ELECTRONIC BANKING IN NIGERIA (PROBLEMS AND PROSPECTS). A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
This research work is an attempt to analyse and find out the “PROBLEM AND PROSPECTS OF ELETRONIC BANKING IN NIGERIA”.
The research geared toward explaining what Electronic Banking is all about and when it was introduce into Nigeria. The research also explained the services and the features of electronic Banking in Nigeria. Though some of the information is between the bankers and their customers, the researcher was able to b ing some of them out finally, the information contained in this project writing will educate some ignorant people, concerning how they can transact business with their bankers or their customers through electronic device.
1.1 BACKGROUND OF THE STUDY
Financial institutions have been early adopters of smart card and credit cards technology, in the system and more recently, the launching of internet banking have transformed with world into a global village linked with electronic impulses. The idea or when the Apex Bank of Nigeria (Central Bank of Nigeria) gave the approval to Allstates. Trust Bank Limited to issue a financial product known as the ESCA an electronic purse to the public.
Later on, Diamond Bank Limited, introduced a parallel product know as Diamond pay card. In February 998 the smart card received a boost, when 19 licensed banks floated a smart card company.
1.2 STATEMETN OF THE PROBLEM
These introduction of electronic money which are still at a relatively early stage of development have the potential of challenge the predominant role of cash for making small value payments and makes retail transaction easier and cheaper for consumers and merchants (Hotels: Airlines, supermarkets, etc, who are current account holders). In the view of these, the Central Bank Governors of the group of ten (G-10) countries commissioned a series of studies on specific issue related to electronic money. To
(i) Highlight the main design features and functional aspects of electronic money products.
(iii) Examine possible security measures that can be relied upon to prevent, detect and contain fraud.
1.3 THE OBJECTIVE OF THE STUDY
In respond to information technology developments in domestic financial sector, the Central Bank of Nigeria commissioned an information technology strategy study with the objective of promoting the efficient performance of its statutory duties.