Beyond the need to recapitalize the banks, the regulatory reforms also focused on the following:   Risk-focused and rule-based regulatory framework;    Zero tolerance in regulatory framework in data/information rendition/reporting and infractions;    Strict enforcement of corporate governance principles in banking;    Expeditious process for rendition of returns by banks and other financial institutions through e-FASS;    Revision and updating of relevant laws for effective corporate governance and ensuring greater transparency and accountability in the implementation of banking laws and regulations, as well as;    The introduction of a flexible interest rate based framework that made the monetary policy rate the operating target.
The new framework has enabled the bank to be proactive in countering inflationary pressures. The corridor regime has helped to check wide fluctuations in the interbank rates and also engendered orderly development of the money market segment and payments system reforms, among others. The Bank has over the years identified key priority sectors and developed tailored interventions to support and promote their growth.