IMPACT OF ELECTRONIC PAYMENT SYSTEM IN THE NIGERIAN FINANCIAL INSTITUTION

PROPOSAL

        This project work examines the impact of electronic payment system in Nigeria financial institutional system.

Sequel to the challenges encountered in our financial int6itutions towards meeting up with the responsibilities of the 21^st century banking system to enhancing the growth of Nigeria economy sectors for developments in various operations of her economy.

        The impacts of electronic payment in Nigeria financial institution are of various advantages and disadvantages. To enhance the operations of Nigeria banking systems, adequate security of fund is needed to be provide, instant accessibility to fund, quick transaction of fund, self transactions, and lots more.

        Indeed, the disadvantages of electronic payment system in Nigeria financial institution system can as well be observed or noticed as, mail functioning of the electronic system, hacking of financial data’s and manipulations, to mention fear

        This project work gives possible attenuations and recommendations on how electronic payment system in Nigeria financial system could be great advantages to the development and enhancing of operations in Nigeria financial systems 

  TABLE OF CONTENTS

Title Page

Certification……………………………………………………..ii

Dedication……………………………………………………….iii

Acknowledgement………………………………………………iv

Proposal……………………………………………………………v

Table of Contents……………………………………………….vii

CHAPTER ONE

1. Introduction…………………………………………………1

1.1   Background of Study………………………………………1

1.2   Objectives of the Study……………………………………2

1.3   Importance of the Study………………………………… 2

1.4   Definition of Terms…………………………………………4

CHAPTER TWO

• Introduction………………………………………………….9

2.1   The View on Electronic Banking…………………………11

2.2   Electronic Banking and the Common Banking         Products………………………………………………….. ….16

2.2.1        Telephone and Pc Banking Products………………….17

2.2.2        The Card System………………………………………….18

2.2.3 The Automated Teller Machine (ATM)………………..20

2.2.4 Cheque………………………………………………………21

2.3   The Entry of Nigeria Banks into Electronic Payment Banking System……………………………………………21

2.4   Operational and Financial Institution………………..24

CHAPTER THREE

3.0   Research Methodology……………………………………27

• Methods of Collecting Data………………………………27
  • Primary Method of Collecting Data…………………….27
  • Primary Method of Collecting Data (Section B)………27

3.2   Secondary Method of Collecting Data………………….28

3.3   Research Problem…………………………………………..28

CHAPTER FOUR

4.0   Findings, Data Presentation and Analysis……………30

4.1   Brief History of First Bank Nigeria Plc…………………30

4.2   Organizational Structure of First Bank Nigeria Plc…33

4.3   Impact of E-payment on Nigeria Financial System….34

4.3.1        Positive Impact……………………………………………….34

4.3.2        Negative Impact……………………………………………..36

4.3.3 Constraints of E-payment System………………………38

4.4   Data Presentation……………………………………………41  

CHAPTER FIVE

• Summary, Conclusion and Recommendation………..56

5.1   Summary……………………………………………………..56

5.2   Conclusion……………………………………………………56

5.3   Recommendations…………………………………………..57

        Bibliography………………………………………………….61

CHAPTER ONE

1.0   BACKGROUND OF THE STUDY

1.1    INTRODUCTION

        Payment systems are currently being developed around the world.  As technology progressed, so too have payment systems. E-payment is the latest method of paying and exchanging value of payment.

        The CBN recently has granted approval to a number of Banks to introduce International and money transfer products, telephone banking, on-line banking via the internet, though on a limited scale.

1. OBJECTIVES OF THE STUDY

        This research work is to examine impact of electronic Banking in Nigeria banking system.

        Specifically the study objectives are:

• to evaluate the prospects of electronic Banking in unity bank plc
• to evaluate the impact of electronic banking in unity bank plc
• to examine whether electronic banking has improve the fortune of the Bank
• to examine the effect of electronic banking has it improve the fortunes of the Bank
•  to examine whether the bank electronic banking guideline comply with the CBN Electronic Banking guideline policy