It said this at the public hearing on the Bill for an Act to repeal the Banks and Other Financial Institutions Act 2004 and to re-enact the Banks and Other Financial Institutions Act 2020.
It, however, noted that that the revised fines and penalties might not be sufficiently deterrent in some instances given current economic conditions.He said, “We suggest an upward review of all financial penalties stipulated in various sections of the bill to align with current realities. The CBN official also observed that the language of the bill should be revised in relevant parts to remove the need for a conviction by a court for matters considered as administrative breaches rather than criminal offences.
The public hearing attracted a diverse group of critical stakeholders within the financial services sector in addition to other relevant public interest groups.
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