The Banking and Finance Committee of the Nigerian Bar Association Section on Business Law (NBA-SBL) is one of over 20 subject-matter-focused committees that provides a platform for legal practitioners and professionals in the banking and finance sectors to collaborate, exchange ideas, and shape policies that impact the financial industry in Nigeria. This committee plays a pivotal role within the NBA-SBL, serving as a bridge between the legal community, financial institutions, and regulatory bodies.

The primary purpose of the Banking and Finance Committee is to enhance the understanding of banking laws and financial regulations among legal professionals, while promoting best practices in the financial sector. By offering a forum for discussions and knowledge sharing, the committee helps its members navigate the complexities of the banking industry, ensuring that they stay ahead of evolving trends, laws, and global standards.

The overarching goal of the committee is to drive reforms and innovation in Nigeria’s banking and finance industry through informed legal practice. This involves not only addressing regulatory and compliance challenges but also fostering the growth of a sustainable financial ecosystem that aligns with international best practices and supports economic development.

Objectives:

• Legal Advocacy: The committee seeks to influence the development and reform of banking and finance laws in Nigeria by engaging with regulators, policymakers, and lawmakers. It ensures that the interests of legal practitioners and financial institutions are well-represented in legislative processes.
• Capacity Building: The committee focuses on developing the skills and knowledge of its members through continuous professional development programs, seminars, workshops, and conferences on key issues affecting banking and finance law.
• Regulatory Compliance: It promotes compliance with existing laws and regulatory requirements by providing guidance and thought leadership on current and upcoming regulations within Nigeria’s financial sector.
• Risk Management and Innovation: With the increasing role of technology in finance, the committee addresses legal issues related to fintech, digital banking, cybersecurity, and risk management, while encouraging innovation that will shape the future of finance in Nigeria.
• International Engagement: It fosters relationships with international bodies and experts to ensure that Nigeria’s banking laws are in line with global trends and standards, while positioning Nigeria as a hub for cross-border financial transactions in Africa.

Members of the Banking and Finance Committee are often concerned about the regulatory uncertainties in Nigeria’s financial sector, particularly the frequent changes in banking policies and the slow pace of legal reforms. They are also focused on mitigating the impact of global economic shifts, such as those arising from international financial crises or changes in trade relations, which can affect the local banking system.
Another significant concern is the need to balance innovation (especially with the rise of fintech) with adequate regulatory frameworks to prevent fraud, money laundering, and other financial crimes. Members are also keen on ensuring that Nigeria’s banking and finance regulations are aligned with global standards, especially in light of increasing cross-border transactions and the influence of foreign investors.

In summary, the Banking and Finance Committee is instrumental in shaping Nigeria's financial laws, ensuring regulatory compliance, fostering innovation, and equipping legal professionals with the tools needed to support a robust and evolving financial system.