Vol: 5, Issue: 2 2015

Page: 27-33

Nigerian Payment Systems Through Electronic Banking (E Banking): A Review

Dr. Ayodele Thomas D.

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.