Nigerian Payment Systems Through Electronic Banking (E Banking): A Review
Dr. Ayodele Thomas D
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Abstract
The paper reviewed the payment systems through electronic banking (e- banking) as implemented in
Nigeria. The e- banking in Nigeria was introduced in year 2010 and first implemented in Lagos in the
year 2012 was embraced by every citizenry and to some extent has impacted positively on the
Nigerian economy.
Reduction in cash transaction has been experienced, fast settlement of bill, convenience in cash
withdrawals and other benefits are a function of the implementation of the e-banking.
However, with the review of the various e-payment systems, a lot still need to be tackled by the
various agencies concerned. Upgrading of infrastructural facilities in the country, provision of
security, internet connection, education of the illiterates, obeying the monetary rules as set by the
Central Bank of Nigeria (CBN) are vital issues to smooth-run the e-banking policy.
It was therefore suggested that e-banking policy, the e- banking would be successful like it is in other
nations of the world, if properly handled and the better for the economy of Nigeria.
Keywords: Cashless Economy; E-Banking; Payment System; Inflation; Money Transfer
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