Adelelouise carter abstract the internet and other electronic media have had a positive impact on the lives of individuals and businesses all over the world. The rise of electronic devices has also made electronic banking in nigeria, a rising trend. It offers new opportunities for banks to provide added convenience to their existing customers in developed countries, and reach a large population of unbanked customers in emerging markets. Prior the current banking reformation programme by the federal government, there were about 82 approved commercial and merchant banking institution in nigeria by the central bank of nigeria cbn even after the era of distress syndrome that swept away the industry in the mid 1990s leading to the collapse of many banks and finance houses. In nigeria, the banking industry witnessed lots of challenges due to increase in the. In south africa, the drc, zambia and kenya for instance, mobile phone banking is taking services to remote areas where conventional banks have been physically absent. Banking has come a long way since the days of regular visits to tellers. The finance services, associated with internet, are being promoted due to the widespread use of internet.
In nigeria, atms are the most popular electronic delivery channel. In the past few years, banking activities in nigeria have increasingly depended on the development of information and communication technology ict. First conceptualized in the mid1970s, some banks offered customers electronic banking in. Internet banking helps to reduce the use of files, which are archaic thereby. Just click log off at the top of every page when you are logged in and finished with your internet banking session. People now stay comfortably in their homes and perform a banking transaction using electronic devices without increasing road traffic. With a footprint of over 350 branches across the country, polaris bank prides itself in delivering exceptional customer experience, leveraging best in classstate of the art information communication technology ict. The next landmark in the history of banking business was the enactment on 15th may 1958, of the central bank of nigeria act which provided for the establishment of a bank to issue, the notes and coins of which should be legal tender throughout nigeria.
Problems and prospects of electronic banking in nigeria. Access bank group access bank plc personal banking. Right from the establishment of the foundation banks in nigeria, the african banking corporation and the bank of british west africa to the first attempt at an indigenous bank in nigeria in 1929 up until the establishment of. The history of banking is intertwined with the history of money. The banking system in nigeria is regulated through the central bank of nigeria.
Access bank online banking allows you to take access bank with you wherever you go on earth. History and evolution of banking in nigeria olubisi friday oluduro department of public law, faculty of law, obafemi awolowo university, ileife, nigeria. History of banking in nigeria nigerian banking industry. Ancient types of money known as grainmoney and food cattlemoney were used from a time of around at least 9000 bc, as two of the earliest things that could be used for the purposes of barter. This implies that banks can take advantage of internet banking to provide services to customers. The impact of internet banking system on nigeria banking. The history of banking operation and supervision in nigeria could be traced to the period between 1892 and 1894 when african banking corporation and first bank of nigeria which was formerly known as the bank of british west africa bbwa was established5. Internet banking uba nigeria the leading panafrican bank. Banking law is based on a contractual analysis of the relationship between the bank and customerdefined as any entity for which the bank agrees to conduct an account. Online banking gives you the freedom to bank where and when you want and is a very convenient way to stay on top of your finances. Access bank has built its strength and success in corporate banking and is now applying that expertise to the personal and business banking platforms it acquired from nigerias international commercial bank in 2012.
The purpose of this study was to empirically investigate how emarketing orientation relates with social media implementation in the banking industry in nigeria. Upon retrieval and data cleaning, 338 copies were subjected to data analysis. The evolution of online banking started in the 1980s when the definition and the practice of internet banking were far different than what exists today. The impact of internet banking system on nigeria banking environment pdf. Banking is an integral and core part of any economy, without which economic activities might be. Emarketing orientation and social media implementation in. Most merchants dont accept debit cards, about 60% of nigerias atms are located in just one region of the nation, the state of lagos. This project work is concerned about evaluating the prospects of internet banking and electronic banking in nigeria banking industry ad financial institutions.
Though, various ebanking systems have been implemented and accepted by. History human resource management insurance international relations. Impact of ebanking on the development of banking sector in nigeria. S phd department of political science anambra state university, anambra state university,nigeria ojukwu uche grace department of political science anambra state university, anambra state university,nigeria abstract. The evolution of online banking started in the 1980s when the. Central bank of nigeria guidelines on electronic banking in nigeria preamble the cbn recognizes that electronic banking and payments services are still at the early stages of development in nigeria. Determinants of mobile banking adoption in the ghanaian. Arising from the three major roles of the cbn in the areas of monetary policy, financial system stability and payments system oversight, the cbn. In southeast asia, thailand, malaysia, singapore and philippines, internet banking is also developing rapidly 8. Issues in banking and finance is a recommended text for university undergraduates, polytechnic students and professional students of banking and finance, accounting, business administration, economics, insurance, stockbroking and related fields. As a result of the non recognition of universal banking then, merchant.
Given the current global financial crisis and its effects on all other sectors, this essay provides useful insight into the current state of the nigerian banks and their corporate governance. We have also tried to help in this regard by setting our internet banking service to automatically log you out in 10minutes if you havent used it. Impact of ebanking on traditional banking services shilpan vyas school of computer science and information technology, singhania university, pacheri bari, jhunjhunu 333515 rajasthan, india. The advent of new technologies, including mobile phone, internet, social media. The official website of access bank plc nigeriadifferent people save for different reasons.
