The meteoric expansion of Nigeria’s financial services industry and the evolving nature of modern banking in the last 10 years due to the rapid advancement of technology has led to unexpected regulatory and legal challenges.
The fusion of traditional banking with fintechs offers many growth opportunities for the sector and enhances financial inclusion in a scale unimagined a generation ago.
Other institutions are placing equally high emphasis on digital banking and technology as growth drivers. While traditional banking methods are still relevant, they have been significantly influenced by the rise of digital products and services. Mobile banking apps, online payment systems and contactless transactions have become the new normal, transforming our interactions with financial institutions.
Judicial officers must strike this balance by interpreting and applying the law to encourage financial inclusion while safeguarding consumer interests’’, said the Chief Justice of Nigeria, Justice Olukayode Ariwoola at a workshop organized by the CBN. These innovative services have done a lot to bring banking services to the masses, foster financial inclusion and drive economic growth. At the same time, they present regulatory challenges to the authorities.
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