Electronic Banking in Nigeria: Challenges of The Regulatory Authorities and The Way Forward

The Nigerian banking sector has witnessed tremendous changes linked with the development in information system over the years. The quest for survival, global relevance, maintenance of existing market share and sustainable development have made the exploitation of many advantages of information technology through the use of automated devices imperative in the industry. The development of e-banking as a result advancement in information system poses a lot of challenges to regulatory authorities in the system. This paper examines the concept of information technology, the meaning of electronic banking, origin of e-banking in Nigeria , areas of information and communication technology deployment by banks, guidelines on e-banking in Nigeria, reasons for automation of banking operation, challenges of regulatory on e-banking in Nigeria and the way forward.