ELECTRONIC PAYMENT SYSTEM IN NIGERIA: IMPLEMENTATION,CONSTRAINTS AND SOLUTIONS
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
ELECTRONIC PAYMENT SYSTEM IN NIGERIA: IMPLEMENTATION,CONSTRAINTS AND SOLUTIONS
ABSTRACT OF NIGERIA’S ELECTRONIC PAYMENT SYSTEM: IMPLEMENTATION, CONSTRAINTS, AND SOLUTIONS
The study explores the Federal Government of Nigeria’s electronic payment system deployment and the restrictions that it faces in order to provide solutions to the identified obstacles.
The study was driven by the apparent low level of satisfaction with Nigeria’s e-payment system. The population for the study was made up of government agencies, contractors, and banks,
with a total of 200 respondents sampled using a convenient sampling approach, and the analysis is based primarily on original data acquired from the respondents.
respondents. The study identified system restrictions and made recommendations for optimal system implementation.
INTRODUCTION TO CHAPTER ONE OF NIGERIA’S ELECTRONIC PAYMENT SYSTEM: IMPLEMENTATION, CONSTRAINTS, AND SOLUTIONS
Since the defeat of barter in human history, trade has typically involved the exchange of commodities and services in exchange for an equivalent.
Money is an example of an abstract value (Sadeghi & Schneider, 2001). Payment systems have existed since money was introduced as an abstract manner of representing value. Over time, more and increasingly abstract representations of value have been introduced.
Starting with barter and progressing via bank notes, payment orders, checks, and finally credit cards, a comparable progression of value transfer systems has culminated in electronic payment systems.
As electronic payment systems become more prevalent, the stock of currency stored outside the banking system, which represents a potential source of unproductive economic resources since it is not available for credit growth, gets incorporated into it.
Consequently, the monetary system’s deposit base grows. For both positive and negative reasons, Nigeria’s payment system has been primarily cash-based: positive because to its rapid convertibility to other types of value without the need for any financial intermediary
In immoral transactions, anonymity and untraceability make it a bad institution. Because the government was besieged with claims of corruption, electronic payment was implemented.
Civil Service in the Federal Government. The Federal Government, through its Treasury Department
a recursive reference No TRY/A8 & B8/2008, dated October 22, 2008, directed that all payments from it be made electronically beginning January 1, 2009. The policy has been chastised by all for its lack of planning, inefficiencies, and delays in payment for goods and services;
thus, this article extends and contributes to the body of knowledge by assessing the system’s implementation and constraints in order to propose solutions to them.
Statement of the Issue With the rapid advancement of Information and Communication Technology (ICT), electronic commerce is now serving as a means of conducting business transactions via electronic means such as
as well as internet access (Anik and Pathan, 2002). E-commerce is the most recent phase in the growth of business transactions, as it substitutes or supplements the exchange of money or goods with an electronic payment system in Nigeria.
The study explores the Federal Government of Nigeria’s electronic payment system deployment and the restrictions that it faces in order to provide solutions to the identified obstacles.
The study was driven by the apparent low level of satisfaction with Nigeria’s e-payment system. The population for the study was made up of government agencies, contractors, and banks,
with a total of 200 respondents sampled using a convenient sampling approach, and the analysis is based primarily on original data acquired from the respondents. The study identified system restrictions and made recommendations for optimal system implementation.
Though e-commerce appears to be a fantastic potential, it urgently requires new payment mechanisms to enable its further growth (Abrazhevich, 2002).Drawing more individuals and their capital into the banking sector is a major task for many economies.
Policymakers must consider how to bring people into the large economic tent. According to a 2003 study conducted by Global Insight Inc. and VISA, e-payment reduces the quantity of currency outside the banking system, allowing for more effective monetary policy management and price and interest rate stability.
According to the research, e-payment products can act as gateways into the banking system for the unbanked segments, which account for up to 70% of the world’s population,
creating a potentially powerful engine for growth – drawing cash into bank accounts where it can provide low-cost funds for lending and investment (VISA, 2003).
The adoption of e-payment in Nigeria was initially done to remove unacceptable delays in the payment of government contractors by the government.
minimising interaction between contractors and government employees who have a role to play in the payment system, but it was later extended to cover all payments from any government fund as of January 1st, 2009.
Concerns have been expressed about the deployment of the payment system. As a result, the article will identify the constraints in the payment system and provide remedies to them.
The study’s objectives.The following were particularly identified in the study:
objectives:
(i)Evaluate the effectiveness of Nigeria’s e-payment system installation.
(ii)Identify the system’s implementation restrictions.
(iii)Provide solutions to the highlighted constraints in the system’s implementation.Problems in Research
The following are the research questions:
(i)How effective is Nigeria’s e-payment system implementation?
(ii)What are the obstacles to the system’s implementation in Nigeria?
(iii)What are the solutions to the mentioned constraints?
Need help with a related project topic or New topic? Send Us Your Topic