Information and communication technology [ICT]


The advancement in Information and Communication Technology [ICT] as we know has shrink geography and the tremendous increase in global internet access has led to new ways of doing business through the internet. As a result, the banking industries have found themselves in a situation of re - engineering of all traditional banking practices, in order to retain their customers, reduce operational cost and increase their market shares through this new service delivery channel called electronic banking. Technology holds the key to the future success of Nigerians banks. Technology is an enabler for banks to fine tune their marketing strategies towards required products and at the required time. Indeed the competitive advantage that a bank would require is to provide innovation services through Technology to be able to compete locally and internationally.

This research attempts to examine the problems of electronic banking in Nigeria and level of customers' adoption. After an evaluation of existing literature on the problems of electronic banking and customers uncertainty and indecisiveness to accept and use this services. It therefore generates interest for further research to evaluate the reasons for the low take up of electronic banking services and customers adoption. Consequently, based on findings, an approach for suggestion on future improvement will be made.


This piece of work is dedicated to God Almighty and Jesus Christ his only begotten son. Thank you lord for your loving kindness, preservation over my life and for helping me in making my dream a success.

Also, I dedicate this work to my dearest Mum, Mrs H.O Aki, my Love Mr Gaetano Marconi and my precious Daughters Tiziana and Mirella Marconi.


Since no work embarked upon is accomplished alone but by the grace of God, also by support and encouraging words from others. I use this opportunity to appreciate some people.

Special thanks go to my supervisor Kawal Banga for his assistance and guidance in the course of this work to make it a success.

My Mum for supporting me through her prayers and encouraging words, Mum you are a woman with a big heart, the best Mum in the world. Thank you for being there, telling me I could do it .I love you.

To Tiziana and Mirella Marconi my precious daughters for their understanding that Mama will soon be home, this gave the determination I needed to succeed. I love you both sincerely.

And to all those who have encouraged and contributed one way or another in the course of this work: Karo, Ijeoma, Femi, Seyi, Bolaji, Funmi, Franklyn, Kunle, Opeyemi and Michleme I say thank for your support.




The Banking sector represents a trading unit of an economy. It strives on providing an enabling environment for business transaction and continuous improvement of its customer services. The importance of strategic planning in banking enhances bank growth which effect prosperity. Strategic planning involves a long term planning taking into attention, opportunities and threats posed by the external environment. For banks to realize its objectives effectively, banks like other institutions, require well defined strategies in decision making and policy application to attain its desired goals to guarantees customers' satisfaction.

Katuri( 2005,p.1)state that the advancement in Technology however, has brought about a paradigm shift from traditional banking practices by banks to offering Internet based banking services such as Automated Teller machine[ ATM], Electronic banking ,Mobile Banking which collectively ease difficulty in banking like cost effectiveness and timely delivery of transactions other products and services

Nair(2005,p.151) examine the usefulness of Information Technology in the field of banking. In his view, banking has become Information Intensive, this is due to Information Technology era. He said Technology has become an enabler for the needs of customers and banks to be met especially, as needs of customers' lifestyle keep changing overtime. Technology growth has bridged difficulty in product and convenient delivery. In all he saw technology development by banks as - A strategic way to attaining greater productivity, profitability, reduction of operational cost and efficiency. Similarly, Electronic banking services offered by banks are tailored towards customer retention and improve efficiency to gain a competitive edge in customer retention over the traditional banks (ABA,2004, & Fox 2005).

In a world of developed technology, the utmost concern is how to bridge the gap of time, distance while maintaining effectiveness, accuracy in the world of into the banking world has proved that time and distance could be bridged while the level of efficiency, accuracy and effectiveness is maintained. The age of internet explosion has been a great relief to the factors constraining the effectiveness and awareness in both social and transaction world. Ganti (2005, p.56) has stated that the introduction of Electronic banking shows a paradigm shift in the customer relationship marketing environment for banks. It has repositioned the modern banking sector creating unlimited opportunities with customers becoming sophisticated.

In the transactional world, the era of internet explosion has tremendously improved the banking sector through the system Known as - ELECTRONIC BANKING.

In recent years the Banking sector witnessed the coming of age in Electronic banking and decline of traditional way of banking practices, research carried in 2004 by American bankers Association[ABA] evidence shows that banks offering electronic based banking services gain higher advantage in servicing banking. To a large extent introduction of technology and retaining customers over traditional banking. Electronic banking usage by banks are targeted at reducing operational cost thereby sustaining efficiency and increasing market share while retaining its customers (ABA 2004, Fox 2005).

Despite the explosion, a new market based services is being offered by Electronic banking. A case study(A Delphi study of drivers and inhibitors of internet banking ) by stewart & Brandley(2002) indicates that all the countries of the world have been able to embrace the system. While some countries have advanced tremendously, others are yet struggling with constraints.

The advanced countries known as technologically developed nations such as USA and UK have maximized the potentials of Information Technology in banking while developing countries Nigeria and Egypt are yet to fully adopt the new trend in banking technology. Ovia,(2001) states that the factors constraining the growth of Electronic banking in developing countries are:

  • Poor infrastructure:
  • High cost of Telecommunication
  • Power supply
  • Security
  • Lack of awareness
  • Illiteracy

These could be huge constraints in the adoption of Electronic Banking in Nigeria.

The study about Nigeria shows that majority of its population are rural dwellers, so a good awareness campaign will yield a resultant increase in the banking sector and the usage of Electronic banking.

However, it is worthy to note that technology has been a major driving force of "GLOBALISATION". Effect of globalization on Electronic Banking is that, technology advancement through Electronic banking has solved the problems created by distance and time and customers can easily transact business and gain access to new markets.


1.3.1 Aims

The study aims to identify how the increase use of Information Technology has affected the Nigerian customers in the retail banking industry. Also to identify factors that influences customers adoption and level of awareness, reasons for low take up and to evaluate and ensure the level at which the Nigerian banks are embracing Electronic banking services.


