BANKS AND OTHER FINANCIAL INSTITUTIONS ACT
Act · Governance
An Act regulates the operations of banks and financial institutions in Nigeria. It targets banks, the Central Bank, and depositors. This strengthens governance and ensures financial stability.
What Is This Policy?
The principal law regulating banking and financial institution operations in Nigeria, governing licensing, operations, supervision, and resolution of banks.
Who Does It Target?
Banks, financial institutions, CBN, depositors, and the financial sector.
What Does It Aim to Achieve?
Strengthen the legal framework, protect rights, improve governance, and ensure justice and accountability.
Key Features
Framework Standards: Establishes clear standards and guidelines Compliance and Oversight: Provides compliance and monitoring mechanisms Public Benefit: Designed to protect public interest and improve outcomes
Current Status
Rollout Stage: Active/Under implementation or legislative consideration Coverage: Nationwide Lead Agency: Relevant Federal Ministry or Agency
How to Access
Implemented through relevant government agencies. Guidelines and compliance information available through the responsible ministry or agency.
Impact & Metrics
Strengthens institutional, legal, and regulatory capacity in the relevant sector.
Official Resources
Website: nass.gov.ng Contact: Relevant Federal Ministry/Agency, Abuja
Legal Framework
Enacted under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended). The Banks and Other Financial Institutions Act (BOFIA) 2020 is the principal statute, replacing the BOFIA 1991. Operates alongside the Central Bank of Nigeria Act 2007, the Deposit Insurance Act (Nigeria Deposit Insurance Corporation Act), the Asset Management Corporation of Nigeria (AMCON) Act, and the Financial Reporting Council Act 2011. Aligns with Basel III and FSB financial stability standards.