Technological innovations over the years, have necessitated rapid growth in banking and other critical financial development sub-sectors.
As a result, efforts must be intensified at ensuring that this development facilitates a financial system stability, as part of a wholistic approach at economic growth and prosperity.
In consideration of this, however, judicial officers, who adjudicate over financial-related disputes, must develop the needed capacity to confront the rapid changes, in terms of new financial laws, guidelines and others.
This was the consensus expressed by the Chief Justice of Nigeria, Justice Tanko Mohammed, Central Bank of Nigeria Governor, Godwin Emefiele, as well as President, Chartered Institute of Bankers of Nigeria, Uche Olowu.
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The trio spoke at the 19th national seminar on banking and allied matters for judges at the National Judicial Institute, in Abuja.
In his keynote address, the CBN Governor said the seminar was a veritable platform for judges, law enforcement agents, legal practitioners, financial Institutions and regulators to deliberate on legal aspects of challenges faced by the banking system.
Emefiele who was represented by the Deputy Governor, Cooperate services, Edward Adamu said the theme of the seminar, “Disruptive Innovations in the Nigeria Financial System: The Legal Considerations”, was apt, considering the rapid technological innovations and their impact on the system.
“There is no gain saying that rapid automation and technological innovations over the past decade has impacted almost every facet of human endeavour. Technology has transformed the way we learn, communicate, deliver services, experience entertainment, etc.
“The impact of technological innovation is even more profound in the financial system. Digital finance and the Fintech have experienced rapid growth over the past decade, disrupting conventional banking models and opening up new possibilities for designing and distributing financial services.