  • To define Electronic banking and to analyze the advances of electronic banking since it was introduced in the banking industry
  • To identify the advantages Electronic banking can bring to the banking industry
  • The effect it has on customers and their level of Electronic banking adoption or usage
  • To research and analyze the level of Electronic banking services provided by banks
  • Identify reasons for under-development of Electronic banking in Nigeria
  • To make recommendations for the modernisation and development of the Electronic banking channel


In recent years the Technological advancement has necessitated the move towards technology development in Nigeria. Nigeria is a developing country with a population of about 140 million people seen as the giants of Africa and describe as a country with huge Tele-communication growth in Africa. The country has experienced drastic level development in teledensity (number of telephone lines per population unit, usually 100 people) from a teledensity of 0.73 in 2001 to 46.80 in 2009(Nigeria Communications Commission [NCC], 2009). This has immensely improved various industries growth in the country of which we have the telecommunications sector and others. Despite this monumental development Nigeria is still to meet up with the advancement in technology like other developed countries which has led to tremendous increase in global internet access and has offered new internet based services. However, (Ovia,2001) states the move towards technological advancement is hampered due to lack of proper infrastructure such as power supply, communication and security is also a major problem. These are recognized as potentially huge impediment to the economic development and advancement in technology


The research is significant because, based on the current state of the Nigeria economy there is need for improvement of infrastructure and regulatory policies by the government on security issues. The Nigerian banking sector has not been spared with the banking boom era of the 90s which did not last long- a situation which saw many banks closing down and lost of public confidence in the banking industry, consequently leading to the creation of the failed bank tribunal by the government.

The banking boom is back but the banks are facing stiff competition in retaining their customers, this will depend on the information Technology [IT] infrastructure to meet global development and improve services delivery. However, the global recession in 2008 was marked by banking failures and unstable slip in the economic statistics. Consequently, the global recession will not affect electronic banking in Nigeria in any way this is because the technology is newly introduced and evidence shows that banks offering internet based banking services are more advantageous in retaining their customers than the traditional banks (ABA, 2004, & Fox, 2005).


Time: Time is a limited factor. Estimation to time and space the project was necessary since there were working within time constraints and other task such as Course work and Examination.

Also, the problem of limited resources to enable draw conclusion on the research.

Low or no response from client that are to be interviewed or not getting the information needed because is view as classified documents by the client company. Also respondents not returning questionnaires are a major constraint.


Methods to be adopted are both primary and secondary data. Primary research will involve survey and data collection. This will include statistical data. Research technique shall be: questionnaire given out randomly to people in Lagos metropolis of Nigeria and bank management (personnel).While the secondary research shall be based on data collection over different websites of banks and on existing factors to support the research work. Also the University library and the internet will be a major source of information. Consequently, believe is that this painstaking approach will yield the desired result without making sweeping statements.


This research begins with an introduction in chapter 1. Chapter 2 centers on the review of related literature. That is, works already done on the field of study. Subsequently, it covers detailed explanation on facts outlined and advantages and disadvantages. Chapter 3 shall explain the different research methodologies and reasons for choosing method.

The evaluation of secondary research will be included. And chapter 4 shall give a full analysis and interpretation of results from primary research information and the future of electronic banking in Nigeria.

While chapter 5 shall look at the conclusion, findings and recommendations.



This chapter shall review works that has been done on this field. We shall look at the internet adoption, inhibiting factors to adoption and we shall also make some suppositions and assumption if the need arises.


As stated earlier on in chapter one, internet is the result of a search put in place in the late 1950s. And Electronic banking is any use of Information or Communication, Technological or Electronic means by a bank to conduct transactions and have interactions with stakeholders Such as Mobile Banking, Virtual Banking and Electronic banking.(Annan,2006).

Insley (2003) views it as a process that enables customers to conduct transactions electronically without visiting a bank branch. All of the following refer to one form of e-banking; PC banking, Electronic banking, remote banking and online banking.

It should be borne in mind that banks heavily rely on strategies, resolutions and steps to achieve certain goals effectively which may include future planning based on external threat or opportunities on the basis of competition. However, it should be noted that banking has really transcend from brick and mortar to click and mortar, it is one of the major sector that strongly feel all pervasive influence of Information Technology. Automated Teller Machine [ATM], Electronic banking and Mobile Banking- Modern System of convenient banking] Here is a representative extract organized on this.

In recent years the achievement in Information, Communication and Technology [ICT] neccessited the move towards technology development in Nigeria:- being a developing country with a population of about 140 million people, seen as the giant of Africa and described as a country with huge Tele-communication growth in Africa. Nigeria however, has experienced a drastic growth from a tele-density (number of telephone lines per population unit, usually 100 people) of 0.73percent in 2001 to 46.80 percent in 2009 which has brought notable development in the major sectors of the economy such as telecoms and commerce in general. Report reviews has shown that despite this monumental development Nigeria is still to meet up with the advancement in technology like other developed countries which has led to tremendous increase in global internet market access and has offered new internet based services. Our move towards technological advancement is however hampered due to lack of proper infrastructure in place such as power supply, communication security-

A major problem. These are recognized as potentially huge impediment to the economic development and advancement in technology (Ovia,2001).


Research reports have shown that electronic banking in the developed world has added potential values to both large and small banks. This indicates that if the internet is used effectively will generally enhance voluminous operations; cost reduction and commercial dominance. Also, for the larger banks establish their presence in the industry as against traditional system of banking.

Diniz, (1998,p.42) carried out a number of survey of banks websites; looking at the opportunities this new technology could bring to the banking sector if adopted.

They are:

  • Information Delivery
  • Transaction Rate
  • Customers Relation
  • It was established that from a number of selected banks in the USA on website use; that some of the banks were doing well at the first and second level of service delivery. Also that so many banks already where on transaction services of the advanced level.

    A certain observation and survey of banks WebPages using the electronic -commerce model [EC](electronic -commerce model is a method for evaluating webpages of banks on the information provided in their websites) findings indicates majority of banks have got adequate information on their web pages. The advent of the internet brought this to pass.

    However, survey carried out by Stewart & Brandley (2003,p.257) looks specifically at the advantages and disadvantages of banks adoption of electronic banking and its long term impact The findings from the survey reveal that external factors are the major influences while internal factors have been major barrier against the integration of electronic banking.. Also, available returns from adoption of electronic banking and security improvement put forward a number of new factors to the integration of new discoveries. Analysis further reveals that traditional banking see that there feasible advantages associated with improved customers transactions. These are some of the expected benefits of electronic banking.

