Towards Effective Implementation of Electronic Banking in Nigeria

Abstract

Businesses all over the world are transforming themselves into Electronic Businesses (E-Businesses) to meet the challenges of the 21st Century. Hence the current effort of the Banks in Nigeria aims at becoming efficient businesses in response to customers‟ demands. That is, delivers services more effectively and in so doing, reinforces revenue increase. The goal is to ensure a customer performs banking transactions electronically without visiting brick-and-mortar institution. These efforts are however not without significant challenges which stem from lack of e-readiness for e-banking. There is a widespread recognition that this challenge must be met by strategic building of infrastructures. E-Banking introduced projects often end in failure, either partially or totally. Therefore, stakeholders must be sensitized to the large gaps that often exist between project design and Nigeria public sector reality. This paper highlights some issues of e-banking as well as strategies that may help to strengthen customer-bank relations for a better public service delivery and to close the design-reality gaps and thus improve e-banking project success rate in Nigeria. Also, it examines the significance of e-banking for more responsive and cost effective service.