Background Of The Study
Before the emergence of modern banking system, banking operation was manually done which lead to a slowdown in settlement of transactions. This manual system involves posting transactions from one ledger to another which human handles. Figures or counting of money which should be done through computers or electronic machine were computed and counted manually which were not 100% accurate thereby resulting to human errors. Most bank then use only one computer in carrying out transactions which ameliorate the sluggish nature of banking transaction.
According to Adesida. (2018) in his Academic dictionary of banking, electronic banking is defined as a form of banking in which funds are transferred through an exchange of electronic signals between financial institutions, rather than an exchange of cash, cheques or other negotiable instruments. According to Agbada , (2018) defines electronic banking as a system in which funds are moved between different accounts using computerized on line/real time systems without the use of written cheques. According to Agboola. (2021) in international Journal of investment and finance, electronic banking is defined as a system by which transactions are settled electronically with the use of electronic gadgets such as ATMs, POS terminals, GSM phones, and V-cards e.t.c. handled by e-holders, bank customers, and stake holders. In the Nigerian monetary system, the Central Bank of Nigeria (CBN) is pursuing the cashless banking system that would see the co-existence of cash and electronic money and the policy document on cashless economy detailed out the following implications:
Reduction in cash transactions to both the banks and their customers;
Expansion in vault cash;
Expansion in the credit creation process;
Expansion in the involvement of the informal sector in the banking process. CBN (2011)
These implications follow directly from the surface of the policy but there is the need for a deeper and economic analysis of the introduction of the cashless banking or cashless economic paradigm and its attendant implications as far as the attainment of advanced economic objectives are concerned.
BACKGROUND OF THE STUDY
The chance to petition political authorities or other government organizations...
ABSTRACT
This research was an attempt to find out the impact of new communication technologies in Nigeria Broadcast medi...
Background of the study
One of the pillars that support every democracy is elections. Elections seem to...
ABSTRACT
The study attempted to investigate the influence of adult education on family planing in Ikeja Local Government...
ABSTRACT
In the recent time effort has been made to replace Portland Cement (PC) wholly, thus producing an alternative binder. This innov...
EXCERPT FROM THE STUDY
There are various traditional media forms through which the people of Nigeria were communicating...
ABSTRACT
Lagos State being a commercial centre of Nigeria and West Africa is faced with the challenge of rapid developme...
ABSTRACT
The project deals with audit conflict its impact on auditor’s ability to resist manageme...
ABSTRACT
The right to healthy environment is closely integrated in the basic concept of human right, namely the „dignity inherent t...
Abstract
The study is intended to investigate the major determinants of life insurance buying behavior in Nigeria insura...