The trends of IT centralisation in Economic Development

The recent tendencies in Information Technology ( IT ) are going cardinal to the procedure of economic development. IT offer new ways of interchanging information, transacting concern, changes the nature of the fiscal and other service sectors and provides efficient agencies of utilizing the human and institutional capablenesss of states in both the populace and private sectors. Information Technology ( IT ) can be applied to every imaginable activity: from roll uping revenue enhancements to bank direction, complex scientific and proficient jobs. Its application covers publication, commercialism, environment direction, amusement and communicating. IT offers many benefits to developing states such as Nigeria in the countries of mechanization of procedures, accurate information storage and retrieval, really fast communicating capablenesss, improved productiveness and quality, competitory advantage, etc

Before electronic banking system captured public imaginativeness and concern engagement, the Internet was seen by the conservative and constituted Bankss as at best merely another distribution channel. The coming of electronic banking system has changed such perceptual experience. ‘ Now about every fiscal house, from the most esteemed Wall Street investing bank to the supplier of micro recognition to the really hapless, has found that it has no pick but to put in an Internet scheme. “ And holding invested in it, it will necessitate to carry its clients to utilize it. ( Long 2000 ) ” Bank clients who enjoy the convenience of on-line purchase from Amazon.com may anticipate their Bankss to better the services.

1.2 PROBLEM STATEMENT

Developing economic systems like Nigeria face many teething jobs. They besides have a figure of ill defined sectors which are influenced by the political activities of zealots which should non be portion of the concern environment. But banking is one of those affected by political considerations, and it has, unhappily, go a concern that anyone can acquire into and do as they please. Nigeria is, once more, demoing that it is incapable of larning from its recent past history. Nigerians are all informants to the fiscal shambles and money-laundering strategy of the 1990s during that clip that saw more Bankss exist per capita in Nigeria than anyplace else. Nigeria forges in front at full blast most times without look intoing causes and effects of its past misconducts. The same participants that partook in that epoch of ‘pyramid banking strategy ‘ have surfaced once more covering and making concern as usual While a ill and weak bank demand to shut in order to debar loss of public trust and assurance in such an establishment, ( CBN and NDIC ) must be seen to move above board and be devoid of undue political intrigue because they are non keeping garrison for the President but for the people. It must supply sufficient lead-time for disciplinary steps and enforcement actions to take topographic point before traveling to prevent. However, fiscal establishments with fiscal features associated and determined to hold short expected survival clip must be closed quickly. There are factors that combine to take to regulative action against a fiscal establishment. Such factors include but are limited to fiscal, managerial, regulative and economic factors.

1.3 RESEARCH QUESTIONS

The research inquiries are stated below:

What impact does e- banking system make in the banking sector of Nigeria?

What are the challenges confronting electronic banking system in Nigeria?

Has the electronic banking system affected positively the public presentation of Nigerian Banks, and how can electronic banking system be articulated to do the Nigerian Bankss more effectual?

Are the Bankss productive through electronic banking system?

Is the electronic banking system lending positively to economic growing in Nigeria?

1.4 OBJECTIVES OF THE STUDY

The wide aim of the survey is to analyze electronic banking system in Nigeria

The specific aims are as follows:

To analyse the Impact of electronic banking system in Nigerian Banking System in Nigeria.

To Analyze the Banking Sector in Nigeria.

To Measure the Central Bank of Nigeria ( CBN ) Guidelines on Electronic Banking in Nigeria

To foreground Management Information System and e-commerce in Nigeria.

To proffer possible policy recommendations to the survey

1.5 SCOPE OF THE STUDY

This survey covers electronic banking system in Nigeria, a instance survey of Central Bank of Nigeria ( CBN ) in Nigeria. The footing for covering this period of clip is to demo whether there have been any important parts of electronic banking system in the state.

Internet use in Nigeria is still comparatively low compared to developed states and e-banking is still in an simple phase, notwithstanding, there is turning consciousness of the benefits and chances offered by e-banking amongst Nigerians ( Bamodu, 2005 ) .

E-banking activity in Nigeria is steadily turning as a consequence of huge betterments in telecommunication services. The Telecommunications Industry has experienced exponential growing in the last four old ages with about 20 million telephone lines connected to day of the month ( Ndukwe, 2006 ) .

The initial progresss that have been made in electronic banking is a measure in the right way and could be a incentive in the acceptance of e-banking services amongst Nigerians ( EIU, 2006 ) .

Electronic banking can be considered as a bundle of inventions ( Zwass, 2003 ; Molla, 2006 ) ; assorted writers have applied invention theory to analyze acceptance of IT inventions ( Kamal, 2006 ; Aguila-Obra & A ; Padilla-Melendez, 2006 ; Kuan & A ; Chau, 2001 ) . Innovation diffusion theory will be used as a foundation for this survey. Rogers ( 1983 ) defined organisational invention as the development and execution of thoughts, systems, merchandises, or engineerings that are new to the organisation following it. The acceptance of inventions is a procedure that includes the coevals, development, and execution of new thoughts or behaviours ( Rogers, 1983 ) .

1.6 LIMITATIONS OF THE STUDY

A survey of this nature can non be completed without the research worker sing some restraints.

