Digital Finance, the Future and Sustainability of the Financial System

This paper reviews the digital financial system, and what it might mean for the economy and sustainability over the coming years. It examines the Fourth Industrial Revolution, the positive and negative impact of digital finance and technological financial evolutions. Finally, it concludes with challenges and implications for the banking system and the global economy. I explain how the digital revolution is transforming jobs and skills, overhauling industries and creating new ones such as “Cryptocurrency Bitcoin” and “Big Data” and some old ones disappear. In future, we may witness more disruption from breakthroughs. These have implications on jobs, financial services, risks (such as cybercrime) and General Data Protection Regulation (GDPR). The implications for Nigeria and many African countries is that their financial and banking policies need to adapt to respond nimbly to changing circumstances taking place globally. They need to improve the Fluidity of Capital and significantly strengthen the Entrepreneurial Role of State. They need to integrate experiences across countries, international financial agencies, regulators and the private sector to provide proper institution in response to the Fourth Industrial Revolution.