Electronic Banking in Nigeria - 4956 Words

Electronic Retail Payment Systems: User Acceptability and Payment Problems in Nigeria 1.1 Introduction The world has witnessed an upsurge of electronic payment instruments meant to facilitate trade and simplify payments. (Abor, 2004) Before the introduction of electronic payment into the Nigerian banking system, all customers had to walk into the actual bank to do transaction of all kinds. Customers had to queue up and spend more hours to talk to a teller to make their transactions. (Abor, 2004) The inconveniences caused by these long queues can discourage someone to make payment. For many years, bankers, technology specialists, entrepreneurs, and others have advocated for the replacement of physical cash and the introduction of more†¦show more content†¦1.3 Factors Affecting Payment Choice 1.3.1 Customers’ Wealth/Levels of Income Consistent with Kwast and Kennickell (1997) research, wealth has an important role to play in terms of consumer’s decisions on payment choice. Consumers’ wealth may influence payment choice and the availability of payment instruments that one can choose. For instance, while wealthy consumers may be able to fund their obligations generally, consumers that experience brief financial shortfalls may not find electronic bill payment desirable as a payment instrument. (Mantel, 2000) In such a situation, the consideration of the risk factor will let some consumers to avoid using pre-authorized electronic bill payment. 1.3.2 Educational Level On the bank customers’ survey, we also focused on education, because this might affect the demand for electronic banking products. For example, Kwast and Kennickell (1997) have illustrated how education play important role in determining household use of e-money products. Kwast and Kennickell concluded that the US market for such products is still highly specialized, withShow MoreRelatedElectronic Banking System in Nigeria2961 Words   |  12 Pagesdistinguished itself as a leading institution and a major contributor to the economic advancement in Nigeria. Guaranty Trust Bank Plc with its headquarter at Victoria Island, Lagos as at December 2011 had an operating income of N141.729 billion, net income of N52.654 billion, total asset of N1,525.010 billion and a total equity of N235.911 billion and it had more than two thousand,five hundred employees in Nigeria. Its subsidiaries include Guaranty Trust Assurance Plc, GTB Registrars Ltd, GT Homes Ltd, GTBRead MoreElectronic Banking in Nigeria: Problems and Prospectsks in Nigeria1330 Words   |  6 PagesManaging Challenges in Banking Industry By: Dr. Sudhindra Bhat MBA, MFM, ACS, M.Phil, PGDSamp;MM, PGDIRamp;PM, PhD** Management Faculty, Consultant and Corporate Trainer Acharya Institute of Management and Sciences 1st Cross, 1st stage, Peenya industrial Area, Bangalore-560 058 E-mail: bhatt1978@yahoo.com    Financial System is the most important institutional and functional vehicle for economic transformation of any country. 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Banking industry has learnt theRead MoreElectronic Payment of Salaries of Staff to Nigerian Civil Servants Problems and Prospects2657 Words   |  11 PagesELECTRONIC PAYMENT OF SALARIES OF STAFF TO NIGERIAN CIVIL SERVANTS PROBLEMS AND PROSPECTS T. A. NGEREBO-A,Ph.D DEPARTMENT OF BANKING AND FINANCE, RIVERS STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY, PORT HARCOURT, E-MAIL: oniminp2002@yahoo.com AND SUNDAY C. NWITE DEPARTMENT OF BANKING AND FINANCE EBONYI STATE UNIVERSITY – ABAKALIKI E-mail: nwitewhite2006@yahoo.com ABSTRACT Electronic payment of salaries to staff is a new development in the country. Electronic payment is a process