E-Commerce and Banking Performance in Nigeria



E-commerce is relatively new in Nigeria and this business approach is fast gaining momentum. It has gradually emerged strongly and it’s advancing rapidly in all areas of financial intermediation and financial markets. This development has no doubt earned a competitive advantage owing to the fact that the recent development in telecommunications and information technology has resulted in new delivery channels for banking products and services. One of such derived benefits from e-commerce and its resultant impact on banking performance is its improved efficiency and effectiveness, convenience, reliability, flexibility, speed, etc. in order to enhance effective service delivery and boost banking performance in the Nigerian economy. However, as to how e-commerce practices can be employed in the pursuit of a sustainable development and economic growth is yet to be firmly established. This research work particularly describes the significance of e-commerce system by explaining the transition from the traditional business practices to the evolving electronic commerce practices which has broken many new grounds and has taken a global dimension.  Again, it explains why the electronic commerce channels such as the use of ATM, telecommunications, social networks, internet banking, POS terminals, Mobile phones, software applications, etc could enable business to blossom and reduce the movement of cash/cash handling which in turn helps to curb crime rates, mitigate other barricading challenges and would protect us from many dangers.  Also, it explains why it has gained greater height of acceptability and thus explains how information communication technology (ICT) could be exploited and enhanced for this purpose.  Conclusively, it develops a strategic management framework for leveraging e-commerce practices by providing considerable and practical suggestions on the use of e-e-commerce - its features, benefits, success factors and possible attendant risks associated with e-commerce. It guarantees customers’ patronage,  improve the standard of living, as well as facilitating economic, social and technological changes as certain values are expoused by sustainable development which in turn, would help to foster economic growth in the Nigerian economy . it was recommended that government and banks should establish adequate regulatory framework that will ensure customers’ protection and security of investment.

Keywords: e-commerce, e-banking, mobile commerce/mobile banking, internet banking, information technology, social networks.


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ISSN (Paper)2224-5782 ISSN (Online)2225-0506
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