Electronic payment system in the banking industries of Nigeria. A study of first bank Nigeria plc


Electronic payment system in the banking industries of Nigeria. A study of first bank Nigeria plc

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Electronic payment system in the banking industries of Nigeria. A study of first bank Nigeria plc

ABSTRACT

 The study appraise Electronic Payment systems in the Banking industry; A Study of First Bank Plc. The main objectives of the study are to ascertain the effect of epileptic power supply on the effectiveness of e-payment in First Bank and to determine the level of security in the e-payment products and platform of First Bank. In carrying out the study, survey design was employed. The population of the study comprises the entire two thousand five hundred staff of First Bank Plc in Lagos. While the sample size considered for this study was one hundred and forty five [145], represents the number of those that properly filled-out and returns the questionnaire on the spot out of the one hundred and fifty administered and the method of drawing the sample convenience sampling technique. The study found that Epileptic power supply to a large extent affects the effectiveness of e-payment in First Bank  and that E-banking products and platform of First Bank is secure and that acceptance. It was recommended based on the findings of the research that Central Bank of Nigeria should ensure that the cashless policy is extended to other states in the country so as to extend  e-payment to all state in the country.  Also, the CBN need to consolidate on its achievements by introducing more beneficial policies and sanctions where necessary.

 

 

 

 

 

 

 

 

TABLE OF CONTENT

          Pages

Title Page                                                                                                                                 i         

Certification                                                                                                                             ii        

Dedication                                                                                                                                iii       

Acknowledgement                                                                                                                  iv        

Abstract                                                                                                                                               v

Table of content                                                                                                                       vi       

                                                                                               

CHAPTER ONE INTRODUCTION

1.1              Background to the Study                                                                                             1

1.2              Statement of the Problem                                                                                             3

1.3              Aim and objectives of the Study                                                                                              3

1.4              Relevant Research Questions                                                                                       4

1.5              Research Hypotheses                                                                                                     5

1.6       Significance of the Study                                                                                             6

1.7       Scope of the Study                                                                                                      6

1.8       Definition of Terms                                                                                                     6

References                                                                                                                   8

 

CHAPTER TWO: REVIEW OF RELATED LITERATURE                                             

2.1       Preamble                                                                                                                      10

2.2       Theoretical Framework of the study                                                                            10

2.3.      Empirical Framework of the study                                                                               14

References                                                                                                                   26

 

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Preamble                                                                                                                            31       

3.2 Research Design                                                                                                                31

3.3 The Population of the study                                                                                               31

3.4 The Sample, procedure and sample size                                                                            31

3.5 Data Collection Instrument and Validity                                                                            31

3.6 Method of Data Analysis                                                                                                   32

3.7 Limitation of Methodology                                                                                                            32

      References                                                                                                                         33

 

CHAPTER FOUR: DATA ANALYSIS AND RESULT

4.1       Preamble                                                                                                                     34

4.2                   Presentation and Analysis of Data                                                                               34

4.3       Test of Hypotheses                                                                                                      39

4.4      Discussion of Findings                                                                                                            41

 

CHAPTER FIVE: SUMMARY OF FINDINGS DISCUSSION, AND RECCOMMENDATION

5.1       Summary of Findings                                                                                                  42

5.2       Conclusions                                                                                                                 43

5.3       Recommendation                                                                                                        43

5.4       Suggestion for further Studies                                                                                      45  

Bibliography                                                                                                                 44        

Appendix                                                                                                                                 49

         

 

 

 

 

.

 

 

 


 

CHAPTER ONE

 INTRODUCTION

 

1.1 BACKGROUND TO THE STUDY

Nigeria is predominantly a cash-based economy with a lot of cash in circulation. Analysts opined that the cash based nature of payments in the country is responsible for the abysmally low level of participation in e-commerce where the acceptable medium of settling transactions is e-payment (Ojo, 2004; Ayo, 2007; Ovia, 2002). The Governor of the Central Bank of Nigeria embarked on bank recapitalization exercise as a strategic move to save the Nigerian banking sector from incessant failure and collapse (Nwanchukwu, 2005; Gbolahan, 2005). The result of the exercise brought about a reduction of the 89 banks to 25 solid and strong banks through mergers, acquisition and recapitalization of asset base. As reported by Ayo et al. (2007), virtually all the 25 banks in Nigeria that survived the recapitalization exercise engaged the use of ICT for efficient service delivery. All the banks have one form of e-payment system or the other.

