Electronic Payment Systems And Fees Collection In Nigerian Universities (A Case Study Of Lagos State University And The University Of Lagos, Lagos)

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Electronic Payment Systems And Fees Collection In Nigerian Universities (A Case Study Of Lagos State University And The University Of Lagos, Lagos)


Abstract


The paper examined Electronic Payment Systems and fees Collection In Nigerian Universities using the University of Lagos, Lagos as a case study. Faced with transactional challenges such as incomplete transactions, difficulties in tracing payments, high bank charges etc., the researcher seeks to examine the various channels for electronic fees payment, challenges in using the electronic fees channel and the effects of electronic fees payments on the select Universities for the study.

Concerning methodology, both primary and secondary sources of data was used for the study. Well-structured questionnaires were distributed to respondents in both Universities and this formed the primary source of data for the study while, journals and text books were reviewed as secondary sources of data for the study. Findings from the study reveals that at a significance level of 0.05, there is a statistically significant effect between electronic fees payment and fees collection in the two Universities used for the study. Recommendations from the study includes; improvement in power supply for both Universities, re-training of staff on the various electronic channels used for fees payment, strengthening of internet services and providers around the campuses.


Chapter One


Introduction

1.1 Background of the Study

Nigeria had long adopted the cash payment system which firstly portends a positive implication because it can immediately be converted to other forms of value without any intermediary role by a financial institution and secondly portends a negative implication because it is private in nature and cannot easily be traced in a situation involving unlawful dealings. However there was an allegation on the federal government accusing its federal civil service of complacency in corruption. This allegation spurred the federal government to formulate and adopt a new policy of Electronic payment. Consequently in 2008 the federal government issued a directive under a new circular from the treasury department that all funds accruing to the federal government be paid via electronic means beginning from 1st January, 2009. But the policy has been widely challenged on grounds of causing delay in remitting payments,absence of planning and gross inefficiencies. Nigerian Universities especially the public ones, were also expected to comply with this policy directive.

The Nigerian universities are increasingly changing from the manual payment system to the Electronic Payment System. Presently, fees are paid electronically in most Nigerian universities. This therefore presents an intermediary between the bank and the universities on the receiving end and the students on the paying end. All these parties; the bank, the ICT intermediary, the Universities and the students are linked electronically through the internet with an ultimate goal to implement a fee payment system that offers the least risk, inconvenience and cost.

Specifically, the University of Lagos introduced the electronic payment systems of fees from 2011/2012 while Lagos State University introduced its electronic payment of fees from 2013/2014 academic sessions, by this all the students were advised to open accounts with any Deposit Money Bank of their choice and obtain Automatic Teller Machine card from their banks. An efficient payment system must be defined with such attributes as; reliability, promptness, accessibility, accountability, security and cost effectiveness to enhance the implementation of Electronic Payment Systems in Nigerian Universities.


1.2 Statement of the Problem

The introduction of the fees payment system is one of the recent innovation of ICT; it has not come without challenges for the regulators, operators and the consuming public. It has imposed on the regulators and supervisors of the system the need to fashion out new monitoring and control mechanisms that should adequately address risks of new dimensions and complexities. In the context of Nigerian Universities, electronic fees payment entails effecting payment by the students to the universities’ bank account electronically via the use of an internet facility. However, there are some unresolved issues in the electronic payment of fees, such as transaction error or incomplete transactions, student names missing from the payment schedule, difficulty in tracing transactions between the bank and the Remitta among others. These issues are of great concern to many and the researcher in particular. However, there is no empirical study in this area related to Nigerian Universities; the few available studies on Electronic Payment Systems are on commercial banks and other financial institutions. It is on this basis, that a comparative study is undertaken in order to examine the various issues of concern in the Electronic Fees Payment Systems.


1.3 Objectives of the Study

The research objective is to proffer an appraisal of the viability of electronic fees payment systems in Nigerian Universities. Specific research objectives sets out to

  1. Examine the various media of electronic fees payment systems used in the Lagos State University and University of Lagos.
  2. State the challenges facing electronic fees payment systems in Lagos State University and the University of Lagos respectively.
  3. Determine the effects of electronic fees payment systems on the level of fee collection in Lagos State University and University of Lagos.
  4. Identify the differences in Electronic fees Payment Systems in Lagos State University and University of Lagos.