Downloading bank statements, for example in pdf format. Nigerias mobile customers also dont receive a bill at months end and then settle up. In africa, nigeria is the largest target and source of malicious internet activities, the consequences of which are unfortunately spilling into the other countries in the west 9 cybercrime is defined as a broad range of illegal activities committed by means of, or in relation to, a computer system or network, including such. Although, there has been vast study on the benefits the banks customers will derive on adoption of electronic banking, there is however less research outputs in the area of returns on assets and returns on equity to investors. The issue under discourse bothers majorly on nigerian banking system, supervision and its challenges. Overview of electronic banking in nigeria international journal of. Nigeria has long known the importance of identification, though it has wrestled with developing a robust. So long as there is internet service in that place, you will be able to access your bank account with access online and carry out any transaction you may want to get done.
Mobile banking takes off in nigeria stanford graduate. Origin of electronic banking in nigeria through telephone banking include. Moreover, the product may run on computer systems of various types. However, such cameras should not be able to record the keystrokes of such. Electronic banking, or ebanking, is the term that describes all transactions that take place among companies, organizations, and individuals and their banking institutions.
Ebanking definition of ebanking electronic banking, also known as electronic funds transfer eft. The higher interest earned on these accounts will increase your chances of reaching your financial goals whatever your reasons are for saving. The industry is a key driver of the nigerian capital market. Introduction to online banking beginner guide welcome time 2 minutes outline online or internet banking is a way for customers of a bank to conduct a range of financial transactions through their online banking channel. A department of banking and finance osun state polytechnic, iree, nigeria ola, olasunkamin. The next two years were spent integrating the business, investing in infrastructure and strengthening the product offer. Yes, internet banking, ebanking or online banking today poses some threats which include. This is speedily becoming a reality in the industrially and economically advanced parts of the world, with people who are far away being able to engage in formal and informal relationship, which would have. Now a customer can take a picture of a check with his phone to deposit it into a savings or checking account and receive sms banking alerts in the form of texts.
Internet banking functionality in nigeria and outcomes of. Development in information technology particularly the growing use of the internet has now made it possible to transact business electronically. Electronic banking has become a very important and indispensable too1 for the. On 1 june 2017, a group of bankers and fintech experts in nigeria got together for the open banking nigeria initiative to drive the adoption of common api standards for the country. The mobile banking and payment revolution by sunil gupta mobile technology is revolutionizing the global banking and payment industry. Furthermore, by focusing on ict solutions across multiple service delivery channels mobile banking, atms, pos and online platforms polaris bank maintains a pivotal role in the. Abstract internet banking is changing the banking industry, having the.
Arising from the three major roles of the cbn in the areas of monetary policy, financial system stability and payments system oversight, the cbn technical committee on ebanking has produced a report, which anticipates the achievements of cbns core objectives toward electronic banking and payment. Apart from the developed countries, the developing countries, like republic of korea is experiencing strong growth in ebanking. Ovia 2001 concluded that banking in nigeria has increasingly depended on the deployment of information technology and that the it budget for banking is by far larger than that of any other industry in nigeria. Internet banking functionality in nigeria and outcomes of customer satisfaction. Bill pay is a service offered through internet banking that. S department of marketing osun state polytechnic, iree, nigeria oyewole, felicia. Online banking with the increasing popularity of the internet, more and more industries are seeking ways to utilize this popular medium in an effort to keep up with the changing technological preferences of their customers. Nigeria do not embrace electronic banking early compared to developed countries. Electronic banking has reduced dependence on certain locations before performing certain banking transactions. Electronic banking is the conduct of banking business electronically which involves the use of information communication technology to drive banking business for. Pdf overview of electronic banking in nigeria chris onodugo. Click to find out how to deposit cash to an online bank account. Bvn banking verification number cbn central bank of nigeria cnic computerized national identity card pakistan. These four banks are the only banks in nigeria that have consistently.
It also seek to examine the challenge facing the implementation and the general international experience on the said study. Data analyses were aided by the use of spss version 20. These days you can do just about anything online from. Internet banking in nigeria how it all works explained. The evolution of nigerian banking system, supervision and. The banking industry in nigeria started during the colonial era with the establishment of colonial banks, with the primary aim of meeting the commercial needs of the colonial government. Electronic banking and bank performance in nigeria african. Pdf on feb 11, 2017, sunday oseiweh ogbeide and others published. The report traces the history of banking in nigeria from 1892 to 2010 presenting 118 years of complete banking history. This is in response to the growing interest in open banking in other financial jurisdictions worldwide.
National bank of nigerian limited, which was to make history by being the first. Issues and challenges article pdf available in research journal of finance and accounting 86 february 2017 with 11,774 reads how we measure reads. The study revealed that the adoption of electronic banking has positively and significantly. The main objective of the study is to examine the determinants of mobile banking adoption as a communication. The central bank of nigeria cbn recognizes that electronic banking and payments services are still at the cradle stages of development in nigeria. At access bank, we will help you accumulate that extra income and grow your funds through our different savings options. It may have a distributed, client server or three tier architecture based on a file.