    Stewart & Bradley (2002,p.251), cited works of Foley & Jayawardhena( 2000). They went on to evaluate Electronic banking services offered by UKs retail banks. The study indicates that the adoption of Electronic banking to an extent is slow but modern technological innovations if put in place, such as mobile Telephony, video conferencing, etc, there will be an increase in Electronic banking. In related literature, (Daniel, 1999 & Kellner, 1998) are of the belief that e-banking adoption is ruled by the principle of demand and supply factors. The demand of Electronic banking and supply of modern technological innovation. They of the opinion that it will reduce much reliance on branch network.

    Gan et al (2006,p.371) examination of choice between customers of e- banking and non e - banking in New Zealand, the paper proves that Electronic banking is seen as a competitive necessity rather than a competitive advantage for banks. And that risk factors, users input factor, employment, output from logistic regression and education are the major factors that determine choice of e - banking.

    Wang et al (2003,p.514) also worked on some of the factors that determines Electronic Banking acceptance by the users. The results indicate that factors that determine the use of Information and acceptance of Technology products generally understand its usefulness and how easy it can be used. But it should be highly noted that understanding its usefulness and easy usage will not be able to explain users' behavior towards emerging Information Technology. Automated Teller Machine [ATM], a case study - this have initiated a new component "perceived credibility" showing the users privacy, security and concerns on Electronic banking acceptance.

    Karjaluoto & Pento(2002,p.269) cited works by Jarvenpaa & Todd (1997), links the acceptance of Electronic Banking to the issues of individualism and customers behavior. They purports that behavioral tendency must be studied by demographics, beliefs and attitudes. He goes on to show that the central issue is demographic characteristics, this is because it will ease the study and show its objectives and standardized nature.

    Kolodinsky et al (2001,p.6), observation indicates that millions in America are using e - banking technologies. However, there are a considerable number of Americans who are yet to adopt this technology. It has been found that from their work that compatibility (compatibility is the ability of the users to interact with this new inventions), observability (observability is a control theory used in measuring the internal state of a system and how well its external output can be understood ), complexity(complexity in the terms that electronic banking is complicated to used), relative advantage(opportunities from using electronic banking), and risks tolerance are linked with its adoption. Results revealed that marital status, gender, age, education, and income assets greatly influence Electronic banking adoption. On a contrary view Khan (2004,p.21) carried out test on electronic banking; his test was to find out if the acceptance of e- banking has been debarred by distance between bank branches. The information was sourced by analysing data available from evaluation of consumer finances [SCF] of federal revenue board. The model used for the research was based on information sourced from house hold data of consumers from the USA. However, findings indicated that distance between consumers and bank branches does impact on the use of e-banking, neither their income nor educational level.

    Daniel & Storey, (1997) later identify drivers of Electronic banking adoption to include competition, enhancement of marketing communication activities, cost saving, protection of reputation, retention and attraction of customers. However, Ajzen (1985,p.14) theory of planned behavior look at risk factor, trialability(series to which an invention can be experimented), compatibility, some other advantages but submits that the risk factor is a known factor in the growth of this new invention. In related way too, Chung & Paynter,(2002) seconds the important of trialability and argues that an inhibiting factor is a known factor of Electronic banking adoption by many customers is the lack of proper use. The study further unravels that most people who do not use this channel, do not have a need to do so.

    A number of studies carried out by Nielsen, (2005) & pew,(2007) on the adoption Electronic Banking all goes to talk about the issues of convenience as a very important factor. Also researches carried out in US equally reveal convenience as a major motivator for Electronic banking use because of its 24 hour accessibility and time saving. They however found out that most people refuse to use the internet channel because they have no need of high level convenience.

    Furthermore, Sathye (1999,p.327) evaluated on the adoption of electronic banking in Australia reveals that the security and lack of awareness are the major factors for non adoption. And that electronic banking users mainly are young, educated and high income earners.

    Pento & Karjaluoto (2002,p.269) studies on electronic banking adoption also seconds Sathye's views, findings and adoption- complexity, compatibility, observability, the relative advantage and risk tolerance play a very crucial role in the acceptance of electronic banking .

    Electronic banking is seen as substitute to branch banking in financial services delivery. Khan (2004)


    Apart from the major problems highlighted for electronic banking not been embraced in the developed world, there are other constraining factors responsible for low take up of electronic banking in the developing world.

    Achour & Bensedrine, (2005) carried out studies on the level of electronic banking services provided by Tunisian banks. The study focuses on two basic areas.

    Evaluation of electronic banking services adopting a model similar to Hersey's Tailored model (Hersey's Tailored model is used for evaluation of bank websites in terms of functionality and service delivery),and

    The Tunisian online banking network

    Findings from the study indicate that electronic banking services in Tunisia financial sector is still green. Thus efforts must be put in place for proper takeoff the technology. The above research is important to this dissertation because Tunisia is a developing country just like Nigeria and electronic banking is still in its infancy in both countries.

    Appreciation of the factors that determine adoption of new innovation helps banks succeed in the market. (Carr, 2005,p.40) Adoption and diffusion of electronic banking.

    As practitioners in this field, care must be taken to extend electronic banking to populations not really familiar with English, - those that cannot comfortably operate computers- illiterates, those with low Information Technology competence. Also, marginalized people in the rural areas that cannot easily afford their own PC at home or workplaces this will be a bridging factor.

    Abid (2006,p.11) surveys on the factors inhibiting against E- banking adoption and readiness in consumers within commercial banks In Pakistan shows lack of trust and security of the system as a major reason for non adoption. Also, the electronic readiness and participation is too low for a population approximately 169million Pakistanis'. Also in a related study too by Awamlem & Fernandes, (2005), using the Diniz model (Diniz model is a model used in evaluation of bank websites in terms of functionality) to evaluate various websites of international and home based banks in United Arab Emirates, it was found that United Arab Emirates banking sector are in the early stage of development as regard electronic banking. There must be in place proper infrastructural development in the design for consumers to be fully motivated to embrace and use this new technology in banking.

    However, the major concern to customers' adoption is security of this modern innovation. Awamlem & Fernandes (2005) cited work of Kurtas, (2002) looking at a workable number of the factors hindering web banking application and summed up his review that Telecommunication infrastructure, computer privacy security are some of the limiting factors against Electronic banking adoption.


    The researcher has been able to establish the fact that electronic banking has experience a tremendous growth since the introduction of the first based electronic banking services. A considerable number of banks in Nigeria are now using the electronic banking program for daily circulation of accounts, Wide Area Network [WAN], Electronic Funds Transfer [EFT] are top on the list of adoption. It was found that computerize credit, point of sales systems and the use of smart cards rating are less popular. Analysis further reveals that other Information, Communication and Technology products like Telephone banking, Automated Teller Machine [ATM], Electronic Home and Office banking, Electronic Data inter- change and make cheque available programs are yet to be adopted by many banks.

