Electronic Banking in Nigeria: Challenges and Prospects
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Date
2014-04-02
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Publisher
Elixir Publishers
Abstract
Electronic banking (e-banking) system has become an important practice among commercial banks in Nigeria. The introduction of this banking system has improved banking efficiency in rendering services to customers and the public. However the gains of e-banking has been associated with some hinderances ranging from internet failure to arbitrary withdrawal of money by customers which negates the cashless policy being heralded by the Central Bank of Nigeria (CBN). It was in line with this that the study aims at examining the challenges facing this banking system and the prospects accruable to its adoption. Among the various suggestions made in this study- to benefit maximally from e-banking- include provision of enabling environment that can guarantee safety of lives and cash deposits of customers, provision of an interrupted power supply and internet service in order to enjoy efficient services from the banks. Lastly, enforceable e-banking regulations should be put in place to back up the cashless policy already initiated by the CBN. This will go a long way to reduce money laundering and reckless withdrawal of cash and thereby boosting capital formation and investment in the economy.
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Keywords
ATM card, Electronic money, Mobile banking, Point of Sales (POS) machine