Mobile Banking Services In The Nigerian Banking Sub Sector, Issues, Problems And Prospects Analysis
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This project is dedicated to God almighty who has seen me thorugh in all my academic section.
It is clear that no good book is ever written without prior contribution from various assistance and permission to reference to another, morall encouragement, constructive criticism, proofreading , granting of research opportuinities and facilities and also typing of manuscript. I am here to state tht my case is no exemption.
Prior to this, I am however, grateful to my beloved parents mr and Mrs Uzoh John for their moral support, financial assistance and words of encouragement which has been most suiting for me in these trying days of academic struggle.
My sincere gratitude goes to my Mr. Ngwu T. C my project supervisor and also my H.O.D and my gratitude goes to my friends and the entire student of my department for their help.
I also acknowledge the managemtn and staff of FAS Computers who patientyly typed work without much error, all the entire student of banking and finance of federal polytechnic nekede and all my well wishers.
May almighty God bless you all, Amen.
Uzoh Tochi Glory
As stated by one of the respondent ‘ thee mobile banking service in the Nigeria banking sector was established by law” and needed in the economy for banking. Tho this end Kanu et al (2001:7) defined “mobile banking service as an institution corporate or incorporated, recognized by a country’s highest monetary authority or government with the ability to be able to move , easily and quickly from one place to another.
Prior to the above definition, it is clear that the Nigerian banking sub sector is incomplete without the mobile banking service because with mobile banking services , villages and townships , which could never justify the expense of a branch have the facilities they need among at a regular intervals at their door steps. Also mobile banking services provide th mobilization of domestic savings, which is hoped to be acknowledged.
I have outlined some of the objective, advantages and disadvantages of mobile banking services problem of mobile banking service and also its future prospects. I have also recommend some useful and in the establishment of the mobile banking service, which I hope that if considered could be a solution to some of thee problems outlined above. This project work is quite interesting and academic, therefore prepare your mind for the best.
Table Of Contents
- Title page
- Approval page
- Table of contents
- 1.0 introduction
- 1.1 Background of the study
- 1.2 Statement of the problem
- 1.3 Objectives of the study
- 1.4 Research questions
- 1.5 Significance of the study
- 1.6 Scope of the study
- 1.7 Limitation of thee study
- 1.8 Definition of terms
- 2.0 Literature Review
- 2.1 introduction
- 2.2 definition and nature of mobile banking
- 2.3 Mobile banking services
- 2.4 Advantage of mobile banking services
- 2.5 Problems of mobile banking services
- 2.6 Prospects of mobile banks and their services
- 2.7 Reference
- 3.0 Research design and Methodology
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Sources methods of data collection
- 3.4 Population and sample size
- 3.5 Sample technique
- 3.6 Validity and reliability of measuring
- 3.7 Methods of data analysis.
- 4.0 Presentation and analysis of data
- 4.1 Introduction
- 4.2 Presentation of data
- 4.3 Analysis of data
- 4.4 Interpretation of result(s)
- 5.0 Summary , Conclusion and recommendations
- 5.1 Introduction
- 5.2 Summary of findings
- 5.3 Conclusion
- 5.4 Recommendation
1.1 Background Of The Study
It has been observed that the banking arrangement in the country was not conductive to rapid improvement of banking in Nigeria for instance . the Lopsided nature of the banking system “at banking facilitiee in the country work inadequate , inaccessible and inconvenient for the masses. Further more the reserves under capitalization and liquidity ofbanks particularly.
The indigenous ones meant that banks often defaults in their obligations particularly before the 1952 banking ordinance, and this was not conductive to the development of banking habit as it undermines pubic confidence in the system. Prior to these features above, measures were then called for to attempt to eradicate these features and thereby help to develop the adequate banking habit in the country.
Given that more than 80% of the Nigeria population lives in rural areas and the rural banking has not made a sizeable impact on the economy and with 72% of the total population falling below poverty line learning grade level (1-4) substantiates the facts that the Nigeria economy is under bavased.
In his speech the former chairman of the united bank of Africa limited (UBA) (JULY 1982) it is generally aggred that the banking act 1969, which has its origin in the pre cential banking era. 1952 ordinance is a body of restriction at preventing banks from being a nuisance rather than a charter for positive economic initiatives for the transformatonof our society into a modern agricultural and industrial one”. In my own view , I will suggest that the country requires a banking sector which would allow as much diversity at can be compatiable with safety for the deposition of funds.
Prior to these therefore, it is important tonotethat one of the issues which should be adopted to tackle the above problems thee encouragement of mobile banking services and engendering (petition in the banking industry before going into details about the meaning of mobile banking services let me explain the meaning of a bank and a banking services.
