bill, 2020 and Banks and other Financial Institutions Act 2004 (Repeal and Re-enactment) Bill 2020 held on Wednesday in Abuja.
The lawmakert recalled that following the referral of these two bills to the committee, “it became clear to the committee that a public hearing will be imperative and necessary in order to generate more inputs that would enrich the content of the two bills”.
He explained that the Electronic Transactions Bill, 2020 seeks to provide a legal and regulatory framework for conducting transactions, using electronic or related media and the protection of the rights of consumers and other parties in electronic transactions and services as well as facilitating electronic commerce in Nigeria.
He noted that the Banks and Other Financial Institutions (Repeal and Re-enactment) Bill, 2020 among others seeks to update the laws governing Banks, Financial Institutions and Financial Services; enhance efficiency in the process of obtaining and or granting of banking licenses; impose stiff penalties for regulatory breaches in the financial services industry.
He however applauded the Senate President, Ahmed Lawan, saying “the 9th Senate has remained responsive to the yearnings of Nigerians”.
“The Senate has continued to pass and work on people centred bills. It treats with seriousness bills that can help revitalize our economy and place it on the path to sustainable growth and development” Sani said.
