Information and communication technology products: their gains and pains on Nigerian banking system
Year 2006 witnessed a banking revolution in Nigeria as the minimum paid up share capital of Nigerian banks was increased from N2 billion to N25 billion. With it came consolidation and stiff competition among the emerging “mega” banks resulting into investments in ICT. This paper considers the positive as well as the negative sides of some ICT products like ATM, e-banking, e-payment and e-commerce among others. It compares the investment by banks in ICT in the last three-years with the volume and value of banking transactions occasioned by such investment. It also considers savings from forgeries and frauds and concludes that the gains from ICT banking products far outweigh their shortcomings.
Keywords: E– banking, E– commerce, ICT, ATM