The banks and other financial institution Act 2020 (the BOFIA Act 2020) is a landmark in the history or corporate legislation in Nigeria. The new Act has addressed some of the major challenges bedeviling the Nigerian banking sector. It has improved the regulatory oversight and updated the laws governing financial institutions and financial services by bringing it in line with international best practice. The Act has for the first time recognized and adopted electronic and virtual operations within the financial institution. Hence, the Act will have a positive impact on the Nigeria banking sector by way of relaxing the difficulties and bottlenecks encountered under the repealed Act. The paper identified some of the problems caused by the old Act which was as a result of its archive nature. It further shows how the new Act has turned the Nigeria’s banking sector to a modern one. And it finally recommend ways on how to maintain and strictly implement the provisions of the new Act.