This study reviewed the concept of electronic banking (e-banking), Examined its problem and prospects for Nigeria banks, and discussed associated risks. It discoursed that the increased application of e-banking worldwide is a function of improvement in information and communications technology (ICT) E-banking, it also observed, holds enormous potentials for the banking industry in Nigeria. To achieve these potentials, the project advocated engendering confidence in the e-banking mechanism by addressing the security concerti power supply.



The business environment is always changing and therefore requires a dynamic strategized adaptation to these changes by businesses that wish to survive. These changes could be social, economic, legal, technological, etc (Acha, 2006: 109; Akpan, 2005: 23). In recent times, quantum improvements and innovations have been recorded in information and communications technology which has had a tremendous impact on the way businesses are conducted. information and communication technology has, among other things, changed the nature of businesses, reshaped their competitive environment, reframed market structures, enlarged the size of markets, and opened new vistas of risks hitherto unknown to these businesses.

As usual, the banking system has been at the forefront in adopting and incorporating these advances in information and communication technology into its operations. This could be attributed to some perceived advantages that information and communication technology offers users such as increased transaction efficiency, convenience, and cost reduction (Ayandele and Adeoye, 2006: 2). Banks in Nigeria had recognized the potentials of information and communication technology since the early 1980s when some of them began adopting electronic banking. Since these early days, electronic banking products have, though slowly but steadily, been on the increase in the system. Banks in Nigeria now offer automated teller machine (ATM) services, internet banking services, telephone banking services, on-line banking services, intranet banking services, credit card services, etc.

The obvious tendency of Nigerian banking is to become more and more electronically driven, making the understanding of this concept and its practice imperative. In the light of the above, the objective of this study is to, among other things, examine the concept of electronic banking with a view to helping both professionals and non-professionals understand them. This project will also discover the challenges of electronic banking in Nigeria in order to help practitioners and regulators navigate our banks away from them. Finally, this study assesses the future problems and prospects of electronic banking in Nigeria.

To do this, the project is divided into five sections starting with this introductory note. The second section addresses the concept of electronic banking and reviews global experience in its practice. In the third section, the hiccups in the use of electronic devices in financial transactions are examined. This examination will consider the implications of electronic banking for the banks and the regulatory/supervisory authorities. The fourth section problems and prospects into the future to discover the way forward for electronic banking in Nigeria. Finally, recommendations are made and the conclusion drawn in the fifth section.


In Nigeria, customers of banks today are no longer enjoying the safety of their funds and increase returns on their investments. Customers demand efficient, fast, and convenient services. Customers want a bank that will offer the services that will meet their particular needs (personalized Banking) and support their Business goals for instance; businessmen want to travel without carrying cash for security reasons. They want to be able to check their balance online, find out if a cheque is cleared, transfer funds among accounts and even want to download transaction records into their own computer at work or home. Customers want preferential treatment and full attention from their choice Bank. All these are only achievable through electronic Banking. In line with rendering qualities and acceptable services that most Banks in Nigeria are gearing toward and investing large sums of money in information and communication Technology, expectedly such Banks' services have been improved. United Bank for Africa (First bank of Nigeria Plc), Zenith Bank, GT Bank (to mention a few) are at the forefront in the use of IT in rendering services to their Customers (The Guardian Newspaper April 18, 2008p 21). It also seeks the challenges involved in Electronic Banking and Best industrial practice and the approach of implementing them in Nigeria's Banking system.


          The problem that leads to the study of this research work arises from issues relating to the effective use of the internet among Nigerian Banks with a specific focus on First Bank of Nigeria Plc.

          Despite the rapid adoption of the use of internet by many business organizations and government parastatals, the banking sector still needs a critical examination of how the use of the internet and information technology can be employed to boost their operations.

          This study will look into the operation of Nigeria Banks in this era of internet technology, it will determine problems encountered and suggest possible solutions.


There are many people that will benefit from research work. Both the investor and the stakeholders, However, the level of education will not only improve the use of internet among Nigerian Banks but also suggest solutions to the problem encountered by the banks in the computer age.

This research work will be of advantage to anybody that which to know more about the problems encountered by banks in the use of Internet technologies.


The main objective of this research work is to examine the impact of electronic Banking on Nigeria's banking system. Specifically the study objectives are;

    To evaluate the problems and prospects of electronic Banking in First bank of Nigeria Plc

    To evaluate the impact of electronic Banking in First bank of Nigeria Plc

     To examine whether electronic banking has improve the fortune of the Bank.

    To examine the effect of electronic banking has it improve the fortune of the bank.

     To examine whether the Bank electronic Banking guideline comply with the CBN electronic Banking guideline policy.


This project aims to provide answers to the following research questions;

    What is the impact of electronic on the traditional system in Nigeria

    What additional value(s) will electronic banking bring to the banking system in Nigeria?

    How will the electronic banking enhance confidence and reliability of customers on the banking system?

    To what extent doe the internet has an effect on the performance of Nigeria Banks?

    What are the efforts of Bank regulatory bodies on the use of the internet among Nigeria banks?


The following hypotheses are formulated in null form to guild the study.

Ho: Adoption of Electronic banking does not enhance the fortune of First bank of Nigeria Plc

Hμ: Adoption of Electronic banking enhances the fortune of First bank of Nigeria Plc


The study would enable the banks executives and indeed the policy makers of the banks and financial institutions to be aware of electronic banking as a product of electronic commerce with a view to making strategic decisions. The research is equally significant because it would provide answers to factors militating against the implementation of electronic banking in the First Bank of Nigeria Plc; prove the success and growth associated with implementation of electronic banking highlight the areas of banking operations that can be enhanced via electronic banking and also be an invaluable tool for Staff, Academician, institutions, Corporate managers and individuals that want to know more about electronic banking trends especially in Nigeria.


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 and will also examine the nature of electronic banking operations in First bank of Nigeria Plc from 2007 to 2009.


In view of the technicalities involved, it would be unrealistic to assume that all necessary facts have been gathered in the process of the study. Information gathered is limited to those accesses and made available by the respondents and also those gathered from end users. However, the impacts of this limitation will be reduced to the barest minimum.





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