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…  | 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, 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. | | | |
