Paul Ogonnaya Samuel LL.B(Hons), BL(First Class)
Abstract
The growing trend of financial technology has become a favourite subject of legal commentary in recent times. The incessant growth of these technological innovations has had a great impact on every aspect of the Nigerian national development, and as such the Nigerian financial sector is not left out. Financial Technology (FinTech) has grown with the advent of new technology applications such as blockchain, crowdfunding, robo-advisors, artificial intelligence, e-wallet, InsurTech and other forms of technological innovations. Application of these software technologies into the Nigerian financial sector promises to transform the way in which consumers interact with the financial services industry as well as the solutions offered the industry. These technologies however also present their own challenges to the Nigerian traditional financial system. This paper focuses on the impact of these technological innovations on the Nigerian financial sector within its attendant disruptions and carves a path on how to get out of the seeming quagmire.
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