REPS MOVE TO PROTECT BANK CUSTOMERS, BOOST SME ACCESS TO FUNDS
By: Safiya Abdulrahim Dabban
The House of Representatives has pledged to strengthen laws protecting bank customers from fraudulent withdrawals and expand access to finance for small and medium enterprises (SMEs).
Chairman of the House Committee on Banking Regulations, Mohammed Bello El-Rufai, gave the assurance at a public hearing on two financial reform bills, one to regulate factoring and receivables financing, and another to amend the Banks and Other Financial Institutions Act (BOFIA) 2020.
El-Rufai said the reforms aim to promote transparency, accountability, and consumer protection, adding that the bills demonstrate the House’s commitment to a fair and stable financial system aligned with global best practices.
He urged financial regulators such as the CBN, SEC, and NEXIM Bank to contribute to shaping effective legislation.
Representing Kaduna State Governor Uba Sani, Special Adviser Fabian Okoye called for transformative laws that will improve SME financing, ensure transparency, and protect entrepreneurs from predatory banking practices.