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>>>
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>>>
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