The major restriction of the survey experienced by the research worker was lack clip. This is due to the fact that it is an academic class work.

Last, for an in-depth work to be carried out in the survey, the sourcing of informations was non easy and most significantly it is a thesis the research worker has to restrict the survey because what affairs are merely the chief point of the “ subject ” survey.

Chapter TWO

LITERATURE REVIEW

2.1 Historical background of CBN

Central Bank of Nigeria was established in 1958 in line with the recommendations of the CBN act of 1958, it was merely a cardinal pecuniary authorization or an Apex fiscal establishment which is expected to advance sound fiscal stableness, map and power within the and other commercial Bankss in the state. Before the constitution of CBN the West African Currency Board was the organisation supervising the fiscal activities of non Nigeria entirely but besides the West African Anglophone states such as Ghana, Sierra-Leone and Gambia that was so established by the British to function the primary duty of publishing the West African lb as a legal stamp for their states.

The Central Bank of Nigeria as an Apex regulative authorization of fiscal system of the state commences operations on the 1st of July 1959, that was a twelvemonth before independency, and the Central Bank of Nigeria has been working difficult to guarantee that the economic system of the state is efficient and effectual but that became a really serious menace sing the fact that Nigerian authorities was unstable, subsequently on the announcement of the “ CBN ” edict act 24 and the Bank of other fiscal establishment “ BOFI ” edict act 25 gave the Central Bank of Nigeria the full authorization and power of a flexibleness in regulation and supervising of the banking sectors inclusive of giving licensing of fiscal establishment and companies.

Finally the Central Bank of Nigeria is a great success soon as it take attention of all fiscal activities in the state, non merely that it supply occupation chances to the general populace by using: 4210 males & A ; 1130 females which sum up to 5340.

2.2 Historical development of the banking industry in Nigeria.

The three largest Bankss presently runing in Nigeria ( sometimes referred to as first coevals Bankss ) have their beginnings in the colonial period. The British Bank for West Africa ( now called First Bank ) was incorporated in 1894, the Colonial Bank, subsequently acquired by Barclays and now known as Union Bank, began operations in 1917, and the British and Gallic Bank, the precursor of the United Bank for Africa, started in 1949. All three were originally entirely foreign owned but the Federal Government purchased bulk portion retentions in the mid 1970s. These Bankss encountered small serious competition during the colonial period. Although a figure of Bankss were set up by Nigerian investors during the so called free banking epoch ( anterior to the passage of the first banking statute law in 1952 ) most failed within a few old ages of gap.

Get downing around the clip of independency, a 2nd coevals of Bankss were set up in Nigeria. The first group of 2nd coevals Bankss were besides chiefly foreign owned. They included the Banque Internationale Pour L’Afrique Occidental ( BIAO ) , now called Afribank, which is the 4th largest bank in Nigeria. This was followed in the 1970s by the constitution of commercial Bankss by the province authoritiess in Nigeria and by the entry of a figure of merchant Bankss, largely as joint ventures between foreign investors and the Federal Government and/or private investors. The Federal Government took commanding portions in all of the foreign owned Bankss in the mid 1970s, and enacted an indigenization edict in 1977 which limited foreign engagement in Bankss to a maximal 40 per cent of equity. By 1980 there were 20 commercial Bankss and six merchandiser Bankss in operation, in all but a few of which the Federal Government or province authoritiess were the bulk stockholders.

A 3rd coevals of Bankss emerged during the 1980s. Some of these Bankss were set up by province authoritiess but the bulk were started by Nigerian private investors.

By 1992 there were 66 commercial Bankss and 54 merchandiser Bankss in operation in Nigeria. Despite the growing of new entrants nevertheless the three largest Bankss have retained their laterality of banking markets, banking for 48 per cent of the entire sedimentations of the commercial Bankss in 1994, while Afribank histories for a farther 7 per cent. Since the late 1980s the banking industry has been afflicted by widespread fiscal breakability: 57 Bankss, about half the entire figure of Bankss in operation, were regarded as hard-pressed or potentially distressed by the regulative governments in 1995. Most of the hard-pressed Bankss were owned by province authoritiess or the local private sector.

2.3 Banking SECTOR POLICIES IN NIGERIA

The banking sector has been capable to extended ordinance by the CBN every bit good as direct engagement by the Federal Government and province authoritiess during the station independency period. Economic patriotism and developmental aspirations were of import motives for interventionist policies. The character of these policies was that of fiscal repression, in that controls depressed involvement rates and channeled resources off from countries where private rates of return would hold been maximized. The locative controls have been liberalized to some extent since 1986, although controls over cardinal countries remain in force. This survey outlines the attempts made by the CBN to act upon resource allotment in the banking industry through the usage of administrative controls: policies refering to public ownership of Bankss.

During the 1960s the CBN was given extended powers to modulate the measure, cost and way of bank recognition. These powers were used to farther pecuniary control ( a precedence throughout most of the station independency period because of inflationary force per unit areas in the economic system ) and the aims of act uponing resource allotment and indigenization. The chief instruments of pecuniary policy were aggregative ceilings on the enlargement of Bankss ‘ recognition, while sectoral recognition guidelines and involvement rate controls were used to act upon the way and cost of recognition. From 1969 onwards the controls over the banking system were set out in one-year pecuniary policy handbills issued by the CBN.

