The Chartered Institute of Bankers of Nigeria (CBN) has called on the Senate to urgently pass the Financial System Strategy (FSS 2020) Bills into law to promote financial inclusion and strengthen electronic payment system in the country.
The CIBN president/chairman of Council, Prof. Segun Ajibola, made the demand during a visit by the CIBN team to the Senate President, Dr. Bukola Saraki at the National Assembly Complex, Abuja.
The CIBN boss explained that the quick passage of Nigeria International Financial Centre Bill, Financial Consumer Protection Bill, and the Electronic Transactions Bill are critical to the implementation of FSS 2020.
He praised the level of work done by the Senate, including the passage of the collateral securities into law, passage of 15 other major economic Bills passed to law, review of about 50 existing extant laws and exemplary leadership skills shown by the Senate President.
He thanked the Senate president for his leadership in getting the eight Assembly to pass legislation that has positively impacted on the financial sector. This, Ajibola said, has in no small measure enhanced the recovery and resilience of Nigeria’s economy.
In his response, Dr. Saraki said the Senate under his leadership has passed several Bills that are geared towards strengthening the financial sector for the overall growth of the economy.
He said that Nigeria has demographics that highlight more than 70 per cent of the population is in the youth bracket which is an asset to the nation if properly utilized so that it does not become a liability. “The only option is to create enabling environment for the youth to exploit their entrepreneurial talent especially as the public sector does not have the jobs that could provide gainful employment for the youth,” he said.
He assured that the Senate will continue to work on legislation that will optimise the economic opportunity for Nigerians. He therefore called for improved level of engagement with the Senate in boosting Financial Technology (FinTech) as an area of innovation and exponential growth in the financial sector with high potential for providing jobs for the youth as well as development of a document that will provide a road map for legislative work and deepen the enabling environment for MSMEs access to credit.
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