" ITREALMS: Why NASS passed Electronic Transactions Bill - Saraki - ITREALMS


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Why NASS passed Electronic Transactions Bill - Saraki - ITREALMS

The Nigerian Senate has adduced reasons why the National Assembly (NASS) considered and passed the Electronic Transactions Bill within the 8th Senate, reports ITRealms.

The National Assembly is made up of the Senate and Federal House of Representatives, with Senate President as the chairman of the NASS.

The current status of the Electronic Transactions Bill, ITRealms gathered is that the Senate at its plenary session of Thursday, May 18th 2017 passed the Electronic Transaction Bill.

In his foreword to the 8th Senate Report entitled “Reviving The Economy, Creating Opportunities For Nigerians” made available to ITRealms, Senate President, Abubakar Bukola Saraki said there is need to validate e-commerce transactions as fraudulent activities online, commercial disputes arising from sale and delivery; and other undesirable outcomes are on the rise.

He also said in the 44-page report that an estimated 60 per cent of micro and small businesses advertise and sell their wares online, either through their own sites or using social media.

“This has also opened up a floodgate of fraudulent activity online, commercial disputes arising from sale and delivery; and other undesirable outcomes,” he said.

Also, he said, large businesses have also taken advantage of the ease offered by technology to conduct and transact their official businesses online.

“Contracts and agreements are being concluded without parties being physically present. But conversely, extant laws provide inadequate protection for e-commerce businesses and consumers,” he declared.

He pointed out that the Electronic Transactions Bill seeks to provide a legal and regulatory framework for conducting transactions using electronic or related media, the protection of the rights of consumers, parties and their personal data as well as the facilitation of electronic commerce in Nigeria.

ITRealms equally reported that the Bill tend to give validity to “online contracts, electronic signature and records, admissibility of electronic evidence, and security of parties to an online transaction.”

Chuks Egbune/GEE

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