    From previous analysis, it was found that the least fully adopted technology was Automated Teller Machines [ATM] with 4 (16.7%), Electronic Homes and Office banking - 4 (16.7%) while Telephone banking - 5 (20.8%) They found out that low adoption rate of these technological products results from;

    • Inadequate Operational Infrastructure
    • High Cost and
    • Fraudulent Practices are responsible

    (Agboola & Salawu, 2008,p.7).

    The Central Bank of Nigeria in 1993 the payment system was restructured with the modernization of payment process through the introduction of Magnetic Ink Character Recognition (MICR), for inter -bank transfer and in-house cheques. This was followed by the implementation of Automated Teller Machines (ATMs) by banks for cash dispensing, account balance enquiry and payments of utility cheques. The ATMs has facilitated electronic links to online customers and easy payment service between bank branch networks. Similarly in 2004, the Central Bank of Nigeria [CBN] implemented broad guidelines on electronic banking (e-banking) to improve payment system, which included the introduction of Automated Teller Machines [ATMs], e-money and guideline on the usage of e-commerce products which are credit cards, debit cards and digital cash.

    According to (Ayo,2008,p.9)The scenario in Nigeria can be likened to a growth from oblivion in 1999, to an appreciable level of about 5 million as it stands today, this is highly encouraging. Interestingly, it should be noted that the internet by all definition has made e-commerce a possibility. However, much is expected from Nigeria, a country whose population presently stands at 140 million.

    The state of e- payment in Nigeria is nothing to write home about despite government effort to hasten e - commerce and e - payment development. The Nigerian economy is still largely cash base. The number of cash in circulation is still very high compared with the developed countries. Despite the tremendous advantages in the technological growth of Information Technology [IT] in many countries to date, which had brought about revolution in electronic banking operations worldwide, (Ovia, 2001 & Chiemeka, 2006) however, state that electronic banking in Nigeria is under-developed due to high cost of Tele-communications, low internet usage,illiteracy and security which is a major problem of cyber or internet crimes having roots in Nigeria. Ayo,2006 & Oloja, 2008 research findings indicates that electronic banking is been provided at the elementary level, where banks provide information on their websites rather than transactional. However there is some contradictory evidence as stated by Agboola(2006) evaluated tele - banking and services electronic payment systems in Nigeria, findings show less usage of cash and a gradual adoption of automated payment is in place. Also study shows customers' adoption could be increased and banks can gain high market shares if Tele-communication services, high cost and power supply issues are addressed.

    Zaudu (2006,p.16), evaluated factors motivating customers adoption of IB, findings are research are mainly tailored on the growth and the advantages of the IB rather than the factors that drive customers' adoption. Also he looked at the growth rate of Electronic banking since its introduction in Nigeria, results indicate that Electronic banking has grown tremendously and almost every bank is using Electronic banking on a regular basis.

    (Pedro,2002 & Bickersteth, 2005) observed in Lagos, while delivering a speech in a forum on Electronic banking, that a major problem of electronic banking in this technological era, is lack of experienced personnel to use the technology.

    In an Information Technology driven environment, new organizational structure, skills and attitude are required; all these may face some resistance due to staffs' unwillingness to adapt to changes. Also, absence of national policies on information technology development has been one of the hindrances of electronic banking.

    Basically, the problems of Electronic banking in Nigeria are lack of inadequate operational infrastructure - Tele-communications problem, power supply, security, high cost and illiteracy. All these are major barrier facing the banking sector. If these issues are addressed, there will be high customers' adoption of Information Technology service offered by banks.


    Technology holds the key to the future success of Nigerians banks. Technology is an enabler for banks to fine tune their marketing strategies to the exact products and at the right time Zaudu(2006,p.16). Indeed the competitive advantage that a bank would require is to provide innovation services through Technology to be able to compete locally and internationally.


    From the banks perspective, the biggest beneficiaries of electronic banking are the banks themselves. Below are some of the advantages of electronic banking.

    Cost Effectiveness: Electronic banking has been able to reduce transaction cost and has subsequently given the banks the opportunity to manage cost of service delivery more effectively. Also this has led to the reduction of number of man - hour input.

    Systems Automation: banks transactions are now easily monitored and documented with the use of online automation technology. This has made it easy for the banks to keep records of various transactions and has basically given banks a competitive edge in operational efficiency.

    Globalisation: Electronic banking has bridged geographical gap and allowed for inter - banks activities to be run effectively. Subsequently, this has allowed foreign banks to make a physical as well as strong online presence, hence leading to international competition. This has helped in retaining their existing customers and further increase customer base.

    From the customer perspective, the advantages are numerous, which is the reason why customers are fast adopting it as an option for traditional banking.

    Convenience for the customer has been a major element for the development in the Electronic banking sector. Electronic banking has presented customers with a 24hour banking of anyday, anywhere anytime, no queues and the ability to pay bills and conduct transactions from the comfort of their homes. This is a dream come true.

    Also looking at the advantages of Electronic banking from the government perspective, Electronic banking has made it easier to keep track of transactions and control the flow of money in circulation, which has led to government transactions being cashless. Also Tax evasion and scams are conveniently checked.


    Just like with any system, there are disadvantages of Electronic banking service. A major problem militating against electronic banking is the security issue.

    Security: The menace of hacking and system failure often become a problem, Which can lead to fraud due to corruptness of some persons who know of these errors in the systems, subsequently leading to lack of trust on the part of the customers of the service. Also, competitors of banks providing Electronic banking service could lay their hands on information regarded as classified.

    Customers' service: More so, the inconvenience on the part of the customer to learn how to use this service is another disadvantage. Electronic banking unlike traditional system of banking has disadvantaged customers in the sense that customers now spend their time and money to contact banks via telephone, customers may end up spending several minutes on phone and yet their complain is not addressed. This has shifted responsibility from Electronic banking service providers to service users.

    Network Instability: Another problem of electronic banking is network problem. This can be caused by malfunctioning server and other communication equipment which will subsequently affect transaction process.

    Cost: The start up cost for electronic banking is usually very high, this is due to the fact that the system has to be put in place before it begins to gain patronage.