A bank according to Kanu (2001:7) stated, that a bank could be defined from the following perspectives.
Banking act 1979 S. 3 (i) “ as an institution recognized as bank by the bank of england.
“The Problem with this definition is the link between recognition and the bank of England while this definition would be accepted in Britain , it will not be appropriate in Nigeria or any other independent nation(s).
Agricultural credits act 1928 s.5(7) defined banking as an institution , firm, incorporate companyor society carrying on the banking business and approves by the minister. The act did not explain what a bnking business and in some countries a bnking license is granted by the country central bank rather that a minister, hence the insufficiency of the definition.
Banking decree 1969 S. 41(i) “ defined a bank as any person who carries on the banking business in Nigeria” the person refered to here include a commercial bank, an acceptance house, discount house, merchant banks and other banking institutions section 31 (i.e) also defined what constitutes the banking business, however, the decree being a Nigeria decree vested the authority of granting a banking licence on a Nigeria authority.
Central bank of Nigerian Decree 24 and banks and other financial institutions Decree 25 both of 1991 “defined a bank as a Bank licensed under banks and other financial institution decree 25 of 1991 (CBN decree of 24 S. 53 and BOFID 25 S. 61). These two Nigeria decrees refealed the 1969 banking decree. However the deficiency of the definition is the same with that of the 1969 banking decree.
Companies Act 1948 “ defined a bank as any company which satisfies the deprtment of grade and industry that it ought to be so treated. The purpose of this definition was to distinguish between those companies that should be exempted from disclosing certain inforjation regarding profit and loss accounts and balance sheets like these other definitions. It is unsatisfactorily as a universal definition of a bank.
“A bank is therefore defined as an institution corporate or uncorported, recognized by a countrys highest monetary authority or government for the purpose of carrying on the banking business determined by that monetary authority or government.
“ A bank is therefore defined as an institution corporate or uncorporated, recognized by a country highest monetary authority or government for the purpose of carrying on the banking business determined by that monetary authority or government.
A BANKER could also be explained to mean below:
NWANKWO (1982) defined a banker as “ a dealer in debts and banking as dealing in debts” the beauty of this definition lies oon its relevance to modern banking especially the banker’s function of money creation. A banker deals on debts, which he creates against himself and as well as makes a living by buying and selling money.
Kanu (2001:10) defined a banker as “any person or group of persons licensed to carry on the business of banking as specified by thee relevant banking laws” he also defined banking as any performance of any of the banking business.
A banking business according to the provision of S.41 (e) of 1969 banking decree, could be said to includes:
Receiving monies from outside sources as deposits irrespective of the payment of interest. Granting of money, loans and acceptance of credits purchasing and sale of securities for accounts of others.
Purchase of bills and cheques.
Incurring of the obligation to acquire claims in respect of loans prior to their maturity. Assumption of guarantees and other warranties for others.
Effecting of transfers and cleaning.
Such other transactions as the central bank by order published in the federal Gazette designate as banking business.
Similarly, S.61 of the 1991 banks and other financial institutions Decree No. 25 is a simplified and modified provision of the 1969 banking decree. According to the 1991 Decree, banking business is the business of Receiving Deposits on current accounts , savins account or other similar accounts.
Paying or collecting cheques drawn by or paid by customers.
Such other business as the governor of the CBN may by o rder published in the Gazete designate as banking business. Having considered the meaning of bank , banker and banking business . one would deviate a little to consider the meaning of “mobile banking”
“Mobile” according to advanced learners dictionary defined it as moving, able to be moved, easiy and quickly from place to place. Perry, (1985,9) defined mobile banking as motorized caravan fitted out as a small bank, which can tour outlying districts, on one ormore days a week, or go to fairs or agricultural shows. There are usually staffs of two to four who provides a counter services.
In a similar category are the fixed but temporary banks stands created during exhibituions such as the ideal homes, camping or do it yourself exhibitions at tait court and Olympia.
I will define “Mobile banking” as an institution corporate or unincorporated , recognized by a country highest monetary authority or government for the purpose of carrying on the banking business for the purpose of carrying on the banking business determined by that monetary authority or government with the ability to be able to be moved, easily and quickly from one place to another.
In most of our rural areas one can derive for half a day without seeing a shop, post offices or bank branch. No matter hw remote or self sufficient the inhabitants of the area may be, they are not able to afford the time to travel to the nearest branch of their bank.