The 1969 Banking Decree empowered the CBN to put the construction of bank involvement rates, specifically minimal sedimentation rates and minimal and maximal loaning rates, with precedence sectors ( e.g. fabrication, agribusiness ) topic to discriminatory loaning rates. The controls held nominal sedimentation and loaning rates below the rate of rising prices in most old ages during the 1970s and 1980s.

The way of bank recognition was influenced through guidelines issued by the CBN qualifying the lower limit and maximal per centum portions of a bank ‘s entire loans to be allocated to peculiar sectors and to autochthonal concerns. Additional guidelines prescribed minimal degrees for loaning to little graduated table endeavors and loans extended in rural countries. The merchandiser Bankss were besides capable to guidelines qualifying the term construction of their loan portfolio: these were designed to guarantee that they undertook medium and long term loaning ( Soyibo and Adekanye 1992 ) . Banks which failed to follow with the prescribed bounds were capable to punishments or had to reassign to the DFIs or CBN any deficit in loaning to precedence sectors, a class of action which Bankss frequently preferred instead than widening loans to borrowers perceived as on recognition worthy or excessively dearly-won to service ( Ndekwu 1994: 150 ) . The effectivity of the guidelines in imparting recognition to the precedence sectors was limited: Bank imparting often fell abruptly of the minimal prescribed for the preferable sectors, peculiarly to agriculture ( Oyewole 1994: 97-99 ) .2 Furthermore the sectoral definitions were non ever clear, which together with the exchangeability of recognition, farther reduced the impact of the guidelines in directing recognition towards the precedence sectors. A rural banking programme was initiated in 1977 under which the commercial Bankss were provided with marks to set up specified Numberss of subdivisions in the rural countries over the undermentioned decennary. The aims were to pull hard currency held in the rural countries into the banking system so as to increase the effectivity of pecuniary policy, extend rural recognition installations and spread the banking wont ( Adegbite 1994: 41 ) . The Bankss were expected to put up over 750 rural subdivisions under the programme.

2.4 FINANCIAL Coverage AND Banking Industry

Benefits from fiscal describing explicate the demand for high quality banking criterions and revelation systems. The theoretical literature shows that both mandated and voluntary revelations cut down information dissymmetries among informed and uninformed market participants ( see Diamond and Verrecchia 1991 ) . Reduced information dissymmetry lowers ( the information dissymmetry constituent of ) the cost of capital by shriveling bid-ask spreads, heightening trading volume, and decreasing stock-return volatility ( see Leuz and Verrecchia 2000 ) . A nexus between all three of these effects and the cost of capital is developed theoretically and through empirical observation in Stoll ( 1978 ) , Glosten and Milgrom ( 1985 ) , Admati and Pfleiderer ( 1988 ) , and Amihud and Mendelson ( 1986 and 1989 ) . Regulators appear to encompass the decision, notwithstanding the fact that empirical grounds on the consequence of revelation on the cost of capital is rather modest. Levitt ( 1998, p. 82 ) provinces, “ The truth is, high criterions lower the cost of capital. And that ‘s a end we portion. ” Reduced information dissymmetry is besides consistent with another stated aim of regulative organic structures like the SEC-to degree the playing field and therefore protect investors.

Ball, Kothari, and Robin ( 2000 ) present grounds from 25 common- jurisprudence and code-law states from 1985 to 1995 for over 40,000 firm-years. The grounds is consistent with the hypothesis that the stockholder administration theoretical account in common-law states encourages more timely revelation of banking information compared to code-law states with a stakeholder administration theoretical account. Of peculiar importance from the point of view of extenuating fiscal hazards in markets, Ball, Kothari, and Robin find that revelation of bad intelligence is particularly seasonably in the common-law environment. One ground is that revelation of bad intelligence by directors is more believable and therefore serves as utile information to external providers of capital. In add-on, failure to unwrap material bad intelligence on a timely footing can trip stockholder judicial proceeding. Shareholder judicial proceeding is far more likely to be successful if complainants can impute their losingss ( or amendss ) to direction ‘s withholding of bad intelligence, instead than reasoning that they suffered an chance loss because direction withheld good intelligence.

2.5 ELECTRONIC Banking SYSTEM IN THE Banking INDUSTRY

Banking in our age necessarily involves pecuniary dealing. It would therefore come as no surprise that e-banking could impact banking in a really cardinal manner, and would be affected by the ways Bankss respond to the new demands. For illustration, e-banking will further sabotage the power of bank subdivisions ( Lawrence et al 1998 ) . It is besides a concern chance for Bankss to offer new merchandises and services to function the demands of e-banking. In the undermentioned sub-sections below, we look at five countries where Bankss can offer their services to electronic banking – payment services, banking in modem history. Information intermediary, evaluation services, fraud protection, and supplying technological support for little concerns to come in e-banking.

