Banking Regulations and Business Growth: Strengthening Oversight to Curb Fraud

References

[1] Ahmed, R., & Khalidi, M. (2007). From Basel I to Basel II. Market Forces, 3(3).

[2] Alley, I. (2022). BOFIA 2020 and financial system stability in Nigeria: Implications for stakeholders in the African largest economy. Journal of Banking Regulation, 24(2), 184.

[3] Alli, W. (2023, April 18). Bank recapitalisation holds key to unlocking Nigeria’s $1trn economy. BusinessDay. https://businessday.ng/companies/article/bank-recapitalisation-holds-key-to-unlocking-nigerias-1trn-economy/

[4] Almahadin, H. A., Al-Gasaymeh, A., Alrawashdeh, N., & Abusiam, Y. (2021). The effect of banking industry development on economic growth: An empirical study in Jordan. The Journal of Asian Finance, Economics and Business, 8(5), 325-334.

[5] Bailey, A. J., Breeden, S., & Stevens, G. (2012). The prudential regulation authority. Bank of England Quarterly Bulletin, Q4.

[6] Baily, M. N., Klein, A., & Schardin, J. (2017). The impact of the Dodd-Frank Act on financial stability and economic growth. RSF: The Russell Sage Foundation Journal of the Social Sciences, 3(1), 20-47.

[7] Bank of England. (2023). Implementation of the Basel 3.1 standards: Near-final policy statement – Part 1. https://www.bankofengland.co.uk/prudential-regulation/publication/2023/december/implementation-of-the-basel-3-1-standards-near-final-policy-statement-part-1

[8] Board, F. S. (2010). The Basel Committee on Banking Supervision. Macroeconomic Assessment Group.

[9] Bozic, I., & Bozic, A. (2023). Commercial Banking and Financial Stability: Evaluating Internal and External Determinants. Journal of Business and Economic Options, 8(1), 1-14.

[10] Bratley, M. (2023, January 26). The compliance forecast – How are accounting businesses coping with compliance demands? IFA Magazine. https://ifamagazine.com/the-compliance-forecast-how-are-accounting-businesses-coping-with-compliance-demands/

[11] Bravo-Biosca, A., Criscuolo, C., & Menon, C. (2016). What drives the dynamics of business growth?. Economic Policy, 31(88), 703-742.

[12] Cardoso, O. (2023, October 14). Challenges facing the CBN: An assessment. Mediatracnet. https://mediatracnet.com/2023/10/challenges-facing-the-cbn-an-assessment/

[13] Clayton, N. (2015). Failures in the prudential regulation of banks in the UK and US: will the lessons be learnt?. Law and Financial Markets Review, 9(2), 130-153.

[14] Coendet, T. (2021). The concept of regulatory arbitrage. In Law and economics of regulation (pp. 159-181). Cham: Springer International Publishing.

[15] Crowther, I. (2018). A critique of post-crisis structural and prudential bank regulation: the UK case. Manchester Business School.

[16] de Bandt, O., Durdu, B., Ichiue, H., Mimir, Y., Mohimont, J., Nikolov, K., ... & Straughan, M. (2023). Assessing the Impact of Basel III: Review of Transmission Channels and Insights from Policy Models. International Journal of Central Banking, 20(1), 1-52.

[17] Diamond, D. W., Kashyap, A. K., & Rajan, R. G. (2017). Banking and the evolving objectives of bank regulation. Journal of Political Economy, 125(6), 1812-1825.

[18] Donnelly, S. (2019). Financial stability board (FSB), Bank for International Settlements (BIS) and Financial Market Regulation Bodies. In Research Handbook on the European Union and International Organizations (pp. 360-385). Edward Elgar Publishing.

[19] ElBannan, M. A. (2017). The financial crisis, Basel accords and bank regulations: An overview. International Journal of Accounting and Financial Reporting, 7(2), 225-275.

[20] Erhijakpor, A. E., & Eyamu, F. O. (2023). Financial Institutions’ Regulation, Banking Sector Competitiveness and Stability of the Banking Sector in Nigeria. Journal of Accounting, Finance, and FinTech Advancements, 1(1), 1-12.

[21] FasterCapital. (2023, March 30). Dodd-Frank Act: Dodd-Frank and the future of financial regulation: Staying ahead of the curve. https://www.fastercapital.com/content/Dodd-Frank-Act--Dodd-Frank-and-the-Future-of-Financial-Regulation--Staying-Ahead-of-the-Curve.html

[22] Gajendrakar, P. (2022, November 22). Basel accords. WallStreetMojo. https://www.wallstreetmojo.com/basel-accords/

[23] Gates, S. J. (2017). More Lives than a Cat: A State and Federal History of Bank Deposit Insurance in the United States, 1829-1933. The University of North Carolina at Greensboro.

