An Assessment of Electronic Banking Initiatives in Nigeria

The importance of internet banking in developing countries cannot be overemphasized as the cost of information and communication technologies are becoming cheaper while the problem of digital divide in these nations continue to be resolved. The Central banks of several developing nations have encouraged their financial institutions to incorporate electronic banking services to broaden their delivery systems and to remain competitive. While some banks in Nigeria provide online banking products and services, there is lack of research on the specifics. However, it is only by providing strategic products and services can a bank remain competitive. In this paper, we survey some banks in Nigeria to identify the different products and services that they provide. We discuss the implications of our findings and suggest appropriate strategies that will enable banks provide competitive products and services.