AN OVERVIEW OF ELECTRONIC BANKING IN NIGERIA: LEGAL LIABILITY AND CONTROL

ABSTRACT For Nigerian banks, the major challenge has been the shift from the traditional old banking systems to electronic banking systems and operating a mix of both in Nigeria of today. With technological advancement, electronic banking and payment systems have become the new norm. This long essay titled “An overview of electronic banking in Nigeria: legal liability and control” starts by introducing the term ‘electronic banking’, it goes further to briefly give the history of electronic banking in Nigeria along with the challenges it has stood to face over the years. This paper recognizes the e-banking sector to be a thriving sector in Nigeria and the world at large, although with some shortcomings particular to the Nigerian electronic banking sector. The discussion of electronic banking in this study also touches on the regulatory frameworks put in place over time to regulate the e-banking sector, especially the aspects of consumer protection and data privacy of e-banking customers. Various e-banking frauds were also analysed in this research. Towards the end of this paper, it makes apparent that the e-banking sector is a thriving area of the Nigerian banking system as well as other financial institutions, although with its own shortcomings. To balance the concept of innovation, technology, development, growth as well as payment and payment systems in Nigeria, the paper concludes by proffering a number of recommendations.