On the 13th of January 2023, the Banking Bill (Bill No. 1 of 2023) was published in the Government Gazette and it is intended to be presented to the National Assembly by the Minister of Finance, Ms. Peggy O. Serame at least 30 days after its publication. Once passed, the Bill will repeal and re-enact the Banking Act (Cap 46:04) to align same with international best practice. The Banking Bill also intends to align the country’s regulatory and supervisory standards to the changing nature of both domestic and international financial systems. Should it become law, the Banking Bill will bolster the current legal framework by developing an inclusive and innovative banking sector, regulating the corporate governance of banks, deposit taking institutions and capital structures.
