The Relevance of Electronic Signatures in Electronic Transactions: An Anlysis of Legal Framework

Abstract

The paper focuses on the legal framework on electronic signatures in electronic transactions with a view to analyze the extent to which electronic signature techniques can be relied upon in electronic transactions. The impact of Information and Communication Technology (ICT) signifies the relevance of electronic signatures. Electronic signatures are a key instrument in a document enabling electronic transactions-providing that assurance of data validity.  The electronic signatures act as a legal attestation of the authenticity of that document with equivalent to handwritten signatures. The obstacle presented in the electronic transaction is the security factor which has been the major setback as the rate of crime increases in the Nigerian cyberspace. The paper further examined the relevancy of electronic signatures in electronic transactions in line with relevant laws at both international and domestic sphere. The paper adopted doctrinal research method approach wherein the relevant data collected was analyzed and the findings brought out. The findings of the paper made a layout in establishing an appropriate flexibility in the set of basic legal rule of conduct for the parties that may become involved in the use of electronic signatures and recommends that the full implementation and enforcement of electronic transaction so as to assist and shape more in harmonizing the laws and financial transaction practices in the cyberspace.

Keywords:Electronic Transaction, Electronic Signatures, Cyber Space, Legal Framework