From over-the-counter (OTC) transactions to transactions
performed by the mere click of a button, FinTech has — in a
bid to provide personalized, consumer-friendly and convenient
banking—revolutionized traditional banking and payment
systems in Nigeria and the world over. New means of carrying out
banking transactions continue to emerge. From the emergence of web
payments and gateways, to the development of mobile payments, to
the introduction of new payment methods with the aid of
technologies such as artificial intelligence (AI), Blockchain,
Internet of Things (IoTs), contactless cards and near field
communication (NFC), technology has continued to disrupt payment
systems.
While this revolution has brought about ease in banking and
payment systems, it has also brought about certain unprecedented
risks associated with the development of sophisticated
technologies.