    2.6 SUMMAY

    This chapter has been able to critically analyse work carried out by other authors on Electronic banking and factors responsible for low adoption of this service both in developed and the developing countries including Nigeria the case study. It is interesting to note that factors that are militating against electronic banking in the developed countries are security issues and lack of awareness and the perceived usefulness by customers. This is because some of the customers do not see the convenience as necessary rather they prefer their traditional banking practices. However, factors responsible for low take up in developing countries are different from those of the developed countries which are inadequate operational infrastructure, illiteracy, security and high set up cost for the banks. Looking at the review of literature, the researcher agrees with other authors on the factors responsible for adoption of electronic banking. This is because their findings support findings from research carried out by Nigerian authors these are the major factor responsible for the low take up in Nigeria.

    Also, looking at the advantages and disadvantages of Electronic banking to the banking sector, customers and the government it is obvious that if proper structures are put in place to correct all the disadvantages stated above, electronic banking will be one of the most appreciable technologies that have happened to the banking industry.




    Research methodology is in two major categories, the information retrieved from either of the research methods are evaluated as qualitative and quantitative data.


    This method involves communication with other people. Information gathered from this method needs to be evaluated before it can be useful for the research purpose and answer the research question. The information can be collected through survey by questionnaires, observation, content analysis and focus group.


    This method of research involves processing information that has already been analysed by another party, The collected information is analysed . This can be collected from previous research studies, books, press articles, journals and online resources.

    These two methods have their merits and demerits, the proper approach is to comprehend the reason for which the research survey will be analysed, the types of information required, the number of respondents needed to make a decision on research findings. When applying secondary datas, the credibility and the date of publication must be considered to avoid inaccuracy outcomes.

    This is because the main purpose of the research is to choose a method that meets the research aim and supplies exact result which secondary data may not provide, due to outdated information and previous studies may not have dealt with the current topic. However, Primary research has its own disadvantages, which is time consuming, so information collected needs to be critically analysed to get accurate results. If information is not properly analysed this may lead to inaccuracy in findings.


    With regards to this study, both primary and secondary dataologies were used. The purpose is that Electronic banking is relatively new in the modern networking circle and researches carried out in this area are limited compared with related topics academically. Primary data is chosen because it is believed to be flexible and versatile in nature. "The performance ordinarily has a more profound effect on the survey results than has any other single element of survey" Alreck - Settle (2004,p.89). While secondary research allows for comparism of data collected from previous studies, they are required for guidance of the primary research Frankfort - Nachmias (1996, p.306). However using secondary research only will not give the desired results.

    An insight into banks and their adoption of Electronic banking in relation with service rendered and level of customers adoption have been achieved through secondary research. Evaluating/using the data from secondary research have assisted in looking at the problems associated with research topic critically and also in analyzing the level at which Electronic banking is adopted by Nigerian banks and the level of customers' adoption of these services.

    Useful information was gotten from secondary research in analysing research topic. However, the data

    Collated was not enough to summaries and conclude the research topic. Due to this limitation, the use of (primary research) Questionnaire was employed to ascertain the validity of information obtained from secondary research were accurate. However, the disadvantage of primary research is low response and respondent not returning questionnaires.

    Objectives of Primary Research are:

    • To identify customers adoption rate of Electronic banking
    • To research and analyse the rate at which these services are offered by banks

    The questionnaires were administered through email and personal distribution to individuals. One of the formats was personal interview with service providers which are the banks, this method is open - -Ended questions such as "what are the measures on ground to improve Electronic banking security?" were asked. This gave the respondent opportunity to answer the questions freely because they were not restricted to choose from a list of options. The information received was accurate as banks have different security software in place. While the second format was to the consumers, the closed - Ended questions offered respondents a number of choices to choose from which have made it easy for the respondents to fill and return without delay.


    The research plan is a specification of sampling unit, sampling frame, sampling procedures and design. The sample unit was a survey carried out within Lagos metropolis (The heart of commerce) in Nigeria. The sampling frame used, consist of all the in Lagos metropolis banks and the sample size of "10" was chosen to help in getting a good number of respondents rather than having a lot of questionnaires incorrectly filled. The method used was stratified sampling this is to ensure that the different groups of the population were adequately represented in the sample so as to increase the level of accuracy when estimating parameters. The sampling procedures selected were in two major parts, directed towards two groups. The banking sector which is the service providers, the banks were randomly selected comprising of 5 old and 5 new generations' banks.

    The second group was the service users (consumers). A total of 300 questionnaires were sent and 60 of them were returned the stratified sampling was also used. The administered questionnaires were to the working class, students and some from the general public and questions were tailored towards their access to Internet usage and awareness of Electronic banking and service provided by banks. This method was adopted by the researcher to gather meaningful information, so exactly the same questions were sent to every respondent to avoid variation. This was so because the reliability and validity of a research study depends largely on the consistency of information to obtain reliable and valid results.


    Data gathered from previous research were helpful in the evaluation of the chosen topic. Considering secondary research, data evaluated do not meet the researchers need as results were no completely accurate as to meeting the research purpose because of the differences in aims and objectives.

    Despite this limitation, careful observation was made to ascertain that data collected were from sources that are dependable to justify the precision of the information and a correct documentation of findings is presented correctly without falsification after evaluation. The Secondary data analysis was on work done by renowned Nigerian institutions, University of Benin (Uniben, Dept of computing) and Obafemi Awolowo University. The research aims however, vary from that of the research project, as it was tailored towards adoption of Electronic bankingin Nigeria. Never the less, some relevant information was collected for the purpose of drawing conclusion on the research topic.

    3.5 SUMMARY

    In this chapter, the different research methods available have been analysed and thus been used to justify chosen method. A sizable sample would have produced a more accurate result, despite the limitations on the researcher's part on chosen method, the analysis of secondary data has helped in consolidating the research findings.




    In this chapter, data collected from the survey findings shall be analysed. Questionnaire A, of the primary data was to the services users; this was tailored towards access to internet and awareness of Electronic banking. While Questionnaire B was to the service providers on the level of service rendered and plans for improvement. Also, Secondary data is in C, is the analysis of secondary data comparing results from primary data in order to summarize the findings and ensure whether the research question has been answered.

