The Chartered Institute of Bankers of Nigeria (CIBN) has engaged the leadership and members of the Senate committee on the passage of the proposed CIBN Act Bill.
The President and Chairman of Council of CIBN, Dr. Ken Opara, disclosed this when he led a team from the Institute to the Senate.
He said the team’s visit was mean to seek the Senate’s favorable dispositions towards the proposed CIBN Act Bill and share thoughts on key issues affecting the banking and finance industry.
Opara commended the committee for the support it is giving to the Institute towards the review of the extant laws in the financial sector.
He lauded the Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Sen. Adetokunbo Abiru, for his role in ensuring economic growth.
He said, “We commend the Senate for being sensitive to the economic situation which necessitated your invitation of the Governor of CBN for a brief overview of the state of the economy.
“The engagements you had and the issues you raised such as Inflation, FX, IMTO and the clarification on the 43 banned items are all issues of interest to the banking public.
“We also commend you on the proactive steps taken by this Committee to comprehensively review the extant laws within the financial services sector, aimed at fostering economic sustainability and growth.
“In order to align the CIBN Act 2007 with current day realities in Banking and Finance landscape, the Institute embarked on a holistic review of the Act to cater to the innovations in the banking and finance industry”.
Opara also added that the Institute is keen towards expansion of its name to include ‘Finance” to conform to the Institute’s coverage and best practice: “Chartered Institute of Banking and Financial Services”, to cover institutions under the regulation of CBN, especially non-conventional banks”.
He said the expansion of the Institute’s coverage will enable the Institute foster ethics, maintain professional standards and build capacity in the ever novel/modern banking practice, e.g. FinTechs will have an enabling environment to provide financial services through the use of digital and modern technology.
He also noted that the institute plans to introduce Microfinance Certified Members, Certified Mortgage members, and Other Certified members as part of the membership of the Institute as well as eligibility for such certification.
He added that the Microfinance and Mortgage certifications currently exist but were not codified in the Act.
