My paper centered around the work that the Senate is doing to facilitate the growth of digital financing in Nigeria.-Bukola Saraki

This week, I delivered a paper at the #AfricaFinanceForum, organized by the Corporate Council on Africa on the sidelines of this year's Spring Meeting of the World Bank and International Monetary Fund (IMF) holding in Washington D.C., U.S.A.

My paper centered around the work that the Senate is doing to facilitate the growth of digital financing in Nigeria.

I spoke about the Electronic Transactions Act, the Bankruptcy and Insolvency Act (Repeal and Re-Enactment) Bill; and the the Federal Competition and Consumer Protection Commission Act, which are all interventions embarked on by the Senate and the National Assembly to create a balance between facilitating the sector and maintaining a secure financial system.

While the Consumer Protection Commission Bill seeks to create a Consumer Protection Commission to safeguard consumers from fraud and price manipulation; the Credit Reporting Act, which has been signed into law, will enable the market to reduce credit delinquencies and serve as a behaviour-change framework that brings sanity into the credit community which will inspire confidence in the Nigerian market by drawing in more participants.

Finally, the Secure Transactions in Movable Assets is the signature bill in our support of SMEs. This is because it frees up capital and creates opportunity for the funding of SME ventures as never seen before in Nigeria.

With this law, we have created opportunities for SMEs to access capital by using movable goods like small machinery, cell phones and even household items as collateral. The implication of this is enormous in terms of dealing with poverty eradication across the nation.

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