The Chief Justice of Nigeria, CJN, Justice Olukayode Ariwoola, has urged legal officers to interpret and apply laws that will encourage financial inclusion and safeguard consumer interests in digital banking.
Justice Ariwoola gave this charge at the Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers, organized by the Central Bank of Nigeria, CBN.
Addressing the gathering, the CJN expressed concerns about the regulation of ‘Payment Service Banks’ (PSBs), which necessitates a delicate balance between fostering innovation and ensuring consumer protection.
Justice Ariwoola worried that digital banking products and services have given rise to new legal issues that must be effectively addressed by the courts.
He noted that digital banking products and services have become an indispensable part of society, revolutionizing how to manage finances, ranging from mobile banking apps to e-wallets.
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“Digital banking products and services now offer limitless access to financial services, thereby promoting financial inclusion and empowering individuals to conveniently carry out financial transactions.
“This rapid expansion has given rise to new legal issues that must be effectively addressed by the courts.”
“Given the escalating frequency and sophistication of cyberattacks, it is crucial to establish a robust legal framework that safeguards the integrity of digital transactions and safeguards individuals against financial fraud.
“As judicial officers, you play a critical role in adjudicating disputes stemming from such breaches and ensuring that justice is duly served.”
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Delivering his welcome remark, Governor of the CBN, Godwin Emefiele, noted that ‘the importance of the judiciary to the economy is underscored by the fact that an efficient judicial system helps to strengthen confidence in our economy, which is required to attract domestic and foreign direct investment’.
Emefiele argued that ‘investors are more willing to invest in jurisdictions where the rule of law takes prominence in shaping business and investment decisions’.
He added that the judiciary helps to ensure that all parties adhere to legal and ethical standards, and individuals and businesses can seek relief through the law courts on violations of agreements. They can also be sure that disputes will be treated swiftly and fairly under the prevailing laws.
“The presence of a fair and just legal system will help in attracting much-needed foreign investments. Such investments will help to reduce pressure on our foreign reserves, enhance monetary and price stability, and reduce exchange rate volatility.”
