Nigeria Industry Research: Banking

Image placeholder
FAQ: Banks and Other Financial Institutions Act Nigeria (BOFIA 2020)
  • Nigeria Industry Research: Banking
  • Year :Jan 2021
Access Now
Summary

In November 2020, the ‘Banks and Other Financial Institutions Act’ (“BOFIA”) was signed into law by President Muhammadu Buhari, replacing BOFIA 1991. BOFIA 2020 is the primary legislation for the regulation of all banks and financial institutions in Nigeria. It defines the powers of the Central Bank of Nigeria (“CBN”), stipulates the licensing requirements for banks and other financial institutions and regulates their operations

Additional Information

BOFIA 2020 forbids foreign banks without physical presence, license, or some form of supervision in its country of incorporation from operating in Nigeria. Nigeria has, for the first time, imposed a penalty for failure to comply (either deliberately or by an act of omission) with cybersecurity regulations as issued by CBN from time to time.

Related Publications

Regulatory Update: Nigerian Banks are set to transition to Basel III Standards

Most Nigerian banks meet the expected capital and leverage requirements. However, Basel III would compel banks to prioritise earnings retention ove...

First City Monument Bank (2020-08)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

GCR Risk Score Snapshot Q1 2022

The GCR Ratings Framework is anchored upon the GCR Risk Score. This numerical scoring system, which forms a single analytical approach across multi...

Available Purchase Options: