The Central Bank of Nigeria has urged judges in the nation to be more technology inclined to enhance justice delivery effectively, especially in the evolving financial services sector.
CBN Governor, Mr Godwin Emefiele, made the appeal in Abuja on Tuesday, at the 21st National Seminar on Banking and Allied Matters for Judges.
The CBN boss, who was represented by the Director, Legal Services Department of the bank, Mr Kofo Salam-Alada, said good understanding of the electronic/digital payment systems by judges would give comfort to foreign investors knowing that there would be certainty in dispute resolution, should the need arise.
According to him, CBN was leveraging technology in its regulatory activities by employing regulatory technologies (RegTech), establishing regulatory sandbox and building capacity in all areas”
“The emergence of financial technology (Fintech) into the banking system world has made it overly essential for everyone to be abreast of what Fintech brings on board.”
“A judicial officer or law enforcement agent who is knowledgeable in relevant emerging innovation is at an advantage to apply the primary assignment.“
“The reality is that increasingly, the courts will be called upon to adjudicate on complex technologically driven transactions and relationships.”
“As such, a wide understanding of the scope of the law and utilisation of technological innovations by all will ultimately result in the delivery of better output”.
Also, the Administrator of the National Judicial Institute, Justice Salisu Abdullahi, said the judiciary was a necessary partner in ensuring stability of the financial system in the country.
Abdullahi said the judiciary play a pivotal role in providing sustainable solution to the legal challenges, especially in the financial services sector.
“Judges must be imbued with a sense of serenity in addition to having necessary knowledge and skill to ensure efficient and timely disposition of cases which will in turn nurture a conducive environment for business and investment to thrive,’’ Abdullahi said.
Mr Olumide Akpata, the President of the Nigerian Bar Association, said that banking relations had been altered by technology. Akpata commended the CIBN for the seminar which had been sustained since 21 years, noting that the theme was critical in ensuring qualitative justice delivery.