The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, speaking at the Monetary policy Committee retreat with the theme ‘Monetary Policy Implementation in a Digitally evolving Developing Economy’ in Lagos expressed the urgent need to rethink financial system regulation, supervision, and monetary policy implementation as the innovations come with lot of risks and uncertainties for the financial sector.
IoT, the internet of things, is a system of interrelated computing devices, mechanical and digital machines, objects, animals, or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Emefiele added that embracing technology has many benefits for positive economic transformation and particularly, financial inclusion which has been the principal catalyst for inclusive growth, poverty reduction, and employment generation.
The CBN Governor noted that The evolution of FinTechs, Cryptocurrencies, Digital Payments, Artificial Intelligence, and Machine Learning, has changed how the financial and banking sectors function, both globally and locally.