2.5.1 Payment and Billing Servicess

Credit card is one of the few singular inventions introduced successfully by Bankss in the last five decennaries ( Drucker 1999 ) , and it is presently being used extensively in B2C electronic banking. But it is an expensive agencies of payment for e-banking and many online shoppers will prefer other signifiers of paying their purchase ( Long 2000 ) . So will many online retail merchants who have to cough up set up and dealing costs and 2-3 % of every payment. Furthermore recognition cards are non suited for person-to-person trade on the Internet. New ways of online payments are looking in the market, such as tax write-off from a pre-paid history, electronic charge services, direct transportation out of bank histories. An interesting one is provided by X.com and PayPal which allows history holders to e-mail money to each other ( Long 2000 ) .

2.5.2 Information Intermediary

A recent issue of Economist ( Dee Goth 2000 ) reports the possibility for recognition card companies and Bankss to move as information mediators. In such a building, a bank client downloads package from the bank that he knows and can swear. With the aid of the package he can shop without the mark websites cognizing his individuality at all. When he decides to purchase an article on-line, the package generates a new individuality for him, with a fabricated name and e-mail reference, a coded postal reference, and a one-off recognition card figure. The new individuality is sent, via the on-line merchandiser, back to the bank. The bank would so look into the inside informations of the dealing and approves the dealing. The station office receives a decoded reference label and the coded name.

2.5.3 Rating Services

Trading in internet has its hazard. This is the sense of uncertainness associated with deficiency of relevant information that affairs ( Bodie and Merton 1998 ) . It is similar to the hazard faced by purchasers in nascent industrial societies when they began purchasing goods produced by aliens. Before the Industrial Revolution, they bought places from the cobbler whom they knew straight or whom they knew from friends in the community. In the new concern environment brought on by the Industrial Revolution, they had no such direct cognition, and trade name emerged as an invention to function clients ‘ demand for designation when purchasing merchandises made by “ aliens ” .

2.5.4 Fraud Protection

Besides the issues about quality, there is the related concern of fraud which is frequently expressed by online clients. From the marketer ‘s point of position, there is a new demand for him to be guaranteed that the purchasers would pay. Banks can come in the image by being a supportive party in online dealing. A purchaser of a auto ( say ) offered for gross revenues on-line would acquire the quality warrant from a evaluation bureau. After striking the trade with the marketer, he would lodge the money with the bank associated with the electronic market.

2.6 INSTITUTIIONAL INNOVATION OF BANKING AND FINANCE

The new concern environment associated with e-commerce represents an juncture for the banking system to re-structure as portion of the bigger undertaking of puting up a new fiscal architecture. The more profound effects are in the broader country of fiscal systems where the Internet serves as the technological platform for all sorts of fiscal minutess, the alleged e-finance. Here I touch on two possible impacts. The first is the map of cardinal Bankss in the country of pecuniary policy ; the second is the stableness of international fiscal systems and the modus operandi of national political relations. It has been argued that Internet related engineerings could increase the velocity of fiscal operations ( Wenninger 2000 ) .

The 2nd possible impact is in international fiscal systems and national political relations. While on the sedimentation and payment system side, many sedimentations replacements are emerging and many non-banks such as common financess are offering dealing histories. With Internet banking, consumers no longer hold to pay high monetary values to reassign money from one state to another. On the lending side, the engineering and deregulating allow non-deposit-taking fiscal establishments and capital markets to function many more sections of borrowers including little and average size borrowers. Transaction costs are lower, information is better and more widely available. I concur with { Claessens et Al ( 2000 ) } in reasoning that current developments in engineering and deregulating are gnawing the particular nature of Bankss. An chance now presents itself for authoritiess to re-evaluate the overall demand for a public safety cyberspace.

Chapter THREE

research METHODOLOGY

3.1.1 POPULATION OF AREA OF STUDY

The cardinal Bank of Nigeria has a entire figure of: 5340 staffs among which: 4210 male, 1130 female which summed up to: = 5340 employees.

3.1.2 SAMPLING TECHNIQUE & A ; REASON FOR CHOOSING

{ Graded RANDOM SAMPLE }

The research worker decides to utilize a Stratified type of Random Samples technique due to the fact that the choice of sample is from assorted section of the country of survey, which is easier sing the clip frame of the survey.

3.1.3 SAMPLE SIZE

The country of survey has excessively many employees so the research worker decides to choose some out of the assorted sections, which 10 from Operationss, 20 Selling, 30 Administration, 24 IT and 16from Fundss Transfer that summed to 100 respondents.

3.1.4 SELECTION OF SAMPLE:

The simple random sample was used in this survey. A sample of one 100 persons in Central Bank of Nigeria, Abuja was selected for the research. The population of this survey comprised of employees in banking sector in Nigeria.

3.2. Beginning OF DATA COLLECTION

The attack used in this research is fundamentally on primary beginning. This is regarded as the program, construction and scheme of probe conceived so as to obtain replies to research jobs. It ensures that the required informations are collected and they are accurate. However, the primary informations used in this survey is taken from Central Bank of Nigeria, Abuja.

