BY PAUL OGONNAYA SAMUEL
INTRODUCTION
The growing trend of financial technology has become a favorite 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 by 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.
Keywords: Financial system, Fintech, Disruptions, Blockchain, Crowdfunding, Robo-advisor.
Paul Ogonnaya Samuel is a dedicated and goal driven young lawyer who believe in being the best in every of his life endeavor. His dedication to learning and ensuring drive for excellence are evident in his academic and leadership strides. In the course of his studies and active legal practice, he has garnered uncommon experience. In his educational sojourn at the Faculty of Law, Nnamdi Azikiwe University, Awka-Nigeria he graduated top 15% (Second Class Upper Division) in a class of over 240 students and emerged as the Third Best Graduating Student of the Faculty in August, 2017. Prior to that, in 2015 he was awarded a scholarship as the Best Student in a class of over 240 students by the Law Students Association of the University. In November 2018, this excellent academic stride was also repeated in his recently completed training at the Nigerian Law School where he graduated top 3% (First Class Division) in the whole of Nigeria, and bagged the Director General’s Prize for attaining a First Class at the Nigerian Law School, a very lofty and revered height.
Also, he had held litany of responsive leadership positions to wit; he was the Chief Judge of the Law Students Association, Faculty of Law Nnamdi Azikiwe, University, Awka-Nigeria between 2015-2016, during which he made colossal contributions toward the development of the Law Students Judicial system. He also doubled as the chairman of the Law Students Judicial Council and the Law Students Practitioners Council within the same period. In 2016, owing to his illustrious leadership footprints, He was appointed as the Legal Adviser to the Nigerian Association of Ebonyi State Students (NAESS), Nigeria, a duty which I executed with dedication and selflessness.
He also belongs to some professional organizations among which are The Nigerian Bar Association, Institute of Chartered Mediators and Conciliators, Human Right Committee of the Nigerian Law Clinic and Amnesty International among others.
He has also gained “hands on” working experience working with reputable law firms to wit: Bola Ajibola & co and Mexxes Solicitors among others. He also served as a judicial extern in the Lagos State High Court, Ikeja under Justice A.O. Adamson. He is currently serving in Babcock University School of Law and Security Studies as a Graduate Assistant.
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