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Essay Samples > Business > Nigerian Financial Sector
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Nigerian Financial Sector

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Nigeria is a West African nation largely associated with an economy lagging behind in regard to the slow expansion efforts. A critical aspect leading to the lagging behind economy is linked to the slow adoption of computer applications in different sectors of the economy (Aghenerukeybe, 2009). In the modern day business world, computer applications have been incorporated in many business settings with regard to the daily business activities and financial management. For this reason, many businesses have taken the initiative to embrace the e-banking and e-business technological inventions to increase efficacy and customer satisfaction. This has led to a significant change in the manner which business activities are being implemented in.

As businesses move towards embracing e-business strategies, there are significant changes observed in regard to execution time for activities and the emancipation of human resource potential. Moreover, it is essential to recognize the central role played by banking industry in the emancipation of commerce, trade and other key financial functions, especially when looked at from the context of Nigeria.

Internet banking services are offered by most banks to enable carry out banking transactions form the geographical areas they inhabit and their places of work. The acquiring of ATMs and debit/credit cards help a great deal in realizing the ecommerce growth. Specifically, Nigerian e-commerce is sluggish because the country has a steady degree to it. The people’s information on the issue is the driving force required as to inform on how to make use of the new technologies.

The electronic-cash transfer services have been on the rapid growth for the last few years. Some of the services that have been growing rapidly include; MoneyGram, Travelex, and Western Union., It is now easy for Nigerian citizens to transfer, withdraw and send money anywhere in the country from any destination. The E-payment providers like the Inter-switch, Visa Card, E-transact, and Master Card are some of the enabling forces that have made it easy for Nigerian citizens to buy with their e-cards. Currently, the growth and expansion of Western Malls is a significant contributing factor to the e-business growth. E-banking is the most significant area of e-commerce that has expanded considerably. Currently, a great deal of Nigerian banks is offering online and real-time banking to their customers. As of now, Nigerian customers have got used to the online banking system in that they have been flexed in terms of services and management of their accounts.

Banks are gradually looking forward to card based payments unlike the extensively accepted electronic reward in spite of their slow pace of integration like the debit and credit cards. Considerable need to develop the ATM system across the country is the issue that has pushed many banks to initiating the ATM Consortium in 2003.

Nigeria is far behind most countries in offering reasonable prices for its technology to its citizens (Canzer, 2006). In spite of the above problem, Nigeria is on its way to achieving the level of technology most developed countries have arrived so far. The galloping Nigerian development is comprised of considerable Internet users (pp. 234-237).

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