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ROLE OF ELECTRONIC BANKING ON THE GROWTH OF NIGERIAN ECONOMY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE
STUDY
Before the emergence of modern banking system, banking
operation was manually done which lead to a slowdown in settlement of
transactions. This manual system involves posting transactions from one ledger
to another which human handles. Figures or counting of money which should be
done through computers or electronic machine were computed and counted manually
which were not 100% accurate thereby resulting to human errors. Most bank then
use only one computer in carrying out transactions which ameliorate the sluggish
nature of banking transaction.
According to Clive, W. (2007, p.5) in his Academic dictionary
of banking, electronic banking is defined as a form of banking in which funds
are transferred through an exchange of electronic signals between financial
institutions, rather than an exchange of cash, cheques or other negotiable
instruments. According to Omotayo, G. (2007, p.3) defines electronic banking as
a system in which funds are moved between different accounts using computerized
on line/real time systems without the use of written cheques. According to
Edet, O. (2008, p.1) in international Journal of investment and finance,
electronic banking is defined as a system by which transactions are settled
electronically with the use of electronic gadgets such as ATMs, POS terminals,
GSM phones, and V-cards e.t.c. handled by e-holders, bank customers, and stake
holders.
In the Nigerian monetary system, the Central Bank of Nigeria
(CBN) is pursuing the cashless banking system that would see the co-existence of
cash and electronic money and the policy document on cashless economy detailed
out the following implications:
Reduction in cash transactions to both the banks and their
customers;
Expansion in vault cash;
Expansion in the credit creation process;
Expansion in the involvement of the informal sector in the
banking process. CBN (2011)
These implications follow directly from the surface of the
policy but there is the need for a deeper and economic analysis of the
introduction of the cashless banking or cashless economic paradigm and its
attendant implications as far as the attainment of advanced economic objectives
are concerned.
1.2 STATEMENT OF PROBLEMS
There is delay in payment of cheques which lead to the
adoption of electronic banking system. Adoption of electronic banking which
suppose to ease banking transactions rather resulted to woes to customer. Most
people complain of time wasted in banks. This occurs when there is power
failure in banks resulting to slow down in operation.
Investing in electronic banking, the country will need a
large amount of financial resources in computer technology, obviously, the
resource is in short supply in Nigeria, coupled with high level of poverty. For
an efficient functioning of electronic payment system, there must be
availability of infrastructural facilities such as electricity and
telecommunication network, however, power supply fluctuates and there is still
constant failure links in networks. Since early 2000s banks have been
developing and introducing payment cards for their customers as well as deploy
ATM’s cards. Usage was however low due to lack of interconnectivity i.e.
switching platform to interconnect the ATM’s for card holders.
1.3 OBJECTIVES OF THE
STUDY
This research work intends to assess the extent of electronic
payment in banking activities as well as identify the various types of
electronic banking.
The researcher will also evaluate the major problems
associated with the development of electronic banking system in Nigeria as well
as evaluate possible solutions to these problems.
The effect of electronic banking on profitability of banks
will also be assessed. There are different types of electronic banking used in
Nigeria banks; the researcher will like to evaluate the impact of these
e-payment systems on banking industry and also assess the impact of electronic
banking in Nigeria economy.
1.4 RESEARCH QUESTION
In order to get information from respondents the following
questions were formulated:
What is the role of e-banking on the growth of Nigerian
economy?
What are the various types of electronic payment and the
extent of electronic payment in banking activities?
To what extent can e-banking improve or enhance banking
services?
What are the major problems associated with the development
of electronic banking system in Nigerian?
What are the solutions to the problems associated with the
development of e-banking?
To what extent has e-payment affected banking activities?
What are the benefits of Bank Verification Number (BVN)?
1.5 SIGNIFICANCE OF
THE STUDY
Electronic banking in our economy today is a welcome
development and also its impacts in the society are over-whelming, so this
research is significant in so many ways.
It will expose the strength and weakness of electronic
banking.
It will motivate banks and other economic agents to
computerize their services.
Knowledge in the area of electronic banking will be advanced.
Apart from contributing to the knowledge of electronic
banking, it forms a reference for future research in this area.
1.6 SCOPE AND
LIMITATIONS OF THE STUDY
This research is on the role of electronic banking on the
growth of Nigerian Economy using UBA Ikot Ekpene as a case study and also it
covers the various forms of payment and electronic systems used by banks.
In the course of carrying out the study, some challenges were
encountered by the researcher that stood as limitation to the study and they
include:
Financial Factor: Inadequate funds affected researcher had to
travel long distances for the distribution of the research questionnaire forms.
Time Factor: This affected the reduction in the size of the
sample used for the study because the researcher had only less than two months
to complete the study.
Material Factor: Shortage of relevant material for literature
review posed.
1.7 ORGANIZATION OF THE STUDY
This research work is organized into five chapters. Chapter
one is concerned with the introduction of the research study and it presents
the preliminaries, theoretical background, statement of the problem, aim and
objectives of the study, significance of the study, scope of the study,
organization of the research and definition of terms.
Chapter two focuses on the literature review, the
contributions of other scholars on the subject matter is discussed.
Chapter three is concerned with the system analysis and
design. It presents the research methodology used in the development of the
system, it analyzes the present system to identify the problems and provides
information on the advantages and disadvantages of the proposed system. The
system design is also presented in this chapter.
Chapter four presents the system implementation and
documentation, the choice of programming language, analysis of modules, choice
of programming language and system requirements for implementation.
Chapter five focuses on the summary, constraints of the
study, conclusion and recommendations are provided in this chapter based on the
study carried out.
1.8 DEFINITION OF TERMS
Bank: Business that keeps money for individual people or
companies, exchanges currencies, makes loans, and offers other financial
services
Cashless: Using an electronic means of exchanging money
instead of dealing in cash
Cashless Society: Society that does not use cash: a
theoretical society in which consumers purchase all goods and services by
credit card or electronic funds transfer, without the use of cash.
Electronic Banking:
The use of computers and related networks/devices to carry out transfers
of money and other banking transactions.
Government: A group of people who have the power to make and
enforce laws for a country or area.
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