The Financial Institutions Act, 2004: The banking sector is strong and is poised to remain so because the regulatory framework governing financial institutions has been further strengthened. The Financial Institutions Act, 2004 (FIA, 2004) was enacted and became effective early 2004.
The implementing regulations in respect of FIA 2004 have already been approved by the Minister of Finance, Planning and Economic Development and they will soon be gazetted. The new law, coupled with strengthening of Bank Supervision, have enhanced capacity for supervision and strict prudential regulation of financial institutions.