The House of Representatives has pledged to support reforms that will expand access to finance for small and medium enterprises (SMEs) and strengthen protection for bank customers against fraudulent withdrawals.
Chairman, House Committee on Banking Regulations, Mohammed Bello El-Rufai, made this known during a public hearing on two financial bills before the House — one seeking to regulate factoring and receivables financing businesses, and another proposing amendments to the Banks and Other Financial Institutions Act (BOFIA) 2020.
El-Rufai said the proposed legislations reflect the House’s resolve to build a transparent and accountable financial system that safeguards consumer rights and promotes business growth.
“The first bill regulates factoring and receivables financing, enabling businesses to raise funds using unpaid invoices as collateral.
The second seeks to amend BOFIA to protect victims of fraudulent bank transactions,” he explained.
He added that the reforms are designed to enhance trust, transparency, and stability in Nigeria’s banking ecosystem in line with international best practices.
The committee chairman urged regulators — including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and the Nigerian Export-Import Bank (NEXIM) — to contribute towards shaping effective and practical legislation.
He also commended the sponsors of the bills for their efforts to improve consumer protection and financial integrity.
Kaduna State Governor, Senator Uba Sani, represented by his Special Adviser on Research, Documentation and Strategy, Mr. Fabian Okoye, called for transformational laws that would deepen access to finance and boost productivity across the economy.
Governor Sani emphasized the need for transparency and a balanced legal framework to protect SMEs from predatory practices and align with existing financial regulations.