3.2.1 DATA COLLECTION TECHNIQUE

The research worker has encountered the greatest challenge of the full frame work, because the respondents were truly busy at all times but has sacrificed their lunch hr to give the research worker some attending. So the research worker gets to interview them and collects his questionnaires.

3.2.2 METHOD OF DATA COLLECTION

The assemblage of relevant informations, utilizing appropriate instrument is the bedrock of any research. In this survey two methods were employed on garnering the needed informations questionnaire and personal interview.

Questionnaire:

The questionnaire serves as a major tool for the aggregation of informations for the survey. It is divided into two subdivisions. Section A Which provided personal informations about the respondents and subdivision B provided information which was used in the analysis and trial of hypothesis formulated for the survey.

Interview:

This method was adopted in order to increase the deepness of the survey every bit good as obtain sensitive and outstanding information about the issue under consideration which could non be obtained via the questionnaire. Internet Explorer, the interview provided an chance for run intoing with some of the respondents and treatment helped provide other pertinent information which greatly assisted in the findings made in the industry.

3.4 QUESTIONNAIRE Design:

The research design method used in this survey aims at detecting the e-banking system in Nigeria. It is a Survey Research Study utilizing Questionnaire and Personal interview as the instrument of a pulling information the research worker needed.

3.4.1 DISTRIBUTION / SELECTION OF QUESTIONNAIRE

The questionnaire of the survey were distributed to the staff of Central Bank of Nigeria each in their assorted sections and subsequently collected for analysis.

STATISTICAL TOOLS FOR DATA ANALYSIS

The information collected in this survey was analyzed statistically by the usage of frequence tabular arraies and per centum and Chi Square method.

X2 = E ( Fo – Fe ) 2

Fe

Where X2 = Chi – Square

Fo = Frequency Observed

Fe = Frequency Expected.

The hypothesis formulated is tested by agencies of the X2 – Chi – Square.

As a determination regulation, if the computed value of X2 – Chi – Square is less than the critical value of X2 – Chi – Square at 5 % degree of significance, the void hypothesis ( Ho ) is accepted, while the alternate hypothesis ( Ho ) is rejected. The contrary is nevertheless the instance if the computed value of X2 – Chi – Square is greater than the critical value at the chosen degree of significance.

Sampling Percentage

The per centum of the sample is = 5340 – 100 = 5240.Then alteration 5240 to decimal 52.4/100 ten 5340 = 27.9 %

Therefore, the per centum of the entire respondents from the population of the survey country is:

27.9 %

3.5 Decision

Banks and fiscal houses are sailing into new H2O that holds both promises and dangers. On one manus they have the know-how specific to banking and fiscal, and for the big participants, they enjoy the trust of their clients. But they are burdened with bequest systems dwelling of their direction constructions, reward systems and computing machine systems. They would surely hold to fix themselves decently for the cut and push of life in the courageous new universe.

One of the most of import challenges confronting organisations in the age of electronic commercialism has become the development of new concern schemes and theoretical accounts. New concern theoretical accounts are disputing the logic and premises of traditional theoretical accounts. This is a manifestation of the fact that the new environment nowadayss chances for some and menaces for others. Bill Gates knows that competition today is non among merchandises, but among concern theoretical accounts ; irrelevancy is a bigger hazard than inefficiency ( Turban et al 2000, p.xxvii ) .

Indeed, inability to outgrow the dominant, out-of-date concern design and thought is frequently what leads to concern failure ( Kalakota and Robinson 1999 ) . The force per unit area is now on companies to work in a province of more or less changeless transmutation. Senior direction has to populate with the challenges of gaining grosss from well-tested patterns while being prepared to experiment with new thoughts which may undo these old patterns. As a manner to analyze the impact of e-commerce, I turn to the early history banking and its relation to modem commercialism, for history is indispensable in determining our apprehension. If history can be a usher to us, so we may see e-commerce exercising extremist alterations in banking and finance. Some of these alterations have happened while others are emergent. Of these, the alterations with the most far-reaching effects are likely to be those in the country of institutional invention. If carried out successfully, they would assist to beef up the international fiscal system.

3.6 RECOMMENDATIONS

The policy recommendations of the survey are stated below:

1. The Banking sector should better the Intermediaries and capital markets have improved. Banks in Nigeria should hold better loaning accomplishments, and able to prosecute in arms-length loaning and resist authorities force per unit areas, and, potentially, enforce fewer demands on authorities for bailouts than the mediators they replaced. Capital markets should be up or be improved and it should confront many structural and institutional challenges.

2. The e-banking in banking sector should pull more foreign investing influxs particularly in the country of portfolio investing.

3. The e-banking should pull a important degree of foreign bank ‘s entryway into Nigeria.

4. Prudential ordinance and supervising should be improved in the banking sector.

5. Central Bank of Nigeria should oversee and implement efficaciously the e-commerce operations in Nigeria.

6. Central Bank of Nigeria should prosecute pecuniary policy to organize bank recognition for efficient banking public presentation in Nigeria.

{ Word count: 4.641 }

Chapter FOUR

Analysis OF DATA AND PRESENTATION OF RESULTS

4.1 Introduction

This chapter is concerned with the presentation and analysis of informations collected for this research. In add-on, the hypothesis formulated for this survey are analyzed and tested. Besides data collected from inquiries are presented and analyzed. The consequences are presented and analyzed. The inquiries are calculated and their per centum defined. Therefore, the method of informations analysis of this research is a quantitative method.

