Prof Yemi Osinbajo has pleaded with financial institutions in the country to consider accommodating block chain technology .
According to him, Nigeria may need to further broaden the scope of its banking licences in order to make room for more players in the financial mediation value chain.
He made this known on Monday by Osinbajo during his keynote address at the 3rd edition of the Nigeria digital economy summit (NDES) in Abuja.
Speaking on the theme ‘web 3.0, blockchain and DeFi: impact of Africa’s digital economy’, Osinbajo urged central banks around the world to adopt blockchain technology.
He said blockchain technology, which allows digital information and transactional records to be securely stored and distributed, might disrupt central banking globally if it was not absorbed into the system.
The Central Bank of Nigeria (CBN) in 2021 directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
Osinbajo further said clear rules must be set to support crypto markets and trading in other digital assets.
He said it was evident that the same old banking licences that were in use were no longer tenable.
Also speaking at the event, Lanre Osibona, founder and chief executive officer, Foresight Group, said digital transformation was a formidable force for change in Nigeria.
Osibona said concerted efforts are needed in driving digital transformation in Nigeria.
