Electronic Payment Channels in the Nigeria Banking Sector and Its Impacts on National Development

Abstract

Electronic payment channels (EPC) are fast growing in Nigeria and are now the order of the day for effecting payments. These methods have brought a lot of convenience to both individual and corporate customers, unlike many years ago when the economy was heavily cash driven. This study examines the impact of electronic payments channels (EPC) on National development (ND). The survey was targeted at current and savings accounts customers of deposit money banks in Nigeria. One hundred and twenty (120) questionnaires were administered in six (06) banks in Ado –Ekiti metropolis. Ninety-Eight (98) questionnaires were returned for processing. The data was analyzed using inferential statistics specifically with the use of chi-square. The study reveals that electronic payment channels (EPC) have impacted on the economy and therefore contributing positively to national development (ND). It was recommended that the Central Bank of Nigeria (CBN) should mount other e-payment products for the promotion of trade and commerce in Nigeria. The Central Bank of Nigeria (CBN) should embark on intensive campaign for complete adoption of e-payment products especially at the grassroots level among others.