Before the advent of the pandemic (COVID-19), Nigeria’s banking sector has been experiencing some structural and institutional lapses which experts have projected might lead to a possible destabilisation of Nigeria’s economy if not addressed. Furthermore, Central Bank of Nigeria (“CBN”) has over the years released guidelines, regulations and policies to address some of these lapses but as the technological age continues to advance these regulations, guidelines and policies have appeared inadequate. This situation has rendered a review of the primary law in the banking sector necessary, the law is the Bank and Other Financial Institutions Act 2020 (“BOFIA” or the “Act”).