EFFECT OF AUTOMATED CLEARING SYSTEM ON BANK PERFORMANCE IN BANKING ( A CASE STUDY OF UNITED BANK OF AFRICA IWO ROAD BRANCH)


EFFECT OF AUTOMATED CLEARING SYSTEM ON BANK PERFORMANCE IN BANKING ( A CASE STUDY OF UNITED BANK OF AFRICA IWO ROAD BRANCH)

ABSTRACT

To start with, the goal of every operation staff is to deliver quality service and in the process excite the customer.

Through the information given it is obvious that an automated clearing system in Nigeria has improved payment service. The purpose of clearing banks to make the process more manageable. The method used in this project work has been arranged and design in a meaningful way so that it will be obvious to anybody that comes across this project.

The effect of an automated clearing system has been stated in clear times like strong of data and vital information. It also promoted effective control through tracking and reconciling items and also the benefit of the system has also been stated in an event between automated clearing system and special clearing system so as shed more light on the topics for proper understanding.

TABLE OF CONTENT

Title Page i

Certification ii

Dedication iii

Acknowledgement iv

Abstract v

Table of Content vi-vii

CHAPTER ONE

Introduction 1

Purpose of the study 2

Statement of the study 3

Significant of the study 3

Delimitation of the study 3

Limitation of the study 4

CHAPTER TWO

Literature Review 5

The bank clearing system 6-8

Effect of Automated clearing system 8

Different between Automated/Special clearing 8-9

Benefit of Automate clearing system. 9

CHAPTER THREE

Research methodology 10

Data collection sources 10

Administration of questionnaire 10-11

CHAPTER FOUR

Introduction 12

Data collection 12

Data analyses 12-15

CHAPTER FIVE

Summary 16

Conclusion 16

Recommendation 17-18

Bibliography

Appendix.

CHAPTER ONE

GENERAL DESCRIPTION OF THE STUDY

1.0 INTRODUCTION

The cheque clearing system is the means whereby bank exchange cheque drawn each others through clearing system. Clearing system on the other hand is the medium through which proceeds of cheques and other payment instrument are transferred from the paying bank to collecting bank.

The Nigerian automated clearing system (NACS) which book-off on October 21, 2002 as a result of the time function that affects clearing system i.e before cheque is cleared. It involved much stretch in which cheque is not cleared at when needed.

The Central bank of Nigeria (CBN) act No 24 of 1991 empowers the apex bank to facilitating the clearing of cheque and other payment instruments. As a movement forward on the execution of the mandate (CBN) issued the Nigeria banker’s clearing house rule on January 2, 1995. In November 1995 (CBN) governor announced a plan for a dratie overall of the clearing system monetary transaction in Nigeria were largely based on cash and as such had inherent problems, such as security volume of paper its transport, currency sorting changing.

This state of affair creates the moving member of the public to non – cash payment instruments was hampered by the clearing processes, which was largely manual, the services to the customer was prior and cheque based on transaction were use prone to fraud “the clearing circle look between 5 to 15 working days”.

The clearing process was very rowdy with too many banks participating on clearing. The process was frequently late in balancing the book and prone to human awor.

This made it very difficult for central bank of Nigeria (CBN) to calculate and advise on the net settlement figures on time after the days clearing. Although many of the instrument had magnetic character recognition (MICR) code them the lack of automated meant that MIC code lines and infrastructure would not be used.

This meant a waste of consideration investment made in the form of magnetic link character recognition (MIRC) code line information processing infrastructure to fund solution to the problems a committee was set-up its report formed the basis of the banker’s committee decision on June 16, 1996 which approved the automated of the clearing process to more zone within the country with Lagos having more zones” reduce the number of clearing days to buster consumer confidence and encourage. The uses of non cash instrument also reduce number of clearing bank to make the process number of clearing bank to make the process more manageable, faster it was reasoned that automated would make used of [MICR] technology possible, which would further bring speed and efficiency into clearing processing with the potential to reduce the clearing float that introduce networking between the parties involved in clearing these was expected in unlock the benefit of electronic banking for Nigerians.

1.1 PURPOSE OF THE STUDY

This project particularly is the following purpose irrespective of the actual study undertaken.

* To produce the number of clearing banks

* To make process more manageable faster efficient.

* To cut the number of clearing day to boiter, so that consumer will have the confidence and encourage of the uses of non-instrument.

* It’s designed to eliminate these identities difficulties and encourage development and integration of other electronic payment and settlement product.

* To achieve effective control, through tracking reconciling physical item or activities database alone enquires e.t.c.

* It enable the exchange of data and information between financial institution that whether to had no direct ink to one another clearing system have patience security feature that can minimize it has help to stabilize banking system and align cheque processing in Nigeria with the international standard.

1.2 STATEMENT OF THE PROBLEM

The problem of this study is to fund out empirical analysis basically on applied research aim of solving an immediate practical problem such as research question like:

* Nigeria automated clearing system protects can improve payment system.

* Is it comparable with foreign country?

* Does it have effect on value of money and time lag.

* How many banks will be a participant, these statements of the problem of this particular project?

1.3 SIGNIFICANCE OF THE STUDY

This study has important value to the academic it helps the student of Banking and Finance, Business Administration, Marketing, and Economics in our various institutions to have knowledge about the automated clearing system as part of their course or study when they get to the field so that it would not be strangled to them.

Community:-It helps people in community especially those who enjoy banking services by providing quick and faster service for them for instance when a cross cheque is drawn to any bank, the customer of collecting bank enjoy quick and faster payment.

Society:- The introduction of (ACS) growth and economy development in which society are the beneficiary.

1.4 DELIMITATION OF THE STUDY

The study is limited to some banks such as Community. e.t.c. the study “Universal Trust Bank Plc” is one of the participant which focus on 

INTRODUCTION PROGRAMME FROM NEW EXECUTIVE ASSISTANT

Universal Trust Bank Plc

Clearing within flexible environment to suitable suggestion

1.5 LIMITATION OF THE STUDY

To carry out this project is not an easy task due to circumstances that warrant it such as;

Time Factor:- time factor is the major factor that hinder the investigation to be carried out is due to the academic situation because daily academic period involved information to complete the project.

FACTOR

Capital constraint which make it difficult to buy the material and collection of appropriate data for the project.

.

EFFECT OF AUTOMATED CLEARING SYSTEM ON BANK PERFORMANCE IN BANKING ( A CASE STUDY OF UNITED BANK OF AFRICA IWO ROAD BRANCH)



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.NET

Researchwap.net is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.net guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.net is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.net" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.