    The questionnaires sent out, was done randomly to involve all categories of respondents, not just a specific group. This method will enable the researcher gather information needed for the research purpose in order to analyse research findings. A total of 300 questionnaires were administered, 60 were returned, 77 percent were electronic banking users while 23 percent were as non electronic banking users. Despite the small number of respondents, the results should be generally acceptable due to response rate of questionnaires are normally below 40% as stated by (Cano, 2008) which has lead the researcher to conclude that a 30% response rate would be considered valid for this research and results purpose as earlier stated by Cano.

    4.2 Questionnaire A


    The results from questionnaires were put into graphs and charts to allow for easy and careful analysis of information gathered. According to Frankfort - Nachmias (2006, p.359), putting the results in chart give room for easier interpretation and understanding.

    Below is the chart representing total number of respondents that returned the questionnaires, from the chart, 75 percent said yes to having access to Internet while 25 percent said No. 4.1


    4.2 The number of respondents having Internet experience in the chart below is 88 percent which is a huge difference between number of respondents not having Internet experience percentage of 12.

    4.3 The chart below represents the frequency of Internet usage. 4 percent of the respondents started using the internet a week before, while 5.4 percent started a few weeks before, a large number of respondents which amount to 42.5 percent use the Internet a few times a week, 9 percent started using it a month before,2 percent use it once in 3months, 4 percent use it once in 6 months while 33 percent use often/daily.

    This indicates that the respondents that fall under the categories of 42.5 and 33 percent have regular office jobs and have access to the internet in their workplace.

    Figure 4.4 shows 63 percent as total male respondents while 37 percent represent the number of female respondents. However, the total number of males using Electronic banking amounts to 82 percent while female users are just 18 percent. This show an increasing style in Electronic banking usage by males than females. From the above discussion, the traditional believe of females been less educated and that their place is at home with the family while the males more educated and trained in jobs with usage of computers. While the females, are given lower employment or jobs in the front office. Another factor is more males using the cybercaf at night than females, this is believed the broadband are fast at night and it is cheaper to use the cybercaf at night which the females will not attempt for security reasons and in the Nigerian context it is not proper for a female to go out at night on chaperon. This supports Adomi (2007) findings of more male using the internet than female. Another issue is the lack of interest on the part of the females to use the internet because of Nigeria been known for a lot of cybercrimes, this has hindered electronic banking adoption on their part. However, the banks can improve this by putting in place facilities in public places which will be managed and monitored by the bank staffs for access to internet and other related banking services.

    4.5 The chart below represents the occupation of different respondents that returned the questionnaires. 35 percent represents other occupations not listed which comprises of traders, nurses, and lots more while 13 percent represent the number of students and accountants.

    4.6 Below is the graph representing the age of the respondents, which 39 percent come under 31 - 40 years , while 29 percent are between the of 21 - 30, another 18 percent is between 41 - 50 while 65 and above did not return any questionnaire. The reasons for 65 and above non response may due to this group comes under the retirement age and they do not perceive the usefulness of these new technologies and another problem is the ease of use of these services offered by the banks. However, their transactions are been done by their children. The result supports Matilia & Pento (2002) research findings of Electronic banking users being relatively young and having been trained to use the internet and computer. This also, indicates that Electronic banking users are members of the working class in the society.

    4.7 Below is the chart showing the number of respondents aware of Electronic banking. 88 percent represent those that are aware while 12 percent answered to the question No, reflecting non awareness.

    Figure 4.8 represent the number of respondents using Electronic banking. A total number of 77 percent said yes to have used one form of Electronic banking. However, out of the 77 percent of respondents, 27 percent wrote they do not know what form of Electronic banking they used. Subsequently, the 27 percent were added to respondents that use Electronic banking, this was so because they answered yes to the form of Electronic banking they used in the question that followed.


    Figure 4.9 The chart below show the frequency of electronic banking usage by respondents, this is interesting because more 50 percent use the service often, another 24 percent use the service once a month, and 15 percent respondents use once in a month. While 2 percent and 4.50 percent have once in 3 months and once in 6 months usage. This indicates an increasing style of electronic banking users. This could be seen from the number of respondents using the service often/daily.

    4.10 The total number of respondents using one form of Electronic banking is shown below. 18.5 percent represents users of Telephone Banking and Electronic banking, 4 percent use Post banking, 8 percent use Branch Banking While Automated Teller Machine have the highest respondents of 51 percent. The ATM has proved to be the single, most often used source of Electronic banking for the respondents in this survey. This suggests the ATM is by far the most popular, customers widely acceptance and adoption of this services is due to convenience, accessibility of anyday, anywhere, and anytime banking without placing a foot in the bank. It is also interesting to note Post banking was less popular than was the branch banking. The reason for less adoption of Post banking may due to mails are delivered later or were never delivered and this type of banking is serviced(SA service charge is paid for post banking).This, will make customers use more branch banking services are free. Consequently, Telephone Banking and Electronic banking each have 18.5 percent adoption, which reflects a gradual usage of other online services, indicating that Electronic banking and Telephone banking are generally more often used by business people than the Post banking. This could be seen in the chart below and from the number of respondents from the questionnaires results.

    4.11 The educational level of the different respondents are shown in the chart below.50 percent which is half of the respondents are University Graduates (Bsc) holders, while 20 percent are Higher National Diploma (HND) holders, furthermore, 13.5 percent are "O" Level and MBA holders. This indicates that Electronic banking is being used by people who are educated. Which support Sathye's(1999) findings that Electronic banking users are highly educated?

    4.2.3 SUMARY

    The results from the survey have indicated that customers or consumers have access to the internet and have internet experience. It also shows that customers are aware of electronic banking; this could be seen from the number of respondents using the Automated Teller Machines, Telephone Banking and Electronic banking. Also, from the percentage using the Automated Teller Machine [ATMs] indicates that the ATMs remains the most commonly used. This can be attributed to the fact that the Automated Teller Machine is easy to use and accessible any day, anytime anywhere no matter the geographical location.

    However, the research has shown that lack of awareness is a major problem for the customers; this was shown in the returned questionnaires, for a large number of respondents do not what type of electronic banking services they used. Therefore it is essential for the banks to educate their customers about these services and their advantages. The banks have to look at capabilities on how to promote to organizations the benevolence advantages of granting staffs' access to do their electronic banking transactions at work. Consequently, the customer will become aware of electronic banking services and this can therefore give rise to the adoption of these services by the customers.

