IMPACT OF ELECTRONIC PAYMENT SYSTEM IN THE NIGERIAN FINANCIAL INSTITUTION (A CASE STUDY OF FIRST BANK NIGERIA PLC)

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IMPACT OF ELECTRONIC PAYMENT SYSTEM IN THE NIGERIAN FINANCIAL INSTITUTION (A CASE STUDY OF FIRST BANK NIGERIA PLC)

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 21st 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

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.

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

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