E-PAYMENT SYSTEM –TOWARDS ACHIEVING NIGERIA’S VISION OF ELECTRONIC BANKING

E-PAYMENT SYSTEM –TOWARDS ACHIEVING NIGERIA’S VISION OF ELECTRONIC BANKING

Aminu Yakubu Abubakar

Department of Banking and Finance

Federal Polytechnic, Bauchi State, Nigeria

ABSTRACT

Electronic payment has dominated and attracted much attention much in recent time

for Nigeria to join the league of developed economic by 2020 e-payment must from

the bedrock of all financial transactions. This paper examined the concept of e

payment where various types of e-payment system have been discussed. Benefits

implication and challenges of e-payment were also analyzed. It is expected that an

electronic payment system .should thrive in a society that has regular electricity,

adequate ICT infrastructures, effective and efficient telephone network, etc but all

these facilities are still epileptic, there are a lot of worries on how to address some of

the identified challenges of the e-payment system. Finally a number in of

suggestions have been proposed based on the challenges identified Among the

suggestions is to put in place the necessary infrastructure to enhance effective

coverage of the e-payment policy across the three tiers of government that is

federal, state and local governments so that the initiative will not end up a failed

project.

Key Terms: EPS, EFT, EDI, ATM, ICT, POS, Vision 20:2020,

INTRODUCTION

The initiative of Vision 2020 which aims to aims to put Nigeria among the 20 most developed

economics by the year 2020 is a welcomed development in pursuing Vision 2020 we believe that

there is need for efficient and effective payment system to facilitate commerce so as to respond to

fundamental change in socio-economic trends. The payment system is the infrastructure which Read more>>>