This Project goes into the Roles of Electronic Banking in Nigeria, the supervisory framework. The security for the money, the component of the Electronic Banking, finding and recommendation for future uses. It is of a great importance to the students of Financial and Business Studies and those in economics. It is a very important to business consultants and investors.
Introduction
Background of the Study
Statement of the Problem
Objective of the Study
Significant of the Study
Limitation of the Study
Review of Related Literature
Research Design and Methodology
Findings
Recommendation and Conclusion
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The advent of financial innovation such as credit cards, smarts cards, electronic transfers in the payment system and more recently, the linking of the Internet banking have transformed the world into a global village linked with electronic impulses. The concept of electronic money was introduced in 1996 when the Central Bank of Nigeria gave approval to All States Trust bank Limited to offer a financial product known as the ESCA, SMART CARD, an electronic purse. Subsequently, diamond bank limited introduced a parallel product known as diamond pay card. However, the smart card scheme received a boast in February 1998, when a consortium of 19 licensed banks allocated a smart card company, smart card Nigeria Plc with a mandate to produce a manage cards issued by the member banks of the consortium. Another consortium of more than 20 banks under the auspices of gem card scheme in year the 2000.
These innovations, which are still at a relatively early stage of development have the potential to challenge the predominant role of cash for making small value payments and makes retail transactions easier and cheaper for consumer and merchants, who are current account holders. However, they also raise a number of policy issues because of the possible implication for central bank monetary policy, consumer system.
In response to information technology development in the domestic financial sector, the central bank of Nigeria commissioned an information technology strategy study in 1991 with the objective of promoting the efficient performance of its statutory duties. The project is being implemented in phases and both the licensed banks and the regulatory authorities demonstrated the appreciation of benefits derivable from use of information technology.
In view of foregoing, the central bank governors of the group of ten (G-10) countries commissioned a series of studied on specific issues related to electronic money in November 1995.
1.2 STATEMENT OF THE PROBLEM
This research work is to address itself on the task to determine the impact of electronic banking in Nigeria.
(a) In this era of expanded information technology activities around Nigeria electronic banking is more than ever needed.
(b) Inadequate information technology awareness
(c) Show-paced information and communications technology growth in Nigeria due to inadequate finding by government and its agencies.
(d) Inactive regulatory bodies to provide needed logistics and technical support.
(e) Lack of sufficient skilled manpower.
(f) The confidentiality of sensitive information transmitted on public digital network raises a lot of fears on security.
(g) Low income level.
It is in the light of these afore mentioned reasons that these study is under taken, to provide some solution to the numerous problems associated with the role of electronic banking.
1.3 OBJECTIVE OF THE STUDY
This study has the following as its objectives:
1. To discuss how electronic banking works in Nigeria banking system.
2. To discuss the problems of electronic banking in financial institutions in Nigerian economy.
3. To highlight the effects of electronic banking in Nigerian economy.
4. To discuss the different components of electronic banking.
5. To ascertain the role of electronic banking in the development of financial industries in Nigeria.
6. To identify ways of ensuring prompt electronic banking that will be approved by the government.
7. Finally, to suggest or make recommendations on what should be done, in order to have efficient electronic banking system in Nigeria.
1.4 SIGNIFICANCE OF THE STUDY
This study will be of immense help to the students and lecturers, who will want to conduct some research in this same topic. It will serve as a guide to the students who are in this field of education.
It will be useful to the Nigeria banking system more especially to the commercial bank, as it will be an aid to them on how to update electronic payment.
It will serve as a reference material to those, who will want to write on this same topic.
It will be useful to overcome the set back that Nigeria has before as developing country.
It will serve as a tool for managerial decision and policy making.
Finally, this research work is useful information to the existing literature in the area to electronic banking.
| 1 - 5 of 96 Reviews |