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Electronic banking is essentially the operation of a financial system via the internet, and it refers to both a global public network and a group of technology.

In Nigeria, the banking industries are primarily on-line in real time with a website that is limited to information and also restricts most of their dealings to e’banking via the internet and not internet banking proper,

effective cash management via e’banking on the other hand involves managing the motives of a firm in order to maximise cash availability and internet income in any idle fund via e’banking for efficiency and effective purposes, e’banking helps quick



Recent advances in information technology have resulted in renewed calls for funds to be directed towards better cash management via electronic banking (i.e. E-Banking). Several commercial items have been produced by banks in Nigeria during the last few years to increase the quality of services supplied to customers.

These solutions were also created to satisfy the increasingly sophisticated needs of finance managers in a variety of organisations across the economy.

In recent years, there has been a shift from paper transfer systems and routine cash administration to electronic transfer systems and more secure and sophisticated cash management.

A higher level of sophistication has been implemented in computer applications for cash management and electronic payments transfer.

It is the finance manager’s obligation, among other things, to ensure appropriate management of a company’s accounts receivable and payable. Improper handling of these two critical variables may result in losses due to inability to take interest due to early payments.

Unnecessary working capital borrowings may result in overdraft and loan interest charges. The finance manager’s role is to accelerate collections and indicate a disbursement, which is increasingly being done electronically.

The promotion of financial advances such as electronic transfer in the payment system and, more recently, the introduction of online banking have converted the world into a global community linked by electronic impulses.

Companies are typically granted discounts if payments for specific goods and services are made within a specified period of time pursuant to credit conditions.

Similarly, no discount is obtained when corporations pay outside of this period, and this discount loss can cost the organisation a significant amount of money when averaged over an annual period. Companies must also collect sales proceeds swiftly and within the time range specified in order to supply working capital.

Failure to do so may result in working capital problems, forcing the company to borrow at high interest rates from banks to bridge the gap between sales and collection of funds.

Between 1989 and 1995, some banks obtained the ability to process payments and transfer funds to cities in Nigeria within a few minutes of a request.

However, the notion of electronic money was established in 1996 when the Federal Government granted All States Trust Bank Ltd. permission to market a financial instrument known as the ESCA smart card, an electronic purse, through the CBN.

Others soon followed suit. These technologies, which are still in their early stages of development, have the potential to threaten cash’s dominant role in making small value payments while also making retail transactions easier and less expensive for finance managers.

This is a helpful tool since it improves cash management and the usage of electronic funds transfer has resulted in higher economization of money balances.

This article examines the history of commercial banks and the birth of Electronic Banking in an attempt to elaborate on the usage of Electronic Banking in cash management.

It also includes an in-depth treatise on conventional banking. It goes on to look at the function of electronic banking in cash management, the benefits, and the apparent worries about fund security.



Financial management is critical to the growth of every business, regardless of its size or geographical spread. Controlling the firm’s finances becomes more challenging when it expands beyond its immediate surroundings and into other towns and cities.

There is a requirement to deliver cash to sites where they are required and collect excesses from other locations throughout the country. A variety of issues arise in the Cash Management Service Department of any organisation in Nigeria, including the following:

a. Delay in collecting receivables and making disbursements without taking into account potential interest and discounts.

b. Inefficiency in the movement of cash from one town or region to another.

c. Inefficient handling of rising volume, complexity, competitiveness, consumer sophistication, and globalisation of financial services.

d. Misrepresentation, misappropriation, and ignorance of the importance of good cash management via electronic banking.

a. How to modify the perception that technology is an imported product that is dependent on the availability of foreign exchange for consumption.

f. Why have so many banks been unable to automate their operations?

g. How efficient is the use of electronic banking in cash management?

h. What services does Electronic Banking provide that make it useful for cash management?

i. Misappropriation of tasks and related resources in organisational management as a result of E-Banking.

Nonetheless, solutions to these multiple problems will explain, to a considerable extent, the responsibilities of Electronic Banking in Cash Management.


The following are the primary goals of this study project:

1. To emphasise the importance of the finance manager’s role.

2. To demonstrate the essence of Electronic Banking as an effective cash management tool and their offerings.

3. To avoid a review of traditional banking procedures in cash management and the implication of every fund’s source to the organisation. As a result, there is a cost benefit.

