Do You Have An Account With Any Bank In Nigeria, If Yes, Pay Attention To This Piece Of Vital Info
If you have an Account with Access Bank, Zenith Bank, First Bank, UBA, Polaris Bank, ot any bank at all in the country, you should pay close attention to this piece of vital informatio The President has just signed a new Act into law. In a Tweet recently released by one of his media Aides, Garba Shehu, he revealed that President Buhari has just signed the Bank and Other financial Institutions' Act of 2020, aimed at improving the general lifestyle of Nigerians.
In a recent message via his Twitter handle, Garba Shehu revealed that Buhari finally assented to the bill on Thursday afternoon, after consultations with stakeholders. This is what the recently approved Act is all about;
The Act will introduce a credit Tribunal to increase the chances of recovery of loans, while checking the rate at which non-performing loans occur within the Nigerian Financial System. It is a general knowledge that the incidence of Non-performing loans is the major deterrent to the provision of loans by banks to Nigerians.
Also, the act would strengthen the supervisory and regulatory framework of the financial system in the country, while also providing additional tools to comfortably manage unstable and failing institutions, preserving financial stability across all boards in the process. The Central Bank of Nigeria would still engage with relevant stakeholders, to see that the act is in line with this administration's goal of boosting the economy, while also increasing the standard of living in the country.
What the above mean is that, the Federal Government is establishing the Financial Act to check the Incessant poor performance of loans given out. When there are bad loans in the Nigerian Financial System, most banks and financial organisations would be reluctant to release funds to businesses and Nigerians with very nice and realistic business ideas. However, with the introduction of this Act, the loan system of banks is expected to change, leading to the release of more funds to account holders who may need a loan to fund their businesses.
When these funds are released to the public, it would lead to more liquidity in circulation, increasing the rate of employment and decreasing unemployment, as the provision of funds for business would definitely take people out of the streets. How is this possible? When you are given a loan to start a business, you may need two or three people to run that business for you. From this, it is evident that the loan provided to you has helped take three people put of the unemployed circle, which in turn boosts the national economy and improves the standard of living of Nigerians.
However, to benefit from this brilliant initiative from the Federal Government, one has to own an account with any of the Banks in Nigeria, as banks would only give out loans and liquidity to their valued customers. This recent Act by the Muhammadu Buhari led Government, together with past Acts, is aimed at reducing the Unemployment rate in the country, by providing intelligent and creative youths with the funds required to start up any business idea they might have generated, with a favourable interest rate that is affordable by all. Indeed, this government is of the people.
Tell us what you think about this new initiative from the Buhari Government. Do you think it is in the good interest of all Nigerians? What is your personal experience with the loan structure of most Nigerian Banks before this act was approved? Was it pleasant or a nightmare? Please tell us below in the comment section.
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