[24] Goldbach, R., & Goldbach, R. (2015). Global Banking Regulation after the Great Recession: Basel III, FSB, G20. Global Governance and Regulatory Failure: The Political Economy of Banking, 181-207.

[25] ICLG. (2023, January 20). UK businesses overburdened in fight against financial crime. https://iclg.com/news/22160-uk-businesses-overburdened-in-fight-against-financial-crime

[26] Kloenhamer, A. (2022). The US Department of the Treasury and the Federal Reserve System. GPSolo, 39, 36.

[27] Koziuk, V., & Shymanska, O. (2023). “Financial Intermediation and Economics”(Nobel Prize 2022). Herald of Economics, (2), 217-232.

[28] Langenbucher, K. (2021). Regulatory arbitrage: what’s law got to do with it?. Accounting, Economics, and Law: A Convivium, 11(2), 91-117.

[29] Leonida, L., & Muzzupappa, E. (2018). Do Basel Accords influence competition in the banking industry? A comparative analysis of Germany and the UK. Journal of Banking Regulation, 19, 64-72.

[30] Lessambo, F. (2020). The US banking system. Springer International Publishing.

[31] Lessambo, F. I. (2023). The Prudential Regulation Authority. In Fintech Regulation and Supervision Challenges within the Banking Industry: A Comparative Study within the G-20 (pp. 127-132). Cham: Springer Nature Switzerland.

[32] Luck, S., & Schempp, P. (2016). Regulatory arbitrage and systemic liquidity crises. mimeo, Board of Governors of the Federal Reserve System and Max Planck Institute for Research on Collective Goods.

[33] Lui, A. (2016). Financial stability and prudential regulation: A comparative approach to the UK, US, Canada, Australia and Germany. Routledge.

[34] Marjosola, H. (2021). The problem of regulatory arbitrage: A transaction cost economics perspective. Regulation & Governance, 15(2), 388-407.

[35] Marshal, I. (2017). Bank failure in Nigeria: Evidence of prudential regulator laxity. Frontiers in Management Research, 1(4), 141-150.

[36] Marty, A. L. (1961). Gurley and Shaw on Money in a Theory of Finance. Journal of Political Economy, 69(1), 56-62.

[37] Maverick, J. B. (2023, September 30). What agencies oversee U.S. financial institutions? Investopedia. https://www.investopedia.com/ask/answers/063015/what-are-some-major-regulatory-agencies-responsible-overseeing-financial-institutions-us.asp

[38] McNulty, D., Miglionico, A., & Milne, A. (2023). Data access technologies and the ‘New Governance’techniques of financial regulation. Journal of Financial Regulation, 9(2), 225-248.

[39] Menand, L. (2021). The Federal Reserve and the 2020 economic and financial crisis. Stan. JL Bus. & Fin., 26, 295.

[40] Moses-Ashike, H. (2022, December 30). CBN focuses on big data, contactless solutions in payment system vision 2023. BusinessDay. https://businessday.ng/business-economy/article/cbn-focuses-on-big-data-contactless-solutions-in-payment-system-vision-2023/

[41] Muzzupappa, E. (2023). Competition and Regulation: The Case of the UK Banking Industry. Mathematics, 12(8), 1126.

[42] Ntarmah, A., Kong, Y., & Kobina Gyan, M. (2019). Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries. Quantitative Finance and Economics, 3(4), 709-738.

[43] Nworie, G. O. & Onochie, C. C. (2023). Fuelling Entrepreneurial Productivity in Nigeria: The Contribution of Bank Loans. International Journal of Entrepreneurship and Business Innovation 7(3), 92-109. https://www.doi.org/10.52589/IJEBI-XQGMW7DI

[44] Nwosu, E. O., Ajibo, C. C., Nwoke, U., & Okoli, I. (2021). Legal and institutional frameworks for capital market regulation in Nigeria: Recasting the agendas beyond compliance-based regulation. Journal of Financial Crime, 28(2), 448-463.

[45] Obienusi, I., & Obienusi, E. A. (2015). Banking reforms and the Nigerian economy, 1990–2007. Historical Research Letter, 21(2), 27-31.

[46] Okafor, C., Russell, K., & Lawal, L. (2012). Effects of the Nigerian banking consolidation on competition. In Finance and Development in Africa (pp. 75-96). Emerald Group Publishing Limited.

[47] Okoth, M. A. (2023). Effect of Mobile Lending on Financial Performance of Deposit Taking Micro-finance Institutions in Kenya (Doctoral dissertation, University of Nairobi).

