A Review of the Banks and Other Financial Institutions Act 2020
A Review of The Banks and Other Financial Institutions Act 2020 – Effects On Nigeria’s Fintech Ecosystem
Introduction
On 12 November 2020, President Muhammadu Buhari assented to the Banks and Other Financial Institutios Act 2020 (the Act). The Act repealed the Banks and Other Financial Institutions Act 1991 and with the addition of novel provisions, seeks to improve the efficiency of the country’s financial system.