E-banking system in Nigeria

 The introduction of electronic banking system in Nigeria has really made banking transactions easier, faster and devoid of stress.  Now, withdrawal and transfer of cash can be done faster with the aid of the ATM machine. Being able to withdraw and transfer cash even at weekends made the whole idea of e-banking a better option for many. With internet banking, cash can be transfer both locally and internationally from the comfort of our homes. Nigerians have embraced the whole idea e-banking even though when it first started, despite its perfect replacement for the conventional banking system and ease of banking, majority of the populace were skeptical about it because of the widespread rumors about electronic card transaction fraud. Many did not buy the idea but as time progressed, the tremendous benefit of this technology dawned on many.. It has proved to be faster, reliable and a stress free means of cash withdrawal and transfer, given card holders the privilege to withdraw money at any time, 24/7, 365 days.
Statistics has shown that the population of people using ATM has grown from 10% in 2008 to 65% in 2016. Now that telecommunications operators can participate in mobile money service which was a very weak aspect of e-banking system earlier on because it was spear headed solely  by the banks.
Even though most Nigerians do not know what mobile money service is all about because adequate awareness campaign has never been set aside for it, the Central Bank of Nigeria(CBN) has agreed to review its policy on mobile money to include the telecoms industry full participation.
Telecommunications companies have the required infrastructure to strengthen and drive the mobile money service effectively than the banks because of their wide spread presence and facilities.

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