Nigeria's House Committee on Banking Regulations held a public hearing on two critical bills, the Factoring Regulation Bill and the BOFIA Amendment Bill both designed to strengthen SME access to finance and protect bank customers. The Factoring Bil… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Reps move to boost SME financing, protect bank customers By Abimbola Akomolafe on October 24, 2025 Nigeria's House Committee on Banking Regulations held a public hearing on two critical bills, the Factoring Regulation Bill and the BOFIA Amendment Bill both designed to strengthen SME access to finance and protect bank customers. The Factoring Bill will allow small businesses to get quick cash by selling unpaid invoices, a move expected to free up over ₦2.7 trillion into the economy and support traders, artisans, and manufacturers. Read also, Reps move to boost SME financing, protect bank customers FG invests 5% of education budget to grow SME skills FG expands irrigation to boost strengthen MSME agribusiness MSME leaders advocate value-driven entrepreneurship among Nigerian youth Rwanda launches solar-powered DigiTruck to train citizens in digital skills The BOFIA Amendment Bill, sponsored by Hon. Moses Oluwatoyin Fayinka, seeks to curb fraudulent withdrawals and improve accountability across financial institutions. Institutions such as the CBN, NEXIM Bank, Afreximbank, NACCIMA, and NASSI participated in the session, as lawmakers reaffirmed their resolve to drive reforms that empower SMEs and strengthen consumer protection.

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