    4.3 Questionnaire B

    This part was tailored to the banks to evaluate the types of Electronic banking services they provide, any promotional efforts in place to improve customers' satisfaction and to attract new customers. Also to have an insight on their benefit from offering Electronic banking services.

    Figure 4.11 indicates , virtually all the 5 banks interviewed have one form of electronic banking .This can been seen in the table below, 3banks out of the 5 banks all have Mobile banking, Electronic banking, Automated Teller Machines and Branch banking. However, Wema bank has just Automated Teller Machines and Branch Banking while none of the 5 banks have put in place post banking services. On the question if Electronic banking has enhances their position in the banking industry, it is interesting to note that all 5 banks answered yes to the question meaning the introduction of electronic banking services has enhanced their position in the banking sector by having a competitive advantage over their competitors that have not implemented this new invention. Similarly, it was noted that customer satisfaction has increase to a certain level, because all 5 banks agreed to this, which means the introduction of electronic banking services has not all benefited the banks in having a better advantage also customers are more satisfied with the services offered by these banks. This is because it has brought a 24hours dreams come true for the customers.

    Also, for the reduction of operational cost, all 5 banks agreed that this has helped reduce their day to day operational cost. A further research result shows that all the banks have put in place security measures to safeguard their customers' transactions against internet related crimes. Consequently, the banks believe to have improved customers personal information security with the installation of these security software and issues on has been reduced to a great extent. When ask of adoption and future plans to promote electronic banking services, all answered yes to this question meaning all 5 banks have made plans to introduce Mobile Phone Internet Access to promote their electronic banking presence and to launch publicity in the common places such as the super markets and museums to attract new customers. When as ask of their yearly turnover since the Introduction of electronic banking services, however not all the banks answered to this question. The result is shown in the table.


    This part is focused on two different research survey carried out by major Nigerian Institutions. The analysis from these researches will be used in comparing results from primary research. According to Frankkfort (2006.p.206) "a research finding gain more credibility if it appears in a number of studies" and by analyzing data collect in different times on similar issues, can also be used to describe and explain change. However, the survey from previous research did not meet the researchers specific research purpose rather focus was on the adoption of electronic banking, electronic payment devices provided and used by the Nigerian banks. This is a major limitation of secondary research, despite this limitation secondary research was used as a compliment technique of review of literature and primary research, to allow the researcher to conclude on the findings and for the purpose of validation and testing of results.



    This research was titled "The Adoption of Electronic banking in Nigeria". The research was conducted in 2006 by Chiemeke, a senior lecturer of the department of Computer science, University of Benin in Nigeria. The research was aimed at evaluating the level of electronic banking services provided by the banks, after the deregulation in the banking sector and factors affecting its adoption. The survey was on 12 large online banks and method used was similar to Diniz,(1998) model to evaluate the banks websites in terms of Information Delivery, Transaction Channels, Customer Relationship and Security measures.


    Research result reveals that electronic banking services are been provided at the elementary level of interaction. From the evaluation, the results were high in the basic level which was between 4.5 and 11 out of a 12point scores. However, the scores were reducing as the interactivity level increased.

    Similarly, In terms of Functionality the outcome were in the range 4 and 9.5 in a total of 12 points, indicating they all have information sites. However, the scores for Transactional level of functionality were low. This was within the range of 0 and 4; this suggested low level electronic banking services were offered. Also, for security measures, the score were low indicating a 48.6 percent security measures adopted. Consequently, inadequate operational infrastructure, poor power supply were also as factors affecting electronic banking.

    This research was tailored to banks electronic banking adoption and services provided in terms of Information Delivery, Transaction Channels, Customer Relationship and Security measures with no attention on factors affecting customers and their level of awareness of electronic banking service. To a large extent, the researcher's research question was not answered, however in terms of transactional level of functionality the research question was partially answered. This is because the interviewed banks have one form of Electronic banking services provided.



    This research was titled "Tele - Banking services and Electronic Payment Systems in Nigeria". The research was conducted in 2006 by Agboola a senior lecturer of Obafemi Awolowo University Ile - Ife of Nigeria. The research was aimed at evaluating the electronic payment system and tele - banking services provided and used by Nigerian banks. The method used was through interview and questionnaires distribution to banks personnel. The selected sample size was 36 banks out of the 89 banks as at that time.


    The results from analysis on the adoption rate of electronic - payment devices revealed the Local Area Network (LAN) was the most adopted technology which was adopted by 35 out of the 36 banks interviewed. Similarly, results show that 34 out of 36 banks have all adopted MICR cheques which were fully utilized. However, the technologies that had low adoption rates were Telephone Banking with 22 percent, Electronic Home and Office banking with 19.4 percent while the Automated Teller Machine (ATM) had 16.7 percent adoption rate. Finally, the research supported Chiemeke (2006) finding of inadequate operational infrastructure and power supply.

    Consequently, the research focus was not on electronic banking adoption and the level of customer awareness but on electronic - payment devices used by banks. However, the research question was answered to some extent , this could be seen from the results with Automated Teller machine having 16.7 percent and Telephone banking 22 percent adoption rate. This indicates a gradual adoption of these services by the banks.

    4.4.3 SUMMARY

    Both research surveys have identified some form of electronic banking supporting primary research. This indicates that electronic banking is been provided by the banks to some extent and customers are gradually adopting these services.




    In this chapter, conclusions will be drawn on research findings and analysis from previous chapters will serve as a review mechanism for the aims and objectives of this project. Also, this will include future recommendations on the improvement of Electronic banking in Nigeria and possible future research that will be of benefit to the topic will be identified.


    From the review of related literatures, key elements for non adoption of Electronic banking were discussed. And indications from previous research showed that security and lack of awareness are huge impediment to electronic banking non adoption, while retail banks see electronic banking as a competitive advantage in retaining their customers. And for banks to compete and stay ahead of their competitors in the era of technological advancement, they will depend greatly on their adoption of this new technology in the banking sector because the advantages from adopting electronic banking services surpass its disadvantages.

    The research aims was to examine the adoption rate of electronic banking service by the Nigerian banks and the level of customers awareness of these services. From the survey results, all 5 banks interviewed had electronic banking services except Post banking and all the banks have made plans for future improvement of Electronic banking through the introduction of Mobile Phone internet access and publicity in areas such as the super markets to improve awareness of electronic banking, to attract new customers and also retain the existing ones and to have a competitive advantage in the market.