In questionnaire analysis, effort is normally made in discovering and establishing of the bing relationship between the different variables involved in the analysis. To this extent, this chapter evaluates the “ Electronic banking system in Nigeria ” This is done through the usage of Chi-Square Analysis. The computational device is the statistical bundle for the societal scientific disciplines package programme.

4.2 DATA ANALYSIS AND PRESANTATION OF DATA

This Section presents the analysis of responses collected from one hundred respondents ( 100 ) .

Table 4.2.1: Organization of the Respondents

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Central Bank of Nigeria

100

100.0

100.0

100.0

From the above tabular array, 100 per centum of the respondents are all staffs from Central Bank of Nigeria Bank ( Area of the Study ) .

Table 4.2.2: Department of the Respondents

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Operationss

10

10

10

10

Selling

20

20

20

30

Administration

30

30

30

60

Information technology

24

24

24

84

Fund transportation

16

16

16

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The tabular array above shows that, 10 per centum of the respondents are in Operations section, 20 per centum of the respondents are in Marketing section, 30 per centum of the respondents are in Administration section, 24 per centum of the respondents are in Information Technology section while 16 per centum of the respondents are in Fund Transfer section.

Table 4.2.3: Sexual activity of the Respondents

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Male

65

65

65

65

Female

35

35

35

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The above tabular array shows the sex distribution of the respondents. 65 per centum of the respondents are male while 35 per centum of the respondents are female.

Table 4.2.4: Age of the Respondents

Beginning: Field Survey, 2010.

The above tabular array shows that, 41 per centum of the respondents are in the age bracket 18 – 30, 29 per centum are in the age scope 31 – 40, 24 per centum of the respondents are in age bracket 41 – 50 while 51 and above are in the age bracket 51 and supra.

Table 4.2.5: Marital Status of the Respondents

Marital Status

42

42.0

42.0

42.0

58

58.0

58.0

58.0

100

100.0

100.0

100.0

Single

married

Entire

Valid

Frequency

Percentage

Valid Percentage

Accumulative

Percentage

Beginning: Field Survey, 2010.

From the above tabular array, 42 per centum of the respondents are individual while 58 per centum are married.

Table 4.2.6: Educational Qualification

Frequency

Percentage

Valid Percentage

Accumulative Percentage

OND/NCE

25

25

25

25

HND/B.SC

55

55

55

80

M.SC / PGD

18

18

18

98

Ph.d.

2

2

2

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The tabular array above shows that 25 per centum of the respondents had OND/NCE certification, 55 per centum of the respondents had HND/B.SC grades, 18 per centum of the respondents had M.Sc/PGD grades while 2 per centum of the respondents had P.HD.

Table 4.2.7: How long have you been working in the organisation?

Beginning: Field Survey, 2010.

From the tabular array above, 19 per centum of the respondents said they have been working in the organisation for the past 6 months, 11 per centum of the respondents said they have been working in the organisation for the past 1 twelvemonth, 26 per centum of the respondents said they have been working in the organisation for the past 2 old ages while 44 per centum of the respondents said they have been in the organisation for the past 6 old ages.

4.3 DATA ANALYSIS AND INTERPRETATION OF RESULTS

Table 4.3.1: How is the public presentation of banking sector since the origin of E-banking in Nigeria?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Good

Satisfactory

Carnival

Poor

Entire

14

56

20

10

100

14

56

20

10

100.0

14

56

20

10

100.0

14

70

90

100

Beginning: Field Survey, 2010.

From the above tabular array, 14 per centum of the respondents said the public presentation of banking sector since the origin of E-banking in Nigeria is good, 56 per centum of the respondents said the public presentation of banking sector since the origin of E-banking in Nigeria is satisfactory, 20 per centum of the respondents said the public presentation of banking sector since the origin of E-banking in Nigeria is just while 10 per centum of the respondents said the public presentation of banking sector since the origin of E-banking in Nigeria is hapless.

Table 4.3.2: Has e-banking contributed to effectual service bringing in Nigerian Bankss?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Yes

No

Entire

82

18

100

82

18

100.0

82

18

100.0

82

100

Beginning: Field Survey, 2010.

The above analysis shows that 82 per centum of the respondents said e-banking contributed to effectual service bringing in Nigerian Bankss while 18 per centum of the respondents said e-banking does non lend to effectual service bringing in Nigerian Bankss.

Table 4.3.3: How were the responses of the clients to banking services since the origin of e-banking in Nigeria?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Excellent

Good

Satisfactory

Carnival

Entire

4

70

16

10

100

4

70

16

10

100.0

4

70

16

10

100.0

4

74

90

100

Beginning: Field Survey, 2010.

