BOFIABanks and Other Financial Institutions Act (Nigeria)
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Akinwumi particularly lauded the proposed amendments to sections 3,4 and 5 of the BOFIA Act 2017 the best initiatives to reposition the banking sector.
Some of the penalties in the 70 proposed amendments to the BOFIA Act 2017 include:
Ycoy said that BOFIA was granted an initial release of P900,000 last March 2017, benefitting 24 Agrarian Reform Beneficiaries (ARBs) covering an area of 36 hectares and the second released amounting to P1,452,500 last April with 27 ARBs benefitted, covering an area of 51 hectares.
of BOFIA, said that its members income now increased because of low-interest rate compared from informal moneylenders such as traders and input suppliers.
Atega, CESO V, said that BOFIAs economic success is made possible through financial discipline system implemented which resulted to a 100 percent repayment of loans to its members.
BOFIA has now a total asset value of P40 million consisting of rice threshers, hand tractors, harvester, floating tiller and tractor with plow trailer, which they got from DAR's Agrarian Reform Community Connectivity and Economic Support Services (ARCCESS) program.
BOFIA is the monitoring arm of DAR, NIA and LGU in providing feedback and laborers during the construction of roads and irrigation facilities.
Also, the BOFIA Act says that the regulator cannot attach any religious sentiments or affiliation to the name.
In the same occasion, DAR also handed 11 common service farm facilities to BOFIA worth P4.