DIGITAL ECONOMY AND THE BANKING SECTOR

01

Introduction

The National Digital Economy Policy and Strategy has been developed to reposition the Nigerian Economy to take advantage of the numerous opportunities that digital technologies provide. This is in line with the vision of President Muhammadu Buhari (GCFR) to diversify the economy of Nigeria away from dependence on the Oil and Gas Sector. The growth of the Digital Technology Sector over the past few years is a good indication that this sector can serve as a catalyst for the rapid development of the economy. His Excellency, President Muhammadu Buhari (GCFR) approved the re-designation of the Federal Ministry of Communications as the Federal Ministry of Communications and Digital Economy (FMoCDE) on the 17th of October, 2019.

This has clearly positioned Nigeria as early adopters of digital technology and it gives us a good opportunity to become major participants in the growing global digital economy.

The world now is going digital and major economic activities are done online. Most buying and selling and other economic activities are now done online. The economy of the world is already undergoing transformations.

In essence, Digital Economy is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. For example, buying and selling are done by e-commerce, payments are being made by online transfers and online banking and a lot of economic activities are now done online. This research work will examine digital economy alongside digital banking which forms part of the digital economy.

Written by:

O. M. Atoyebi, SAN

Mr. Oyetola Muyiwa Atoyebi, SAN is one of the most notable professional Nigerian lawyer, who has distinguished himself in his professional sphere within the country and internationally. He is the youngest in the history of Nigeria to be elevated to the rank of a Senior Advocate of Nigeria. At age 34, he was conferred with the prestigious rank in September, 2019. Mr. O.M. Atoyebi, SAN can be characterized as a diligent, persistent, resourceful, reliable and humble individual who presents a charismatic and structured approach to solving problems and also an unwavering commitment to achieving client’s goals. His hard work and dedication to his client’s objectives sets him apart from his peers.

As the Managing Partner of O.M. Atoyebi, SAN & Partners, also known as OMAPLEX Law Firm, he is the team leader of the Emerging Areas of Practice of the Firm and one of the leading Senior Advocates of Nigeria in Local Content Law, where he has worked with various key industry stakeholders and successfully facilitated transactions in the Oil & Gas and Energy Sector. He has a track record of being diligent and he ensures that the same drive and zeal is put into all matters handled by the Firm.

O. M. Atoyebi, SAN.
DIGITAL ECONOMY AND THE BANKING SECTOR was last modified: October 22nd, 2020 by judge
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