1.4 Research Questions

  1. Is there any difference between the various electronic fees payment media used in Lagos State University and University of Lagos?
  2. Can the challenges bedeviling electronic fees payment systems in Lagos State University and University of Lagos be firmly established?
  3. In what ways have electronic payment fees systems significantly affected fees collection in Lagos State University and University of Lagos respectively?
  4. What are the differences in electronic fees payment systems in Lagos State University and University of Lagos respectively?

1.5 Statement of Hypotheses

The statements of hypotheses which are stated in Null are as follows

  • Ho1: The effect of electronic fees payment systems on fees collection in Lagos State University and University of Lagos is insignificant.
  • Ho2: There difference in the electronic fees payment systems in Lagos State University and University of Lagos is insignificant.

1.6 Significance of the Study

The research which appraises electronic fees payment systemin Nigerian universities, provides useful findings and recommendations to the Federal Government for policy formulation, members of the University community, operators of the financial sectors who implement the policy, as they stand to benefit from the results of findings and recommendations of this study, as the findings and recommendations could be used as input for policy formulation. Also, this study would contribute to the existing literature in this very important area. Students and researchers in finance and business related fields would find this literature to be a significant contribution to knowledge which will be useful for further researches.


1.7 Scope of the Study

There are areas different electronic payment systems, such as electronic payment of salaries, contractors and pensions. However, this research only centres on the Electronic fees payment systems in Nigerian Universities from 2013 to 2015.


1.8 Limitation of the Study

The researcher only examines the fees payment systems in Nigerian Universities with respect to its challenges/constraints, benefits and prospects. For effectiveness of the research, Lagos State University and University of Lagos were chosen as case study representing the entire Nigerian universities and the research method is limited to the use of structured questionnaire administration. However, the distance between Lagos State University and University of Lagos especially during the questionnaire administration and the reluctance of some respondents on information disclosure posed as challenges to the researcher.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary of the Finding

The study was carried out to examine electronic payments systems and fee collection in Nigerian Universities. In order to achieve this purpose, four objectives, four research questions and two hypotheses were formulated to guide the study. The survey research design was adopted in this study. This research design utilizes instruments of questionnaire for the collection of data in order to accurately and objectively describes an existing phenomenon.

The population of this study was the Nigerian Universities with the Universities of Lagos and Lagos State University (LASU) as the case study. The population of this study is 29,720 which consist of 18,724 students from University of Lagos while that of LASU is 10,996.

The sample size for this study comprised of three hundred and ninety five (395) respondents. The sample size was estimated using the Yaro’s formula. Simple random sampling technique was used for this selection. Questionnaires were administered to collect the data used for the study. Face validity method was used for validating the instrument. A reliability coefficient of 0.70 was obtained for the instrument using Cronbach Alpha Analysis. Simple percentages, mean and standard deviation were used for answering the research questions while Chi-square test and t-test were used for testing the hypotheses at .05 level of significance. The findings of this study showed that:

  1. Automatic Teller Machine (ATM), Electronic Funds Transfer (EFT), Electronic Smart Cards and Cell Phone Banking are the media that are widely used.
  2. Lack of stable power supply, inadequate network infrastructure. Lack of internet related support services, high cost of ICT equipment, network, high cost of software are the major challenges bedeviling the implementation of electronic payment system in Nigerian Universities.
  3. There is effect of electronic payment systems on fees collection.
  4. There is difference in the electronic payment systems in Lagos State University and University of Lagos.

5.2 Conclusion

This research was an attempt by the researcher to determine whether the implementation of e-payment by Nigerian Universities has a positive impact. The objectives of the study was to determine the viability of electronic payment of fees in Nigerian Universities, examine the various media of electronic payment system in Nigerian universities, identify the challenges in the implementation of electronic payment systems in Nigerian universities, determine the effects of electronic payment systems on fees collection in Nigerian universities and finally to identify the significant differences in electronic payment system Nigerian universities.