From the above analysis, 4 per centum of the respondents said the responses of the clients to banking services since the origin of e-banking in Nigeria is first-class, 70 per centum of the respondents said the responses of the clients to banking services since the origin of e-banking in Nigeria is good, 16 per centum of the respondents said the responses of the clients to banking services since the origin of e-banking in Nigeria is satisfactory while 10 per centum of the respondents said the responses of the clients to banking services since the origin of e-banking in Nigeria is just

Table 4.3.4: How effectual is e-banking in the banking sector?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Excellent

6

6

6

6

Good

16

16

16

22

Satisfactory

62

62

62

84

Carnival

16

16

16

100

Entire

100

100

100

Beginning: Field Survey, 2010.

From the tabular array above, 6 per centum of the respondents said the effectivity of e-banking in the banking sector is first-class, 16 per centum of the respondents said the effectivity of e-banking in the banking sector is good, 62 per centum of the respondents said the effectivity of e-banking in the banking sector is satisfactory while 16 per centum of the respondents said the effectivity of e-banking in the banking sector is just.

Table 4.3.5: Can e-banking be used to measure the public presentation of the banking sector?

Frequency

Percentage

Valid per centum

Accumulative per centum

Yes

90

90

90

90

No

10

10

10

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The above analysis shows that 90 per centum of the respondents said e-banking can be used to measure the public presentation of the banking sector while 10 per centum of the respondents said e-banking can non be used to measure the public presentation of the banking sector.

Table 4.3.6: Can E-banking and fiscal coverage influence determination devising and be used to chair the jobs confronting banking industry in Nigeria.

Frequency

Percentage

Valid per centum

Accumulative per centum

Yes

80

80

80

80

No

20

20

20

100

Entire

100

100

100

Beginning: Field Survey, 2010.

From the above analysis, 80 per centum of the respondents said e-banking and fiscal coverage influence determination devising and be used to chair the jobs confronting banking industry in Nigeria while 20 per centum of the respondents said e-banking and fiscal coverage does non act upon determination devising and be used to chair the jobs confronting banking industry in Nigeria.

Table 4.3.7: How are the responses of depositors to your services since the origin of e-banking in Nigeria?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Excellent

6

6

6

6

Good

16

16

16

22

Satisfactory

62

62

62

84

Carnival

16

16

16

100

Entire

100

100

100

Beginning: Field Survey, 2010.

From the tabular array above, 6 per centum of the respondents said the responses of depositors to the organisational services since the origin of e-banking in Nigeria is first-class, 16 per centum of the respondents said the responses of depositors to the organisational services since the origin of e-banking in Nigeria is good, 62 per centum of the respondents said the responses of depositors to the organisational services since the origin of e-banking in Nigeria is satisfactory while 16 per centum of the respondents said the responses of depositors to the organisational services since the origin of e-banking in Nigeria is just.

Table 4.3.8: What are the jobs encountered by the banking sector before the origin of e-banking in Nigeria?

Frequency

Percentage

Valid per centum

Accumulative per centum

Inefficiency

34

34

34

34

Limited coverage

26

26

26

60

Ineffective banking operations

40

40

40

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The tabular array above shows that 34 per centum of the respondent said the jobs meeting the banking sector before the origin of e-banking in Nigeria is inefficiency in service, 26 per centum of the respondent said the jobs meeting the banking sector before the origin of e-banking in Nigeria is limited coverage while 40 per centum of the jobs meeting the banking sector before the origin of e-banking in Nigeria is uneffective banking operations.

Table 4.3.9: What are the challenges confronting e-banking in Nigeria?

Frequency

Percentage

Valid per centum

Accumulative per centum

Ineffective ICT

26

26

26

26

Lack of consciousness

34

34

34

60

Ineffective banking operations

40

40

40

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The tabular array above shows that 26 per centum of the respondent said the challenges confronting e-banking in Nigeria is inefficiency in Information and communicating engineering, 34 per centum of the respondent said the challenges confronting e-banking in Nigeria is deficiency of consciousness while 40 per centum of the respondent said the challenges confronting e-banking in Nigeria is uneffective banking operations.

Table 4.3.10: Failures are attributed to non-utilization of e-banking by organisation?

Frequency

Percentage

Valid per centum

Accumulative per centum

Yes

81

81

81

81

No

19

19

19

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The above analysis shows that 81 per centum of the respondents said failures are attributed to non-utilization of e-banking by organisation while 19 per centum of the respondents said failures are non attributed to non-utilization of e-banking by organisation.

Table 4.3.11: The effectual and precise method of measuring corporate accomplishment is attributable to e-banking?

Frequency

Percentage

Valid per centum

Accumulative per centum

Yes

92

92

92

92

No

8

8

8

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The above analysis shows that 92 per centum of the respondents said the effectual and precise method of measuring corporate accomplishment is attributable to e-banking while 8 per centum of the respondents said the effectual and precise method of measuring corporate accomplishment is non attributable to e-banking.

Table 4.3.12: Department of energies e-banking contribute to effectual entree to fiscal coverage in the banking industry?

Frequency

Percentage

Valid per centum

Accumulative per centum

Yes

83

83

83

83

No

17

17

17

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The above analysis shows that 83 per centum of the respondents said e-banking contributes to effectual entree to fiscal coverage in the banking industry while 17 per centum of the respondents e-banking does non lend to effectual entree to fiscal coverage in the banking industry

Table 4.3.13: What impact does the e-banking brand on the banking industry in Nigeria?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Positive

67

67

67

67

Negative

33

33

33

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The above analysis shows that 67 per centum of the respondents said the e-banking made a positive impact on the banking industry in Nigeria while 33 per centum of the respondents said the e-banking made a negative impact on the banking industry in Nigeria.

