CIBN calls for passage of Electronic Transactions Bill, others

The Chartered Institute of Bankers of Nigeria  (CIBN) has called on the Nigerian Senate to speed up passage of the Electronic Transactions and other Bills that will help in achieving the goal of making Nigeria’s financial system one of the top twenties in the world.

This is just as the institute said it will launch the banking Museum in Nigeria soon.

The CIBN made the call during a stakeholders engagement and dialogue with the Senate president, Dr. Bukola Saraki and its delegation led by   Professor   Segun   Ajibola, President/Chairman of Council of CIBN.

Ajibola highlighted additional work the 8th Assembly would need to undertake, which include: Passage of critical FSS 2020 Bills such as Nigeria International Financial Centre Bill and Financial Consumer Protection Bill.

He also reminded the Senate President, that the First Automated Teller Machine (ATM) brought into Nigeria by Societie Generale Bank is currently in the custody of the Institute as it prepares to launch the banking Museum in Nigeria soon.   The President/Chairman of Council of CIBN in his remarks thanked the Senate President for the leadership in getting the 8th Assembly to pass legislation that has positively impacted on the financial sector.

He went further to extol the legislative work that has been undertaken in respect of the legislation establishing the Collateral Registry bill that has provided an enhanced environment for Small and Medium scale Enterprises (SMEs) to access credit.

In his response, Abubakar Bukola Saraki President of the Senate of Nigeria thanked the delegation for calling on him and his colleagues.

He noted the importance of the FSS2020 Bills and observed that FSS2020 must be brought to the front burner in view of its strategic work that is important to the financial system and economic growth of Nigeria.

According to him, in respect of the pending Bills, there will need to set up a small joint technical committee that will prioritize the Bills for quick passage.

Saraki indicated that the 8th Assembly has passed several Bills that are geared towards strengthening the financial sector for the overall growth of the economy, adding that Nigeria has demographics that highlight that more than 70per cent of the population is in the youth bracket. That this youth is an asset if properly utilised so that it doesn’t become a liability.

Saraki therefore  invited the delegation to raise the level of engagement with the 8th Assembly in the following areas: Fintech as an area of innovation and exponential growth in the financial sector with high potential for providing jobs for the youth; Develop and articulate a document that will provide a road map for legislative work that will broaden and deepen the enabling environment for MSMEs access to credit; Deepen financial inclusion to reach the unbanked population in hard to reach areas of thecountry among others.

The Chairman of the committee on Banking was on hand to facilitate a working collaboration on the critical Bills with the delegation, particularly FSS2020 High Level Legal Working Group and the FSS2020 Secretariat.

The Senate President was of the view that with close collaboration with the Senate technical committees, the turnaround time for the legislative processes will result in enactment of the Bills within the shortest possible time.

In conclusion, the Senate President was of the view that the processes are entirely in the hands of the delegation to facilitate the processes for a quick outcome.

He commended the CIBN for the work they are doing especially towards the development of the Nigerian banking industry, adding that the institute  have a key role to play in the future of the country especially in the area of the economy.

The senate president implored the Institute to partner with the government as government cannot provide job for all the teeming youths.

He also urged the institute to bring forward anything that will aid the implementation of FSS2020 and come up with a report of how to improve the 17 per cent of access to fund for SMEs;