    However, from customers' level of awareness and adoption of Electronic banking, 75 percent of the respondents have access to the internet while 25 percent do not. In the case of accessibility, usage experience and frequency of use can be associated with workplace access to computers and the internet.

    On the level of awareness of electronic banking and usage of these services, 88 percent of the respondents are aware of electronic banking compare to 12 percent that are not aware, while 77 percent claim using electronic banking and 23 percent are non users of electronic banking. However, out of the 77 percent claimed using electronic banking, 27 percent of these respondents do not even know what type of electronic banking they use. This was due to the fact that these respondents do not know that the listed electronic banking services in the questionnaire are usually types electronic banking and this have indicated lack of awareness on the part of the customers. This suggests that 50 percent of the respondents are not aware of the reality and opportunity offered by electronic banking, which is supporting (Sathye, 1999) findings of lack of awareness and security being a major problem for non adoption.

    Consequently, following the questionnaire results on the types of electronic banking used, Automated Teller Machine (ATMs) has over 50 percent adoption. It is believed that the ATM met their current needs of being convenient, easy to use and accessible 24 hours a day. This has supported the findings of (Agboola, 2006) of less usage of cash and a gradual adoption of automated payment systems. Also, from the questionnaire results, it is interesting to note the difference between genders, suggesting more male are using the internet and electronic banking services than female this can be seen from the results of 88 percent male users to 18 percent female. This can be attributed to male having more interest on the internet and are always going to the cyber cafes while for the female, it suggest lack of interest on their part. However, looking at the age band and the educational level of the respondents, research results indicates that between the ages of 31-40 and 21-30 have high internet usage and are highly educated. This can be seen from their educational level in the questionnaire results, this on the other hand supports (Pento, 2002) findings of electronic banking users being young and educated. This suggest that electronic banking users are educated, have experience of internet usage and access to the internet in their workplaces and some in their homes and illiteracy is still a major barrier to electronic banking adoption in Nigeria according to (Ovia,2001) .

    Findings from secondary data of the research indicates that the Nigerian banks are still in the elementary stage Transaction with the banks having informative rather than Transactional websites and a low adoption rate of electronic payment systems. However, findings from primary research shows that all banks interviewed have electronic banking services provided and have all made plans for future improvements and from research results it is obvious that there is a progressive acceptance of these services by banks and customers.

    5.3 SUMMARY

    From the above discussion on research findings, it should be noted that electronic banking has been introduced by banks to enable for competition and meet up with technological challenges in gaining a competitive advantage and retaining their existing customer and prospective ones. However, if the banks do not improve on their operational infrastructure and upgrade their sites to Transactional sites and educate their customers on the importance and opportunities electronic banking could bring, the problem of low adoption from the customers will persist. And on the global front, competition with their counterparts in the developed world will be a mirage.

    In conclusion, a future for Electronic banking in developing countries like Nigeria requires - that the constraints like poor infrastructure, security and creation of awareness needed to be addressed. Consequently, this will increase customers' take-up of Electronic banking and place the Nigerian banks in the global market. Reviewing literature on Electronic banking, results will show that it is imperative to investigate, proffer solutions to the key constraint affecting Electronic banking and the level of customer adoption in Nigeria. However, it must be appreciated that Electronic banking has come to stay in the world as such there is future for the developing nations in the global economy.


    The research question objectives, "Electronic banking in Nigeria is there a future?" Were established in the introduction in section 1.1 of the project. The questions were put together in a simple format to allow for precision and as appropriately as possible. The research project objectives are displayed below.

    • To define electronic banking and to analyse the advances of electronic banking since it was introduced in the banking industry
    • To identify the advantages electronic banking can bring to the banking industry
    • The effect it has on customers and their level of electronic banking adoption or usage
    • To research and analyse the level of electronic banking services provided by banks
    • To identify reasons for under-development of electronic banking in Nigeria
    • To make recommendations for modernization and development of electronic banking channel


    The idea for this project was informed by the observation and comparism of banking services in the developed and developing world. In the course of this Project, there were discoveries, observation, challenges and constraints which are worthy to be discussed reflectively. The initial start up of this research, various challenges were encountered, this was partly due to the fact that I was inexperience and it was my first major research project and the aspiration to deliver a qualitative project that will be a standard for reference was put into consideration. Having said that, there were many areas of this project that were not examined prior to the introduction of the topic which made it more interesting and tasking. The number of Pids written and adjustment made after series of advice from my supervisor are indications to the challenging nature of this research.

    The initial conception was to get response from at least 10 banks (comparing 5 old and 5 new generation banks) to the questionnaires sent however, 3 old and 2 new generation banks responded. This expectation was defeated due to the non response from some of the banks to be interviewed. Also, response from both primary researches was not impressive as observed in chapter under research analysis. This actually limits an in-depth analysis of the primary research. This was due to some of the banks contacted refused to give details of their operations, it was said to be organizational policy to maintain operational secrecy. Another area where there was no response was the age group of over 65. This could be attributed to 65 and above may prefer to pay their bills directly rather use these new technologies or lack of interest in adopting them. This, to an extent affected the expected result of the analysis.

    Another constraint encountered in the course of this research was in the design of questionnaires, this took several weeks and went through stages of amendment because they were wrongly designed and not meeting the research purpose before a final copy was adopted. However, regular meetings and advice from my supervisor was of great help because my inexperience was managed reasonably to come with a satisfactory questionnaire design for the project.

    Also, reflecting on the aims and objectives of this dissertation, I am aware that if more time and human resources (extra people) were to be given, a more in-depth and accurate analysis could have been obtained. However, the milestones set for this project was followed closely without deviation this could be seen in the gantt chart prepared for the project purpose. Finally, it is my opinion for a more in-depth research to have been under taken on factors responsible for low adoption by

    Customers and on security measures put in place to check internet related crimes in view of this project.


    Recommendations for the research topic will include improvement plans and an indepth research on the following:

    • It is worthy to note that an in-depth research is needed on how privacy and security standard will be improved in order to gain customers acceptance and trust of electronic banking.
    • A detailed survey should be embarked on, focusing on how the banks and government will educate the Nigerian citizens on the importance and the benefits of electronic banking if
      practiced and adopted.
    • A detailed survey on how internet access will be improved and provided should be focused on. This should include setting up cybercafs in communities of different states in Nigeria
      for easy access and at reduced price.
    • An introduction into the schools curriculum a course on computer literacy, which will include all secondary and tertiary level.


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