Nigeria: CIBN Collaborates with Senate Committee to Discuss Proposed CIBN Act Bill

The Chartered Institute of Bankers of Nigeria (CIBN) recently engaged with the leadership and members of the Senate committee to discuss the passage of the proposed CIBN Act Bill.

Dr. Ken Opara, President and Chairman of Council of CIBN, revealed this during a visit to the Senate, where he led a team from the Institute.

The purpose of the visit was to seek the Senate’s favorable disposition towards the proposed CIBN Act Bill and to exchange ideas on key issues affecting the banking and finance industry.

Opara commended the committee for its support towards the review of existing laws in the financial sector, acknowledging the role of Sen. Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, in driving economic growth.

“We commend the Senate for its attention to the economic situation, as evidenced by the invitation of the Governor of CBN for a brief overview of the state of the economy,” Opara said. “The engagements and issues raised such as Inflation, FX, IMTO, and clarification on the 43 banned items are all of interest to the banking public.”

He also praised the proactive steps taken by the Committee to comprehensively review existing laws within the financial services sector to foster economic sustainability and growth.

“To align the CIBN Act 2007 with current realities in the Banking and Finance landscape, the Institute embarked on a holistic review of the Act to cater to innovations in the banking and finance industry,” Opara explained.

Furthermore, Opara highlighted the Institute’s intention to expand its name to include ‘Finance’ to reflect its coverage and best practices, proposing the name “Chartered Institute of Banking and Financial Services” to cover institutions regulated by CBN, particularly non-conventional banks.

He emphasized that expanding the Institute’s coverage would facilitate ethical practices, uphold professional standards, and enhance capacity building in modern banking practices, including the provision of financial services through FinTechs leveraging digital and modern technology.

Opara also mentioned plans to introduce certifications for Microfinance, Mortgage, and Other Certified members as part of the Institute’s membership and eligibility criteria, noting that while these certifications currently exist, they were not codified in the Act.