4. To demonstrate the significance of cash management in collection and disbursement as it influences discounts, interest, and loan/advance charges, as well as the consequence and recommendation of a computer to management.

5. To understand the operation and limitations of traditional banking procedures, which serve as a springboard for the introduction of electronic banking.


This work will assist many people:

a. Researchers interested in developing ideas for various measures or tactics that could be used in effective cash management via electronic banking.

b. This research will also identify some potential issues that may arise when implementing measures/strategies for successful cash management via electronic banking.

c. It will serve as a framework or reference for practitioners in academia and business, as well as bankers, accountants, and investors.

d. It will also serve as a foundation for researchers who intend to pursue additional research in this sector.


The study’s hypothesis has been developed and will be based on the study’s objectives, such as;

1. Ho: If adequate management abilities are not established

There will be poor performance if an information system (MIS) is not used.

HI: Excellent performance and staff efficiency will result from the development of adequate skills in Management Information System (MIS).

2. Ho: When banks fail to acquire the requisite sophisticated technology, they lose client confidence and become inefficient and ineffective.

HI: Banks that invest in innovative technology will gain the trust of their customers while also becoming more efficient and successful.

3. Ho: Fraudulent activities cannot be checked when effective control methods are not backed up by complementary measures such as passwords, protocols, encryptions, and so on.

HI: Fraudulent actions can be verified and managed when effective control methods are backed up by complementary measures such as passwords, protocols, and encryptions.


This research topic focuses on optimal cash management through electronic banking. Zenith International Bank Plc’s Problems and Prospects. As a result, the research addresses the issues, the goal of successful Cash Management through Electronic Banking, as well as its significance, limitations or potential difficulties and repercussions, solutions, and genuine recommendations.


The following are the limits of this research work:

1. The department’s practise of approving project topics at the end of the first semester did not offer adequate time for proper investigation, which was a significant restraint for the researcher.

2. This investigation was conducted without the researcher having the necessary expert abilities in computing to go into such a sophisticated area.

3. The respondents’ reluctance to give useful information was also a restraining issue.


Account: The recording of financial transactions in ledgers and the use to which the records are put, as well as their analysis and interpretation. As a result, it displays the receipts, expenditures, and outstanding balances.

Bank: A financial institution that coordinates the appropriate to finance account deposits and withdrawals of a customer. At predetermined periods, the bank provides a statement to its customers.

Bills of Exchange: An unconditional order in writing addressed by one person to exchange another, signed to whom it is written to pay a sum certain in money to, or to the order of, a specified person or bearer on demand, or at a definite or determinable future period.

Book-keeping: This is the process of creating records in Accounting.

Cash: The firm’s holdings of money and demand deposits, with demand deposits being the most important for the majority of enterprises. It is an asset and a resource that must be conserved while also earning a suitable return for the firm.

Controlling the investment in current assets, which involves managing a firm’s films in order to maximise cash availability and interest revenue in any idle money, is what cash management entails.

Clearing House: The clearing house committee of Nigeria Clearing Bank, which is located in CBN premises in Lagos and other places. Each business day, representatives from the clearing banks gather there to exchange bills of exchange and cheques drawn on each other and settle for them.

Computer: An electronic device designed to store and process massive amounts of data quickly. Paper, punch cards, and magnetic discs are used for input.

High-speed printers or visual display units are used for output. “Most bank customers’ accounts are kept in computer money stores and are updated daily.”

Credit Cards: This is an electronic device that has the potential to disrupt cash’s dominant role in making small value payments and to make retail transactions easier and less expensive for customers and merchants.

Electronic banking is essentially the operation of the banking system via the internet, which represents both a “global public network and a family of technologies, thus a critical component of electronic commerce.

Encryption: A specific measure widely employed to protect internet messages. Keys, such as Kerberos and Digital Encryption Standard (DES), RSA, and PAP, are used in this technology to encode and decide communications.

Information Technology is simply a department made up of units. The operating system, software, and hardware. Although these entities are different, they work together to achieve the shared aim of providing outstanding service.

Online: An active connection exists between two computers or between a terminal and a host computer.

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