ELECTRONIC BANKING IN NIGERIA: PROBLEMS AND PROSPECTS
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ELECTRONIC BANKING IN NIGERIA: PROBLEMS AND PROSPECTS
ELECTRONIC BANKING IN NIGERIA: PROBLEMS AND OPPORTUNITIES
This study attempts to investigate and discover the “PROBLEM AND PROSPECTS OF ELECTRONIC BANKING IN NIGERIA.”
The study aimed to explain what electronic banking is and when it was introduced in Nigeria. The study also described the services and characteristics of electronic banking in Nigeria.
Though part of the information is confidential between bankers and customers, the researcher was able to obtain some of them. Finally,
the knowledge supplied in this project writing will educate some uninformed people on how to conduct business with their bankers or clients using an electronic gadget.
ELECTRONIC BANKING IN NIGERIA: PROBLEMS AND OPPORTUNITIES
1. INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Financial institutions were early users of smart card and credit card technology in the system, and the introduction of internet banking more recently has changed the world into a global community linked by electronic impulses.
When the Apex Bank of Nigeria (Central Bank of Nigeria) granted Allstates. Trust Bank Limited permission to offer a financial product known as the ESCA an electronic purse to the public.
Diamond Bank Limited afterwards produced a competing product known as the Diamond pay card. The smart card gained a boost in February 998, when 19 licenced banks formed a smart card firm.
1.2 STATEMENT OF THE PROBLEM
These electronic money introductions, which are still in their early stages, have the potential to challenge cash’s dominant role in making small value payments and make retail transactions easier and cheaper for consumers and merchants (Hotels: Airlines, supermarkets, and so on, who are current account holders).
In response to these concerns, the Central Bank Governors of the Group of Ten (G-10) countries commissioned a series of studies on specific issues concerning electronic money. To
(i) Emphasise the primary design characteristics and functional aspects of electronic money items.
(ii) Examines the technological concerns associated with these goods.
(iii) Investigate potential security measures that can be depended on to prevent, detect, and contain fraud.
1.3 AIMS AND OBJECTIVES OF THE STUDY
The Central Bank of Nigeria commissioned an information technology strategy study in response to developments in the domestic financial system, with the goal of enhancing the efficient performance of its statutory tasks.
The project is being implemented in stages, and both licenced banks and regulatory authorities have exhibited an appreciation for the benefits of information technology utilisation.
The primary focus of this project will be on the fundamental policy issues raised by the introduction of electronic money schemes; however, adequate attention will also be paid to prospects or control mechanisms that have been put in place to ensure effective management of electronic products in relation to the likely impact on the economy as a whole.
1.4 OBJECTIVES OF THE STUDY
The scope of this project work is limited to Nigerian banks and their clients, as well as a company or fir that operates on electronic banking and their consumers.
1.5 LIMITATIONS OF THE STUDY
Despite the fact that the research is being conducted, the researcher faces several limitations, such as:
(i) INAPPROPRIATE TIME:
Given the school’s short semester, the researcher’s time to work on his project is constrained.
(ii) INAPPROPRIATE RESPONSE
Some banks do not divulge their electronic banking operations since it is a trade secret between them and their customers.
(iii) MANAGEMENT
To conduct the research more successfully, the researcher has a limited budget.
(iv) INAPPROPRIATE MATERIAL
The project’s materials are limited because it is a new development.
1.6 DEFINITION OF TERMS
(i) What exactly is a pin? A personal identification number is a gadget that allows access to one’s personal account.
(ii) What are the characteristics of electronic banking? These are the distinctions between electronic banking and traditional banking transactions.
(iii) What are the prospects for electronic banking? This is the characteristic success, outcome, or position of electronic banking.
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