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Write a 20 pages paper on problems and challenges in regulating internet banking in nigeria.
Write a 20 pages paper on problems and challenges in regulating internet banking in nigeria. The spread and popularity of the internet over the last two decades have paved the way towards the usage of the internet for a wide array of business-related functions. The economies of different regions have witnessed the implication of different ICT tools within their business practice. Information and Communication Technologies (ICTs) is a broad area of research that includes consideration of issues such as, the usage and adoption of the Internet, usage of Personal Digital Assistants (PDAs) and high-speed Internet products and services (Broadband) (Harrison and Dennis, 2004, p34).
The Internet has been considered an important new technology that has become part of daily life and has affected almost every aspect of the economy (Fillis et al, 2004, p191). Consequently, it is being viewed to be an enabling technology that can be used wisely or unwisely, in almost any industry and as part of almost any strategy (Porter, 2003). Recognizing the potentials of ICTs, Governments and the public sector are investing in it.
With no exception, the banking sectors all over the world are also going through transformational changes as ICT tools are playing an integral role in routine operations of the banking sector (Adeyinka, 2000, p14). The evolution of E-commerce and internet banking has further paved the way for the implication of the internet and ICT within the banking sector. However, along with the adaptation of ICT tools, it is also imperative that the banking sector must monitor and manage the adaptation of the internet and other advanced technologies within their operations through the practice of change management to assure that the sector is making positive use of evolving technologies. Nigeria has also shown some positive signs towards the adaptation of ICT in different sectors and the Nigerian Banking sector has adopted several tools of ICT like smart cards, electronic home and office banking, and telephonic banking in order to provide the consumers with an update and advanced banking services (Adeyinka, 2000, p14).
