Impact of Cashless Policy on Security Management in Nigerian Banking a Case Study of Gtb Plc
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Chapter One of Impact of Cashless Policy on Security Management in Nigerian Banking a Case Study of Gtb Plc
INTRODUCTION
BACKGROUND OF THE STUDY
During the course of the past ten years the Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, launched the first major initiative to modernize the payments system. The starting point was to automate the cheque clearing system and make it a veritable platform for development of electronic payment channels. Hitherto cheques processing and computations of the net settlement position of banks were done manually. The implementation of the new procedures and rules based on magnetic ink character recognition (MICR) technology revolutionized the cheque clearing system. Consequently, a Centralized Automated Clearing process was established in Lagos clearing zone, whereby with MICR Reader Sorters, necessary information on cheques are captured, built into clearing files and electronically transmitted to the clearing house, from where the net settlement position of participating banks are automatically computed and also electronically transmitted to the Central bank for final settlement. The clearing cycle was subsequently reduced from 5 days to 3 days, which all clearing cheques both local and up-country now takes three days to clear (CBN, 2011).
The Nigerian cashless system of payment has been evolving in line with the global payments evolution. Cashless system of payments and instruments are significant contributors to the broader effectiveness and stability of the financial system. Innovations in technology and business models have implications for the efficiency and safety of cashless system of payments. Cashless system of payment is defined as a society where transactions is functioning, operated, or performed without using coins or banknotes for money transactions but instead using credit cards or electronic transfer of funds. New technology and new participants in the cashless system payments, for example non-bank providers will support the wider financial inclusion agenda (CBN, 2011).The study seek to proffer an appraisal of the impact of the cashless system on security management in Nigerian banking .Acase study of GTB Plc.
STATEMENT OF THE PROBLEM
Before the emergence of modern banking system, banking operation was manually done which lead to a slowdown in settlement of transactions. This manual system involves posting transactions from one ledger to another with human hands. Figures or counting of money which should be done through computers or electronic machine were computed and counted manually which were not 100% accurate thereby resulting to human errors. Most banks then used only one computer in carrying out transactions which helped to ameliorate the sluggish nature of banking transaction.
According to David (2012), Nigeria did not embrace electronic banking early when compared to developed countries. Nigeria adopted electronic banking system in the early 2000s. During the introduction of electronic banking system, the use of raw cash was said to have breed corruption through the “cash and carry syndrome” usually linked with the swift movement of Ghana-must go” bags by some politicians. Electronic banking is defined as the use of computers to carry out banking transactions such as withdrawals through cash dispensers or transfer of funds at point of sale. The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. Therefore, it represents the major foundation of the modern market economy. The problem confronting the study is to investigate the impact of the cashless system on security management in Nigerian banking .A case study of GTB Plc.
OBJECTIVE OF THE STUDY
The Main Objective of the study is to investigate the impact of the cashless system on security management in Nigerian banking .A case study of GTB Plc; The specific objectives include
1 To determine the nature of the cashless system.
2 To determine the security issues in Nigerian banking.
3 To determine the impact of the cashless system on security management in Nigerian banking .A case study of GTB Plc.
RESEARCH QUESTIONS
1 What is the nature of the cashless system?
2 What are the security issues in Nigerian banking?
3 What is the impact of the cashless system on security management in Nigerian banking?
STATEMENT OF THE HYPOTHESIS
The statement of the hypothesis for the study is stated in Null as follows
HO The level of insecurity in the Nigerian Banking is high.
Ho The impact of the cashless system on security management in Nigerian banking is not effective
SIGNIFICANCE OF THE STUDY
The study addresses the challenges of security encountered in the use of cash in the Nigerian banking system. The study proffer relevant information for policy stakeholders to stimulate the economy with policies which will promote the cashless policy.
LIMITATION OF THE STUIDY
The study was confronted with logistics and geographical factors
DEFINITION OF TERMS
CASHLESS SYTEM DEFINED
Cashless system of payment is defined as a society where transactions is functioning, operated, or performed without using coins or banknotes for money transactions but instead using credit cards or electronic transfer of funds. New technology and new participants in the cashless system payments, for example non-bank providers will support the wider financial inclusion agenda (CBN, 2011)
AUTOMATED TELLER MACHINE DEFINED
This is a computerized machine that permits bank customers to gain access to their account with a magnetically encoded plastic card and a code number. In addition, it is a computer terminal activated by magnetic plastic card which enables the customer to perform several banking operations without the help of teller such as withdrawal, make payment, transfer fund and obtain mini bank statement of account.
ELECTRONICS FUND TRANSFER DEFINED
Electronic Funds Transfer (EFT) is the system of transferring money from one back account to another without physical money changing hands. One of the most widely used EFT programs is Direct Deposit/Direct Debit; in which money is deposited straight into a beneficiary’s bank account.
ELECTRONIC PAYMENT DEFINED
In the Nigerian Universities context, e-payment is effecting payments from students to the University’s account through the medium of the computer without manual intervention beyond inputting the payment data; it is the ability to pay fees and other charges electronically at the touch of a computer button.
REFERENCES
CBN, (2011). Understanding the Cashless Economy. Extract on 11th June 2012,
http://www.cenbank.org/cashless
Daniel, E. (1999). Provision of Electronic Banking in the UK and the Republic of Ireland.
International Journal of Bank Marketing, 17(2), 72-82.
David, M. (2012). Cashless Economy; Adequate preparation is essential. Newswacth Magazine, Pg. 27
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