GLOBAL INNOVATIONS IN THE ELECTRONIC PAYMENT SYSTEM: A LOOK AT FUTURE OF BANKS IN NIGERIA
Emmanuel Ndakimpa Abu and Adamu Garba Zango
Volume 7 Issue 1
Abstract
Electronic payments are financial transactions made without the use of paper documents such as physical cash or cheques. Payment instruments under e-payments include ATM card, debit card, credit card, smart card, e-wallet, eCash, electronic cheques etc. E-payment systems have received different acceptance level throughout the world; some methods of electronic payments are highly adopted while others are relatively low. This study using secondary source of data from the entire Nigeria banks universe aimed to highlight the use of this new technological innovation and identify areas for improvement in the electronic payment systems. The study also aims to offer some suggestions for improvement on the e-payment. Although this paper observed that made some significant progress over the past years, increasing the skills and educational attainment of Nigerians especially of telecommunication technology must be a priory of the country’s leadership. The paper concludes with a call to be mindful of the requirements of the youth and cooperation between government and the private sector in Nigeria in order to raise the literacy level of e-payment providers and users in line with international best practice.
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