Modernised the 1991 BOFIA — strengthens CBN supervisory powers, introduces credit-risk management framework, creates Banking Sector Resolution Fund.
BOFIA 2020 replaced the original 1991 Act. It expanded CBN supervisory powers, gave the Governor authority to act unilaterally on failing banks, created the Banking Sector Resolution Fund (funded by levies on banks) to pre-finance future bailouts without taxpayer cost, and introduced credit-risk management requirements. It also formalised the regulation of payment service banks (Opay, PalmPay etc.) and non-interest banks.