The objects of the Bill are to provide for -

(a) a licensing system for the conduct of banking and financial business or provision of financial services;

(b) the incorporation of standards, principles and concepts of corporate governance in the institutional systems and structures of banks and financial institutions;

(c) sound business practices and consumer protection mechanisms;

(d) the regulation and supervision of banking and financial services;

(e) repeal and replace the Banking and Financial Services Act, 1994; and

(f) matters connected with, or incidental to, the foregoing.