Based on the findings of this study, it was concluded that electronic payments systems affects fees collection in Nigerian universities, the various electronic payment media used in Nigerian university for fee collection include:

Automatic Teller Machine, Electronic Funds Transfer, Electronic Smart Cards, Electronic Purse and Cell Phone Banking. The major challenges faced the Nigerian universities on the implementation of Electronic Payment System are: lack of stable power supply, limitation in network infrastructure and internet related support services, cost factors such as cost of ICT equipment, network, software and re-organization as well as inadequate ICT and managerial staff. There is significant effect of electronic payment systems on fees collection.

Finally, there is significant difference in the electronic payment systems in Lagos State University and University of Lagos.


5.3 Recommendations

Based on the findings of this study, the following recommendations were made:

  1. That Electronic payment system has positively affected fees collection, therefore, other universities in the country should accept e-payment deployment as a strategy to improve and develop the quality of services offered in order to achieve their overall corporate objectives.
  2. This study has proved the various media of electronic payment, used for fees collection, the researcher therefore recommends that more ATM stands should be provided to complement the existing ones to avoid long queues and that measures should be put in place to ensure 24 hours service delivery.
  3. This study has it that lack of stable power supply, limitation in network, ICT infrastructure and internet related support services such as, cost of information technology equipment, network, and software has been the challenges facing the implementation of e-payment. The researcher therefore, recommends that universities should raise fund in order to acquire these facilities needed which will enhance efficiency and excellent service delivery in the universities.
  4. Based on the findings that there is significant difference in the electronic payment system in Cross River University and the University of Lagos, the researcher recommends that personnel training should be done to ensure competency and acquisition of software and ICT equipment to achieve the desired organizational goal.

5.4 Contributions to Knowledge

Electronic payment system is a recent technological innovation with few empirical researches carried out so far, and even the few researches were on Commercial Banks and other financial institutions. Therefore, this work Electronic Payment System and Fees Collection in Nigerian Universities was carried out on academic institutions which have not to the best of my knowledge been researched before.

This research should therefore be published to add to the existing body of knowledge as this will go a long way to assist other researchers.


5.5 Business Implication of Findings

From the findings of this work, it is implied that the electronic payment system of fee collection is faster, convenient, cheaper, reliable and more acceptable means of fees collection which will enhance in accurate preparation of financial statements as well as excellent service delivery in the universities.

The research also implies that for any university wishing to be at the top in excellent service delivery, the management of the university should adopt electronic payment system for faster, convenient, cheaper, reliable and more acceptable means of fees collection.


5.6 Recommendation for Further Studies

There are several internal forces which can make electronic payment fees fraud more likely to prevail in the universities, such as poor internal controls, poor personnel policies and practices etc. Therefore further researches are recommended along these areas.


Electronic Payment Systems And Fees Collection In Nigerian Universities (A Case Study Of Lagos State University And The University Of Lagos, Lagos)


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Electronic Payment Systems And Fees Collection In Nigerian Universities (A Case Study Of Lagos State University And The University Of Lagos, Lagos)


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Frequently Asked Questions


What is e-payment in Nigeria?

In the Nigeria context, e-payment is effecting payments from one end to another and through the medium of the computer without manual intervention beyond inputting the payment data, it is the ability to pay the suppliers, vendors and staff salaries electronically at the touch of a computer button (Agba, 2010).

What is edusys fee collection software?

EduSys online fee collection software or fees management software for school, college, coaching institutes, and university helps to manage & collect exam, tuition and other fees and donation via website or App. 

What is Payu and pay gateway?

EduSys in partnership with the leading global banks and, PayU and PayPal Payment Gateway supports all banks payments thereby making the fee collection and payment process easy and simple. It includes robust platform to pay and accept any sort of fees online as well as offline. The transactions reflect instantly on the bank statements.

What is the fee collection software?

The Fee Collection Software helps educational institutions collect any type of fees such as annual, examination, tuition, fine, etc., through online website or mobile app using debit / credit/ net banking from any Indian & International banks such as ICICI, SBI, Axis, Citibank and more. 

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