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TOPIC : ELECTRONIC BANKING AND THE CHALLENGES OF THE NIGERIAN BUSINESS ENVIRONMENT
(A CASE STUDY OF FIRST BANK OF NIGERIA PLC.)
OF THE STUDY
Although a lot of research works has been done on the
prospects and challenges of Information Technology in
the banking industry, theses research works are broad
based and only few are actually carried on Electronic
Banking (E-banking). Modern banks now realise that only
those that overhaul their payment service delivery and
operations are likely to survive and prosper in the
21st century (Opara et al, 2010). This is due to pressure
of globalisation, consolidation, privatisation, deregulation
and rapidly changing technology (Connel and Saleh 2004).
In order to properly place themselves in favourable
positions for competitions and be one of those corporations
to be reckoned with in the new century, banks are making
use of Internet to execute mobile banking, this developed
from bringing PCs together to form local and Wide Area
Networks through client/server technology.
Many banks have installed modern computer inter-connectivity
backbone that would enable them achieve communications
of data and multimedia over Internets, Intranets and
Extranets. They also realise that they have to achieve
not only management/staff wide computer literacy but
what could be called information literacy i.e. knowing
how to locate, analyse, store and use information. All
staff and managers in a modern bank need to be able
to search and gather data from several types of sources,
analyse them, select relevant ones and organise them
in such a manner to allow them make decisions based
on the organised data.
Banks of the future realises that the banking of tomorrow
requires more of electronic manipulations and shuffling
of bits-based money and other banking transactions,
instead of paper. In other words, paper based transactions
are now being replaced by electronic-based transactions
e.g. the Internet. Whether a bank would be successful
or not depend on the extent to which it is investing
in IT and using it in an innovative manner. This area
has been tip to be a major competitive ground for banks
that are operating in the post-consolidation era.
What are the major issues needed to be mastered by Nigeria
banks in order to compete with the rest of the world?
What are the major developments and challenges in the
Nigerian operating environment that are affecting the
growth of electronic banking in the industry? These
are some of the questions that would be addressed in
the course of this study.
OF THE PROBLEM
Electronic banking is a driving force that is changing
the landscape of the banking industry fundamentally,
in particular, towards a more competitive industry.
Electronic banking has blurred the boundaries between
different financial institutions, enabled new financial
products and services, and made existing financial services
available in different packages (Agbada, 2008). But
the influences of electronic banking go far beyond this.
The developments in electronic banking, together with
other financial innovations, are constantly bringing
new challenges to finance theory and changing people’s
understanding of the financial system.
It is not surprising that in the application of electronic
banking in Nigeria, the financial institutions have
to face its problems. Communications over the Internet
are insecure and often congested. The financial institutions
would also have to contend with other Internet challenges
including security, quality of service and some aberrations
in electronic finance (Guardian Newspaper 2001).
Besides, the existing business environment also poses
some challenges to the smooth operations of electronic
banking in Nigeria. Some of these operational challenges
include epileptic power supply, dominance of cash transaction
in the economy, low level of awareness among Nigerians
etc (Agbada, 2008). The thrust of this research work
shall be to examine the trend of electronic banking
in Nigeria and a critically examination of the challenges
OBJECTIVES OF THE STUDY
Some the objectives, which this research work
aims to achieve are as follows:
(i) To evaluate the prospects of electronic banking
in Nigerian banking industry and financial institutions;
(ii) To evaluate the impact of electronic banking on
the operations of financial institutions in the country;
(iii) To examine the effect of electronic on bank-customer
(iv) To seek to examine the challenges facing the implementation
of electronic banking in Nigeria;
(v) To examine the general International Experience
on the study.
QUESTIONS AND HYPOTHESES
The study would provide answers to the following questions:
1. Does Electronic banking contribute to the efficiency
and reliability of banks and banking?
2. Does Electronic banking improves bank-customer relationship
and retains them to their respective banks?
3. To what extent would Electronic banking improve the
fortune of banks?
4. What are the results of frequent changes and upgrading
of information Technology equipments on the bank’s
5. Should all banks in Nigeria venture into Electronic
banking services rather continuing with the traditional
6. What are technical and operations challenges facing
the adoption of electronic banking in Nigeria?
The following hypotheses are formulated from
the research questions above:
1. Electronic banking enhances banks profitability and
2. Electronic banking improves bank-customer relationship.
3. Adoption of Electronic banking would enhance the
fortune of the banks.
4. More banks in Nigeria are eager to join the bandwagon
of other banks that provides Electronic banking services
because of the merits involved.
5. The Nigerian Business environment hinders the smooth
operations of Electronic banking in the country.
RESEARCH METHODOLOGY AND SOURCES OF DATA
Both primary and secondary data shall be the basis of
this research work. The primary data shall be generated
by means of a well-structured questionnaire instrument.
The first section of the questionnaire shall be based
on the personal data of the responses while the second
section shall seek to ask questions that relates to
the subject on the basis of the research questions.
The questionnaire to be used shall be carefully administered
and a total of
fifty (50) staffs of the bank would be selected, for
the purpose of this study. The sampling shall be done
randomly such that the respondents shall cut across
the different departments in the bank. This could to
some extent give a basis for generalisation. The data,
which would be collected from the questionnaire, will
be analysed using the simple percentage method and chi-square,
goodness of fit. This would make the analysis of the
data more concise and simple.
Secondary data shall also be collected from research
reports, CBN Monthly reports, First Bank Annual Reports
and other published materials.
SIGNIFICANCE OF THE STUDY
This study is significance because it would
help to enlighten operators in the banking sector and
other concerned individuals and organisation on the
adoption of Electronic banking. The research shall basically
identify the technical and operational challenges facing
Electronic banking in Nigerian business environment
and suggests ways by which they could be tackled.
SCOPE OF THE STUDY
In pursuance of the objective of the study, attention
shall be focused on Electronic banking among other electronic
commerce implementation. In order to conduct an empirical
investigation into the adoption of Electronic banking
in Nigeria, this study shall examine the nature Electronic
banking operations in First Bank of Nigeria Plc.
OF THE STUDY
This study shall contain five chapters. Chapter
one would contain the introductory part i.e the background
of the study, the statement of the research problem,
objective(s) of study, scope and the research hypotheses
to be tested.
Chapter two would deal with the literature review. The
research methodology would be examined in chapter three.
Data presentation, analysis and interpretation would
be covered in chapter four while the concluding part
of the research work shall be chapter five where in
a nutshell the summary, the conclusion and the recommendations
would be discussed.
Agbada A. O. (2008) Electronic Banking in Nigeria, Problems
and Prospects From The Customers’ Perspective.
Central Bank of Nigeria Bullion. 32(4), pp. 19-22.
Newspaper (2001), Challenges of Internet Banking, How
Nigeria Can Benefit from the System. Page 41. Published
Nov. 21, 2001
of Nigeria (2003), Guidelines on Electronic Banking
in Nigeria. August.
Connel F. and
Saleh M. N. (2004), “Six Puzzles in Electronic
Money and Banking” IMF Working Paper, IMF Institute.
Vol. 19. February.
Opara B. C.,
Olotu A. O. and Maclayton D. W. (2010) Analysis of Impact
of Technology on Relationship Marketing Orientation
and Bank Performance. European Journal of Scientific
Research. Vol. 45(2), pp. 291-300.
and Sample of Questionnaire included
banking system, electronic banking services, electronic
banking solutions, electronic banking security, monopoly
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