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
TABLE OF CONTENT
Back ground of the study
Statement of the problem
The objective of the study
Scope of study
Limitation of the study
Definition of terms
review of related studies
Meaning of electronic banking
Features and services of electronic banking
Electronic payment system
Problems of electronic banking
Source of data
Method location of data
Method of data collection
Tools of analysis
Summary of findings
Cross – border issues
Security of an electronic money scheme
The payment system
Conclusion and recommendation
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
Highlight the main design features and functional aspects of electronic money
Analyses the technical risks specific to these products and
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.
The project is being implemented in phases and both the licensed banks and the
regulatory authorities have demonstrated their appreciation of the benefits
derivable from use of information technology.
The main focus of this project
will be on the fundamental policy issues, which the introduction of electronic
money scheme throws up, adequate attention will also be devoted to prospects or
control mechanism that has put in place to ensure effective management of
electronic product vis-à-vis likely impact on the economy as a whole.
1.4 SCOPE OF STUDY
The scope of this project work
is restricted to only the banks and their customer in Nigeria and between a
company or fir operating on electronic banking and their customers.
1.5 LIMITATION OF THE STUDY
Despite the research is carried
out there are some limitation the researcher encounter such as:
There is a limited for the
researcher to work his project considering the short semester of the school.
Some bank does not disclose how
they operate on electronic banking because it is a secret between them and
The researcher has limited
money to carry out the research more effectively.
Because the project is a new
development the material for the project is limited.
1.6 DEFINITION OF TERMS
What is pin? Personal identification number it is a device used to gain
access to ones personal account.
What are features of electronic banking? These are what differentiate
electronic banking and the former banking transaction.
What is prospect of electronic banking? This is the feature success or
out come or the position of electronic banking.
TERMS AND CONDITIONS APPLY
For more informations on project materials and more