 

The Nigerian cashless system of payment has been evolving in line with the global payments evolution. Cashless system of payments and instruments are significant contributors to the broader effectiveness and stability of the financial system. Innovations in technology and business models have implications for the efficiency and safety of cashless system of payments. Cashless system of payment is defined as a society where transactions is functioning, operated, or performed without using coins or banknotes for money transactions but instead using credit cards or electronic transfer of funds. New technology and new participants in the cashless system payments, for example non-bank providers will support the wider financial inclusion agenda (Sprague and McNurlin, 2003).

 

Alao (2009) reported that though the most prominent form of e-payment system in Nigeria is the Automated Teller Machine (ATM) card. It remained dominant over the years both in volume and value but there is a colossal amount of money lost in Nigeria due to ATM fraud through ATM card cloning, Personal Identification Number (PIN) theft among others and government had resorted to removing ATM from public places as well as installing security cameras at the ATM locations to track the activities of fraudsters. However, the level of ICT usage notwithstanding, the level of adoption of e-payment by the citizen is still very low (Sprague and McNurlin, 2009).

 

According to Ayo and Ukpere (2010), e-payment systems refer to the automated processes of exchanging monetary value among parties in business transactions and transmitting this value over the information and communication technology (ICT) networks. The common e-payment channels include the payment cards (debit or credit), online web portals, point of sales (POS) terminals, automated teller machines (ATM), mobile phones, automated clearing house (ACH), direct debit/deposit and real time gross settlement (RTGS) system (Nnaka, 2009).

 

An Electronic Payment System (EPS) is a form of inter-organizational information system (IOS) for monetary exchange, linking many organizations and individual users. This may require complex interactions between the stakeholders, the technology and the environment. The unique characteristics of EPS/IOS also differentiate it from traditional internal based information systems; it is more complex and multifaceted technologically, organizationally and relationally (Kumar and Crook, 2009), highlighting the importance of collaboration and the need to bring all the facets together. EPS transcends organizational boundaries, thus the collaboration of the stakeholders and sharing of resources  and how it interacts and affect the elements of the payment system may also be key issues in the development of EPS (Briggs and Brooks, 2011).

 

Furthermore, EPS encompasses the total payment processes, which include all the mechanisms, technological systems, institutions, procedures, rules, laws etc. that come into play from the moment a payment instruction is issued by an end-user. Different kinds of rules, regulations, mechanisms, technology and arrangements have therefore been put in place by trading partners, markets and governments (stakeholders involved in EPS development) in all countries and throughout time to develop effective infrastructure of monetary exchange, commonly referred to as payments systems (Bossone and Massimo, 2001).

 

Additionally, Alao (2009) reiterated that the other media such as the internet payment, POS and mobile payments are still at their infancies. The level of involvement of these instruments of payment presents a clearer picture of the low level of involvement of Nigeria in e-commerce, knowing fully well that ATM cards are not suitable for international settlement of transactions. However, the nation’s quest of migrating from cash to cashless economy has been on the front burner. Boonstra and de Vries, (2005) posited that to meet the target of becoming one of the leading world economies by the year 2020, efforts must be made to embrace electronic payment system in its entirety. It was in this consciousness that the Central Bank of Nigeria (CBN), the apex regulatory body of the banking sector, came up with a reform policy to check the increasing dominance of cash in the banking sector in order to enhance e-payment system in the economic landscape. It is on this background that this study sets to appraise the role of electronic banking systems in the cashless economy.

Electronic payment system in the banking industries of Nigeria. A study of first bank Nigeria plc

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The study appraise Electronic Payment systems in the Banking industry; A Study of First Bank Plc. The main objectives of the study are to ascertain the effect of epileptic power supply on the effectiveness of e-payment in First Bank and to determine the level of security in the e-payment products and platform of First Bank. In carrying out the study, survey design was employed. The population of the study comprises the entire two thousand five hundred staff of First Bank Plc in Lagos. While the sample size considered for this study was one hundred and forty five [145], represents the number of those that properly filled-out and returns the questionnaire on the spot out of the one hundred and fifty administered and the method of drawing the sample convenience sampling technique. The study found that Epileptic power supply to a large extent affects the effectiveness of e-payment in First Bank and that E-banking products and platform of First Bank is secure and that acceptance. It was recommended based on the findings of the research that Central Bank of Nigeria should ensure that the cashless policy is extended to other states in the country so as to extend e-payment to all state in the country. Also, the CBN need to consolidate on its achievements by introducing more beneficial policies and sanctions where necessary... banking and finance project topics

Electronic payment system in the banking industries of Nigeria. A study of first bank Nigeria plc

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  • CATEGORY : BANKING AND FINANCE
  • TYPE : PROJECT MATERIAL
  • FORMAT : MICROSOFT WORD
  • ATTRIBUTE : Documentation Only
  • PAGES : 54 Pages
  • CHAPTERS : 1 - 5
  • PRICE : ₦ 3,000.00

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