Interpret laws to safeguard consumer interest, CJN tell judges
… Fair and just legal system will attract foreign investment-Emefiele
The Chief Justice of Nigeria Justice Olukayode Ariwoola has called on judicial officers to interpret and apply laws that will encourage financial inclusion and safeguard consumer interests.
The Chief Justice of Nigeria made this known at the opening ceremony of the 2023 Central Bank of Nigeria Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers.
Justice Olukayode Ariwoola in his address urged judicial officers to strike a “balance by interpreting and applying the law to encourage financial inclusion while safeguarding consumer interests”.
One particular area of concern to the Chief Justice of Nigeria (CJN) “is the regulation of ‘Payment Service Banks’ (PSBs), which necessitates a delicate balance between fostering innovation and ensuring consumer protection.
The CJN urged judicial officers to interpret and apply the law to encourage financial inclusion while safeguarding consumer interests.
He expressed concerns that digital banking products and services has given rise to new legal issues that must be effectively addressed by the courts.
According to him, “digital banking products and services have become an indispensable part of our daily lives, revolutionizing how we manage our finances, ranging from mobile banking apps to e-wallets.
Digital banking products and services he said now “offer limitless access to financial services, thereby promoting financial inclusion and empowering individuals to conveniently carry out financial transactions.
This rapid expansion of digital banking products and services he said has “given rise to new legal issues that must be effectively addressed by the courts”.
Digital banking products and services, she said provide fundamental banking services to the unbanked and under-banked populations through digital technological devices while operating with lower capital requirements compared to traditional banks, thus making them more accessible to those who are financially excluded.
Ariwoola stated that the emergence of digital payment services has given rise to concerns of cybersecurity and the protection of sensitive financial information.
According to the CJN, “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.
Earlier in his address, the Governor of the Central Bank of Nigeria (CBN) Mr. 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.
The judiciary he said “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 in accordance with the prevailing laws”.
The presence of a fair and just legal system Emefiele stated “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.
Such workshops the CBN governor said will “help in updating the legal community on emerging trends in the financial services industry, with a view to enhancing their knowledge on how to build legal frameworks that will contribute to the growth of the financial services industry, and at the same time dealing with some of the emerging risks associated with these innovations”.
“The judiciary invariably contributes to the effectiveness of monetary policy, financial system stability, economic growth, and development through their interpretation of statutes and sometimes giving effect to the acts of the Government and its agencies, where such statutes and acts relate to monetary policy, financial system stability, growth, and development”.