As stuart (1981:89) of the bank of Scotland commented, “farming up there , they need all the daylight the can get, so if the crafter by road, air or sea”. If a crofther money for a new tractor or for land drainages, say or needs advice on insurance , investment or among other services that the banks provide, the staff of thee mobile relay the request. Home branch and a senior man or the money visits the customer.
1.2 Statement Of The Problem
In view of all that have said above, it is clear that banking business in Nigeria could not be complete without prior consideration to the need for mobile banking services. The question are:
- No competent machinery to perform the function in mobile banking.
- If the can consider modernization of baning industry to be necessary in mobile banking.
- Would the rate of fraud, forgeries and armed robberies in the country affect the development of mobile banking , yes it will, if only the can find a means to sto it.
- It is important to have or create an effect against money laundering in the mobile banking services in Nigeria.
- All this problems started therefore critical analysis on the need of solution for banking service in Nigeria.
1.3 Objective Of The Study
For any research work to be considered meaningful and effective, one must not fail to consider the objective of study. Therefore, in view of this research topic, the work is aimed at;
- Finding out the need for mobile banking services in the economy.
- Finding out the requirements for the establishment of the mobile bank,
- Finding out the problem and constraints associated with the establishment of the mobile banking in the economy.
- Finding out the importance of mobile banking service to the economy)
These and more are the objective of this research work.
1.4 Scope Of The Study
Generally, the scope of this research work covers both the commercial and merchant banking system(s) in the banking sub sector. This is why it Is regarded as an “analysis” as a unit of this wide coverage, the choice of questionnaires respondents was prepared to cover both the commercial and merchant banks in the economy , who could understand the questionnaire and presumable give unbiased and reliable answers.
1.5 Research Question
- How many banks have adopted the use of mobile banking services in the sub-sector?
- Would the rate of fraud, forgeries, and armed robberies in the country affect thee development of mobile banking?
- Mobile banking service bank any relations with E- banking?
- Would mobile banking services help effectively in transformation of the Nigeria banking sub – sector.
- Does mobile banking service help in the transfer of fund?
1.5 Significance Of This Study
This research topic in consideration would enable the government and the private sector of the economy to fashion out means and modalities on he need for th establishment of mobile banking services in the banking subsector .
This is because , if mobile banks are established into the economy, the following below would be its added advantage(s).
- It will ease the movement of funds both withing and outside the area.
- It will facilitate thee setting of debts between people and thus improves business efficiency.
- It will provide a place of safefy for personal savings of which of course, the bank at this service time offers standards rate of interest.
- It will provide a depository base for the customers article of value.
- It will open up opportunities for employing fresh bank staff locally.
- It can equally provide working capital for local business and losts .
1.7 Limitation Of The Study
Generally a study like this is as could be expected fraught with many limitations. Time constraints is clearly at the fore front, considering the facts that the researcher is a student and have many other courses to study while also carrying out this research work. This has in no small way harrowed down the ability of the researcher to source all valuable data tht would have been useful and helpful in carrying out this study.
Finance also is very essential in a study of this nature because transportation cost is an inevitable cost and must be paid for especially now that the economy had just experience an increased in the pump price of fuel. Also, th search for data required for this study costs money, which in my case, financial support was not strong and this posed a serious handicap for the research work.
It is obvious also that for a study like this, a good and up to date statistics are necessary , if not important but unfortunately, such vital and up to date statistics were not readily available may be due to one reason of the other.
1.8 Definition Of Terms
The operational definition of terms as they are used in the write-ups is given below:
This is a center of where business activities are being carried out in a country.
This is defined as an institution , corporate or unincorporated, recognized by a country highest monetary authority or government for the purpose of carrying on the banking business determined by that monetary authority in government.
A banker is defined as any person or group of persons banking as specified by the relevant laws.
This is defined as the business of receiving deposits on current accounts, savings accounts and other similar accounts, paying and collecting cheques drawn by or paid in by the customers and the provision of finances to the customers.
This is defined as an institution corporate or unincorporated , recognized by a countrys highest monetary authority or government for the purpose of carrying on the banking business determined by that monetary authority or government with the ability to be able to be moved, easily and quickly from one place to another.
This is defined as the management function which evaluates public attitudes , identifies the policies and procedures of an organization or group of people with the public interest, and executes a program to action of action to earn public understanding and acceptance.
This is defined as the study of relationship between workeerss performances and their environment, and in particular , the application of anatomical psychological and physiological knowledge emphasizes that the workers job has to be studied as a whole, with equipment, office and work planning, designed accordingly.
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How to nail it on the head during your project defence
You are through with writing that project. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.