History of ict banking in nigeria
Banks have spent millions of Naira on ICT every year in a bid to fully automate its operations and services to customers.
The private sector is also not left out in this information technological revolution. Because of bad 15 management, the bank known as the Industrial and Commercial Bank folded up in Equally significant is the granting of G3 licenses to some operators.
This has brought to light, the fact that ICT has increased competition within the industry.
Impact of ict on banking sector in nigeria
He then defines information as scientifically processed data which aids decision making. With over 45 million subscriber base, Nigeria's telecommunication industry is regarded as the fastest growing in the world. To cap it up, the period were littered with debris of failed banks; therefore, it is not erroneous to conclude that the Nigerian Banking History has been repeatedly punctuated with bank failures. The State of ICT in Nigeria Ogunsola and Aboyade observe that Nigeria had a late start in the use of computers, but the growth in their use has been quite remarkable. The realization that 21 the market size is not really increasing, has made banks more competitive. The GSM has also revolutionalized our business environment as people can transact their businesses from the comfort of their homes through the use of GSM facilities. The first attempt to establish an indigenous bank was in Another major commercial bank of foreign origin to establish in Nigeria is the International Bank for West Africa, now Afribank. Because of bad 15 management, the bank known as the Industrial and Commercial Bank folded up in Intercontinental Bank Plc is a good example of banks that have integrated on-line, real-time banking systems. This was the first attempt to put down the condition under which a bank can operate in Nigeria. Lack of awareness and access excludes many from the digital environment.
This has opened up huge business opportunities in the telecom industry. The payment system witnessed significant development from to Lack of awareness and access excludes many from the digital environment.
The use of electronic payment system which was at a very rudimentary stage in recorded significant improvements 24 in Having secure information environments helps in attracting more investment in ICT. Also, due to the fact that some customers lost their deposits in the erstwhile technically-insolvent banks, they have realized that one way in which they can provide quality service is through the use of information and communication technology ICT.
Another colonial bank with chequered history is the Barclays Bank D. In a country where poverty still walks the streets, ICT remains a stranger.
The industry recognized that ICT was a major key to its development.
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