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07030248044CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Electronic banking which is mostly known as electronic funds transfer (EFT) is clearly the use of electronic method to remit funds directly from one account to another, rather than by the physicalcheque or cash.
E-banking has become widely known because of its flexibility, speed, convenience and accessibility.It also provides users with benefit such as easy transfer of funds, online purchase, speed transaction with less cost and it is time saving. Over time, the introduction and adoption of e-banking began to occur quite extensively as a means of distribution for financial services because ofthe continuousgrowth in IT and intensive competitive banking markets (Mahdi and Mehrdad 2010; Dube, et . al .2009). E-banking is a powerful tool that pushes development and supports growth in the Nigeria economy through the nature of product and services and the way these are packaged, delivered and consumed. Banks and every other business are turning to electronic commerce (ecommerce) as a result of the introduced e-banking in other to enhance business efficiency and attract new clients (Otekebe, 2005). With electronic banking, banks are able to improve their customer relations and as well as expanding their day to day activities.
E-Banking has hugely contributed in increasing the efficiency of banking operations and also providing more convenience to customers even without meeting face to face with the bankers. E-banking has experienced volatile growth, transformed traditional practices in banking and improved the economy of Nigeria, Benue state specifically.
Electronic banking can be used to solve numerous financial problems and it has hugely boosted the Nigerian economy and that of Benue state specifically. E-banking can be used to paycheck deposited directly into your bank or credit union checking account, it is used towithdraw money from ones checking account from an ATM machine with a personal identification number (PIN), at your convenience, day or night, it can also be used to instruct your bank or credit union to automatically pay a specified monthly bills from your account, like your auto loan or your mortgage payment, through e-banking, one can buy groceries, gasoline and other purchases at the point-ofsale, using a check card rather than cash, credit or a personal check at the convenience of their homes.
Electronic banking can come in form of Internet Banking, which gives one the opportunity to handle many banking transactions via your personal computer. For example, one may use his or her computer to view his account balance, request transfers between accounts, and pay bills electronically, etc. Automated teller machine or automatic teller machine (ATM) which is an electronic computerized telecommunications device that permits a financial institution's customers to directly use a safe method of communication to access their bank accounts, order or make cash withdrawals and also check their account balances without the need or presence of the cashier.Smart cards which can also be used with a smart card reader attached to a personal computer to confirm a user.E –banking has therefore become a core channel of business that provides easy and direct means of transaction made possible by the use of internet facility.
This study will carefully evaluate the effect of e-banking in economic development of Benue state.
1.2. STAEMENT OF THE GENERAL PROBLEM
The recent economic recession and its eventual slow recovery has called for stricter and disciplined ways of ensuring speedy economic development in Nigeria through the banking sector. The poor economic management and monetary policies by successive government and critical sectors of the economy like the banking sector in recent times have also contributed to the economic recession as it has been alleged that the Nigerian banking sector have not been awake to their responsibility of being the major drivers of the economy as it is in other advanced economies in the world.
1.3. AIMS AND OBJECTIVES OF THE STUDY
The major aim of the study is to examine the effect of e-banking in economic development of Nigeria. Other specific objectives of the study include the following;
1.4. RESEARCH QUESTIONS
1.5. RESEARCH HYPOTHESES
H01: There is no significant effectof e-banking on the economy of Nigeria.
H02: There is no significant relationship between e-banking and economic development in Nigeria
1.6. SIGNIFICANCE OF THE STUDY
The study would be of immense importance to policy makers and government at all levels as it would highlight the effect of electronic banking on the development of the economy in Nigeria. the study would also benefit students, researchers and scholars who are interested in developing further studies on the subject matter.
1.7. SCOPE AND LIMITATION OF THE STUDY
The study is restricted to the effect of e-banking in economic development in Benue state of Nigeria.
LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
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