[48] Oladunmade, M. (2023, April 29). Nigeria’s open banking to launch in August after four-year wait. TechCabal. https://techcabal.com/2023/04/29/cbn-launches-open-banking/

[49] Oliveira, V. B., & Raposo, C. (2020). How did regulation and market discipline influence banking distress in Europe? Lessons from the global financial crisis. Studies in Economics and Finance, 37(1), 160-198.

[50] Oniwinde, B. (2023). To what extent does a focus on accountability promote regulatory compliance in the UK financial services sector? (Doctoral dissertation, Anglia Ruskin Research Online (ARRO)).

[51] Osakwe, C. I., Udoye, O. N., & Akuna, R. C. (2022). The Effect of Central Bank of Nigeria Regulation on the Performance of Deposit Money Banks. International Journal of Multidisciplinary and Current Educational Research, 4(1), 92-103.

[52] Pacces, A. M., & Heremans, D. (2012). Regulation of banking and financial markets. Encyclopedia of Law and Economics: Regulation and Economics, 2nd Edition, AM Pacces and RJ Van den Bergh, eds., Elgar.

[53] Peihani, M. (2014). Basel committee on banking supervision: a post-crisis analysis of governance and legitimacy (doctoral dissertation, university of British Columbia (Vancouver).

[54] Petit, C. A., & Beck, T. H. L. (2023). Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence. European Parliament.

[55] Raiffeisen Bank International. (2023). The development of Basel Accords, its European translation, and future directions. https://bank.rbinternational.com/en/regulatory-fastlane/home/rbi-regulatory-fastlane/regulatory-learning1/General-Banking/Article-N8.html

[56] Rao, H., MacDonald, J., & Crawford, D. (2011). The Dodd-Frank wall street reform and consumer protection act of 2010. The CPA Journal, 81(3), 15.

[57] Roy, P. (2005, July). The impact of the 1988 Basel Accord on banks' capital ratios and credit risk-taking: an international study. In EFMA 2004 Basel Meetings, Forthcoming.

[58] Singh, D. (2016). Banking regulation of UK and US financial markets. Routledge.

[59] Stephenson, T. P. (2023). The US Dual Banking System and Interest Rate Exportation: Challenging the Valid-When-Made Doctrine in California v. Office of the Comptroller of the Currency. Ga. St. UL Rev., 40, 825.

[60] Vikas, N., Venegas, P., & Aiyer, S. (2022). Role of banks and other financial institutions in enhancing green digital finance. In Green Digital Finance and Sustainable Development Goals (pp. 329-352). Singapore: Springer Nature Singapore.

[61] Zogning, F. (2017). Comparing financial systems around the world: Capital markets, legal systems, and governance regimes. Economics, Management, and Financial Markets, 12(4), 43-58.

@article{1709347,
      author = {Racheal Bukola Akinloye},
      title = {Banking Regulations and Business Growth: Strengthening Oversight to Curb Fraud},
      journal = {Iconic Research And Engineering Journals},
      year = {2023},
      volume = {7},
      number = {5},
      pages = {414-427},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1709347.pdf},
      abstract = {The study examined banking regulations and business growth: a comparative analysis of the United Kingdom, United States of America, and Nigeria. This study adopted a comparative research design to examine the relationship between banking regulations and business growth across three countries: the United Kingdom, the United States of America, and Nigeria. Data for the study were sourced from a combination of reputable international and national institutions to ensure accuracy and reliability. To interpret the data, the study employed qualitative content analysis as the principal analytical tool. The qualitative content analysis allowed for in-depth exploration of regulatory narratives, institutional behaviors, and country-specific challenges that may not be captured through purely quantitative methods. The study found that: the banking regulations of the US, the UK and Nigeria align broadly with global banking standards, but the UK and US have more sophisticated, multilayered regulatory systems compared to Nigeria?s centralized and less adaptive framework; regulatory flexibility in the UK and US allows financial institutions to innovate and adjust to market realities, which supports sustainable business lending and economic growth; regulatory rigidity in Nigeria, coupled with unpredictable policy shifts, creates barriers to effective financial intermediation and limits access to credit for businesses. In conclusion, the presence of robust oversight mechanisms does not inherently inhibit growth but can, when properly balanced, serve as an enabler of innovation and long-term investment. The study recommends that the Central Bank of Nigeria should develop a more sophisticated and multilayered regulatory framework by decentralizing oversight functions and integrating independent supervisory agencies. This would align Nigeria?s banking regulation more closely with international best practices, improving regulatory depth, reducing concentration of authority, and enhancing the credibility of enforcement processes.},
      keywords = {Banking Regulations, Business Growth, Central Bank of Nigeria, Financial Conduct Authority, Dodd-Frank Act},
      month = {November},
  }