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Full Project-THE ROLE OF ELECTRONIC BANKING (E_BANKING) IN THE DEVELOPMENT OF FINANCIAL INSTITUTIONS IN NIGERIA

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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The advent of financial innovation such as credit cards, smart cards, Electronic transfers in the payment system and more recently, the lunching of 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 approved 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 boost in February 1998 when a consortium of 19 licensed banks Floated 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 in spices of Gem card scheme in year 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 retied 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 etc. In response to information technology developments in the domestic financial section 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 Relatory   Authorities have demonstrated their appreciation of benefits derived from the use of information technology. In view of for foregoing, the central Bank Governors of the group of Ten(a-10) countries Commissioned a series of studies on specific issues   related to electronic money in November 1995.
1.2     STATEMENT OF PROBLEM
This research work is to address itself on the task to determine the impact of Electronic banking in Nigerian
a.     In this era of expanded information Technology activities around Nigeria Electronic banking is more than ever needed
b.     Inadequate information Technology awareness.
c.      Slow- paced information and communication Technology growth in Nigeria due to inadequate funding 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 networks-raises a lot of fees on security
g.     Low income level h.     Inadequate Government support. It is the light of these problems that this study is under-taken   to provide some solution to the numerous problem associated with the role of Electronic Banking.
1.3 OBJECTIVES OF THE STUDY
The study has the following as it’s objectives
1.       To discuss how Electronic Banking works in Nigerian banking system.
2.       To discuss the problems of Electronic Banking in the financial institutions in Nigeria.
3.       To highlight the effects of Electronic banking in Nigeria Economy.
4.       To discuss the different component 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 recommendation on what should be done in order to have efficient Electronic banking.
1.4 SIGNIFICANCE OF THE STUDY
This study will be of immense to the students and lecturers who will want to do research in the same topic. This study will serve as a guide to the students who are in this field of education    It will be useful to the Nigerian Banking system more especially to the commercial bank as it will be an aid to them on how to date electronic payment. It will serve as a reference material to those who will want to write on this same topic. Electronic Banking will be useful to overcome the set back that Nigeria has before as a developing country on financial matters. It will also serve- as a tool for managerial decision and policy making And finally, this research work is a useful information to the existing literature in area of electronic Banking.
1.5     LIMITATIONS OF THE STUDY
The study role of electronic   banking in Nigeria is an inexhaustible one and the research tends to limit it. The research could not be to achieve as much as   she could because of the following limitations:
1.      PRESSURE   FROM CLASS WORK: The pressure that is being encounted is that, so many assignments and Quize are being written and are submitted within a stipulated time. It will be very difficult for the researcher to   combine the pressure of class work and the writing of this study.
2.       FINANCIAL CONSTRAINT: The students financial constraint is another    fact, as it is very difficult gathering materials, for the study, therefore the researcher faces the problems of finances.
3.       TIME The time allocated to the study is short, there by making it difficult to gather the necessary     materials like the journals, periodicals, text books, news papers e.tc.
1.6    DEFINITION OF TERMS
Computer: These are Electronic machines which accept data as an input, process the inputted data and give out a comprehensive result called output.
Internet: This is a Global Network of computer.
Bank: this is a financial institution where money and other valuable things are been kept   for safety custody. Electronic
Data Processing (EDP): this is a process in which is done with minimum human effort in which    the process of data is largely self regulatory.
Electronic Data Interchange (EDI): this involves the exchange of structured business documents between computer. Program: These are series of instruction which a computer system response to.
On- Line: This means that is in constant contact with the (CPU) central processing unit 10th out human intervention.

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