ELECTRONIC BANKING IN NIGERIA: AN ASSESSMENT OF CHALLENGES AND PROSPECT FROM CONSUMER’S PERSPECTIVE (A case study of First Bank of Nigeria Plc , Kaura Namoda)

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ABSTRACT
The study was carried out in order to assess the challenges and prospect of electronic banking system in First Bank of Nigeria Plc Kaura-Namoda. The general introductory aspect shade more light on the essential of electronic banking. Many literature and academic publication from different authors in electronic banking, product emerging issues in electronic. In the course of this research, the researcher was able to find out that origin of electronic banking system is a conventional banking system which started in Nigeria in 1952. Also the prospect of electronic banking was looked into critically. Electronic banking improved the fortune of Nigeria Banks. This was achieved by adopting the CBN banking guidelines. The population sample size used for this study is Sixteen (16) comprises of top management, operations logistics and administrative departments, the research techniques use are questionnaires, observation and personnel interview. The research analysis of the study is simple percentage tools, precisely twenty (20) questionnaires were distributed only sixteen (16) were completed and retuned. The project work have and insight of various problems and made vital recommendation that would be of importance to First Bank Plc Kaura- Namoda.

CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Although a lot of research works have been done on the prospect s and challenges of information. Technologies in the banking industry, these research works are board based (E-banking). Opera etal, (2010), posits that, modern banks now realize that only those that overhaul their payment services delivery and operations are likely to survive and prosper in the 21st century. Connel and Saleh (2004) are of the view that, due to pressure of globalization, consolidation, privatization, deregulation and rapidly changing technology, in order to properly place themselves in favorable positions for competitions and be one of those corporations, to be reckoned within the new century, banks are making use of internet to executes mobile banking, this developed from bringing personal computer (PCS) together to form local and wide area network through client/server technology.

Many banks have installed modern computer interconnectivity that would enable them achieve communications of data and multimedia over internets, intranets and extranets. They also realize that they have to achieve not only management staff, wide computer literacy but what could be called information literacy i.e. knowing how to locate, analysis, store and use information. All staff and managers in a modern bank need to be able to search and gather data from several types of sources, analyze them, select relevant ones and organize them in such a manner to allow them make decisions based on the organized data, banks future realizes that the banking of nowadays requires more of electronic banking and shuffling and other banking transaction, instead of paper. In other words, paper base transactions are now being replaced by electronic based transaction e.g. the internet. Whether a bank would be successful or not depend on the extent to which it is investing on IT and using it in an innovative manner. This area has been tipped to be a major competitive ground for banks that are operating in the post-consolidation era.
– What are the major issues needed to be mastered by Nigerian banks in order to compete with the rest of the world?
– What are the major developments and challenges in the Nigerian banking environment that are affecting the growth of electronic banking?
These are some of the questions that would be addressed in the course of this study.
1.2 STATEMENT OF THE PROBLEM
Electronic banking is a driving force that is changing the landscape of the banking environment fundamentally towards a more competitive industry. Electronic banking has blurred the boundaries between different financial institutions, enabled new financial products and services, and made existing financial services available in different package, (Anderson S. 2000), but the influences of electronic banking go far beyond this.
The developments in electronic banking together with other financial innovativeness are constantly bringing new challenges to finance theory and changing people’s understanding of the financial system. It is not surprising that in the application of electronic banking in Nigeria, the financial institutions have to face its problems:-
1. Communication over the internet are insecure and often congested.
2. The financial institutions would also have to contend with other internet challenges including insecurity, quality of services and some aberrations in electronic finance.
3. Besides, the existing banking environment also posses some challenges to the smooth operations of electronic banking in Nigeria. Some of these operational challenges includes. Epileptic power supply, dominance of cash transaction in the economy, low level of awareness among Nigerian etc. The thrust of this research work shall be to examine the trend of electronic banking in Nigeria and a critical examination of the challenges, (Danwa P. A 1991)