Table 4.3.14: What are the chances of e-banking in Nigeria?

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Efficiency in banking operations

30

30

30

30

Wider coverage

33

33

33

63

Effective online banking

37

37

37

100

Entire

100

100

100

Beginning: Field Survey, 2010.

The tabular array above shows that 30 per centum of the respondent said the chances of e-banking in Nigeria is efficiency in banking operations, 33 per centum of the respondent said the chances of e-banking in Nigeria is wider coverage while 40 per centum of the respondent said the chances of e-banking in Nigeria is effectual online banking.

Chapter FIVE

5.1 DISCUSSION OF FINDINDS

The coming of e-banking has changed such perceptual experience. Now about every fiscal house, from the most esteemed Wall Street investing bank to the supplier of micro recognition to the really hapless, has found that it has no pick but to put in an Internet scheme.

Fiscal statements should be apprehensible, relevant, dependable and comparable. Reported assets, liabilities and equity are straight related to an organisation ‘s fiscal place. Reported income and disbursals are straight related to an organisation ‘s fiscal public presentation

The analysis above shows that capacity edifice made a positive impact on Nigerian public service. The analysis shows about 83 per centum of the respondents said e-banking contributes to effectual entree to fiscal coverage in the banking industry while 17 per centum of the respondents e-banking does non lend to effectual entree to fiscal coverage in the banking industry

5.2 Summary

This survey attempted to measure the electronic banking system in Nigeria.

Electronic commercialism is associated with IT as an enabler, facilitator, and even inhibitor of concern activities both within and among all types of organisations ( Aplegate et al 1996 ) . It is therefore making tremendous involvement in the universe of IT every bit good as many other industries ( Pan et al 2000 ) . There is small uncertainty that growing in this country will go on as more organisations join in the celebrations, set uping and cultivating concern relationships, executing concern minutess, administering cognition, and implementing competitory scheme. Corporate life, peculiarly in America, is being transformed by the Internet ( Micklethwait and Wooldridge 2000 ) . Banks and fiscal houses are presently runing in such a new concern environment, and they are reacting to the alterations in countless ways.

APPENDIX I

PERSONAL – Data

Organization:

Department:

Sexual activity: ( a ) Male ( B ) Female

Age ( a ) 25 – 35 old ages ( B ) 36 – 45 old ages ( degree Celsius ) 46 – 55 old ages ( vitamin D ) 56 old ages and Above

Educational Qualification: ( a ) SSCE ( B ) ONDNCE ( degree Celsius ) HND / B.SC ( vitamin D ) M.SC / PGD

Marital Status ( a ) Single ( B ) Married

Occupation:

Section B

1. How is the Performance of Banking sector since the origin of E-accounting in Nigeria?

a ) 6 months ( B ) 2-3 old ages ( degree Celsius ) 3 – 5 old ages ( vitamin D ) 6 – 10 old ages ( vitamin E ) 10 old ages and above

2. Has e-accounting contributed to effectual service bringing in Nigerian Banks?

a ) Yes B ) No

3. How is the fiscal coverage in the banking sector in Nigeria?

( a ) Excellent ( B ) Good ( degree Celsius ) Satisfactory ( vitamin D ) Fair ( vitamin E ) Poor

4. How effectual is the fiscal coverage in the banking sector?

( a ) Excellent ( B ) Good ( degree Celsius ) Satisfactory ( vitamin D ) Fair ( vitamin E ) Poor

5. Can fiscal coverage and answerability be used to measure the public presentation of the banking sector?

a ) Yes B ) No

6. E-accounting and fiscal coverage influence determination devising and be used to chair the jobs confronting banking industry in Nigeria

a ) Yes B ) No

7. How are the responses of your clients to your services since the origin of E-accounting in Nigeria?

( a ) Excellent ( B ) Good ( degree Celsius ) Satisfactory ( vitamin D ) Fair ( vitamin E ) Poor

8. What are the jobs meeting in the banking sector before the origin of e-accounting in Nigeria?

a ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦

B ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

degree Celsius ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

vitamin D ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

9. What are the challenges confronting e-accounting in Nigeria?

a ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦

B ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

degree Celsius ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

vitamin D ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

10. Failures are attributable to non-utilization of fiscal coverage and answerability by organisations?

a ) Yes B ) No

11. The effectual and precise method of measuring corporate accomplishment is attributable to the usage of fiscal coverage and answerability?

a ) Yes B ) No

12. Does e-accounting contribute to effectual entree to fiscal Reporting in the banking industry?

a ) Yes B ) No

13. What impact does the e-accounting brand on the fiscal coverage in the banking industry in Nigeria?

a ) Positive B ) Negative

14. What are the chances of e-accounting in Nigeria?

a ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦

B ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

degree Celsius ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

vitamin D ) aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦..

APPENDIX II