Abstract:
Internet Banking is a new form of banking that is different from the conventional 'brick and mortar' banking. Internet Banking generally involves the use of the Internet to carry out banking transaction fro many location in the world instead of going to the bank physically. The wav of technology has caught up with most banks in Nigeria, who have rapidly embraced it in other to improve their profitability and customer base. Other banks that are yet to embrace it are making frantic effort, in order not to be left behind. This however has not been easy for those who are into it and others that are yet to embrace it, as Internet banking in Nigeria is faced with multiple problems of poor state of socio-economic infrastructure, lack of clear cut Information Technology policy and legislations, ill equipped regulatory authorities, enormous cost of setting up Internet Banking infrastructures and privacy and security issues Not until parastatals like NEPA and NITEL improves their services, government; government formulate Information Technology policy and
UNIVERSITY OF NIGERIA NSUKKA
VI
makes new laws to regulate Internet Banking; equip the Central bank of Nigeria and Nigerian Deposit Insurance Corporation with current technology to effectively police banks; banks themselves look for ways of reducing the cost of entering the Internet and privacy and security issues are addressed; Nigerian banks will lag behind the rest of the world in tapping form this new form of banking.
