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Bankers’ professional body tasks Legislature FSS Bill



The Chartered Institute of Bankers of Nigeria (CIBN) has charged the National Assembly to expedite deliberations on the Financial System Strategy (FSS) Bill to facilitate its enactment and by implication, complement various policy measures targeted at promoting financial inclusion and strengthen electronic payment system in the country.

The professional body in a statement issued by its spokesperson, Mrs Folake Akintayo, pointed out that the Institute’s position on the bill was made by its National President, Prof. Segun Ajibola, when he led a delegation on a visit to the Senate President, Dr Bukola Saraki.

Ajibola was quoted as also urging the National Assembly to pass other bills, including the Nigeria International Financial Centre Bill, Financial Consumer Protection Bill and the Electronic Payment System Bill, in view of their criticality to the achievement of some key targets in the economy by year 2020.

Specifically, the seasoned banking expert pointed out that the bills were critical to the achievement of innovative products and creation of enabling environment for financial institutions in effective, efficient and sustainable manner by year 2020.

The CIBN boss, however, commended the Legislature for the passage of the Collateral Securities Bill into law.

Ajibola quipped: “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. The Collateral Registry Bill has provided an enhanced environment for Micro, Small and Medium Enterprises (SMMEs) to access credit.”

He said that the institute would soon approach the National Assembly to amend its extant law, Act No. 5 of 2007, to further strengthen it’s capacity to deliver its statutory mandate.

In his remarks, the Senate President disclosed that during the present Legislative term, the National Assembly had passed several bills geared towards strengthening the financial sector for the overall growth of the economy.

Saraki clarified: “Nigeria has demographics that highlight that more than 70 per cent 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 conducive environment for the youth to exploit their talents.”