By Milcah Tanimu

The Chartered Institute of Bankers of Nigeria (CIBN) has initiated discussions with the leadership and members of the Senate committee regarding the proposed CIBN Act Bill. Dr. Ken Opara, President and Chairman of the Council of CIBN, led a delegation to the Senate, aiming to garner favorable support for the bill and exchange views on critical issues impacting the banking and finance sector.

During the visit, Opara expressed appreciation for the committee’s backing in the Institute’s efforts to review existing laws within the financial sector. He specifically praised Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, for his contributions to economic growth.

Opara commended the Senate’s responsiveness to economic challenges, citing the invitation of the Governor of the Central Bank of Nigeria (CBN) for insights into the state of the economy. He highlighted key issues discussed, including inflation, foreign exchange (FX), International Money Transfer Operators (IMTO), and the clarification on the list of 43 banned items, all of which are of interest to the banking public.

In alignment with current banking and finance practices, Opara disclosed that the CIBN Act of 2007 is undergoing a comprehensive review to accommodate industry innovations. Additionally, he revealed the Institute’s intention to expand its name to “Chartered Institute of Banking and Financial Services,” reflecting its coverage and adherence to best practices, particularly in regulating non-conventional banks overseen by the CBN.

Opara emphasized that the expanded coverage would create a conducive environment for FinTechs to offer financial services through digital and modern technology. Furthermore, the Institute plans to introduce new membership categories, such as Microfinance Certified Members, Certified Mortgage Members, and Other Certified Members, with codified recognition in the Act.