THE PROSPECTS, CHALLENGES, AND LEGAL ISSUES OF DIGITAL BANKING IN NIGERIA
THE PROSPECTS, CHALLENGES, AND LEGAL ISSUES OF DIGITAL BANKING IN NIGERIA

Summary/Abstract: Digital banking is one of the numerous impacts of globalization and technological advancement on Nigeria's economy. It allows for smooth delivery of banking services, giving its numerous benefits. However, despite the numerous benefit of digital banking, it suffices to state that there are several challenges and also, a legal uncertainty as to whether there is sufficient legislation that regulates digital banking in Nigeria. It is concerning this that this study employs a hybrid method of research in ascertaining the prospect, challenges, and legal issues concerning digital banking in Nigeria. Online survey questionnaires were sent to 306 respondents (randomly selected) residing in Nigeria. Descriptive and analytical statistics were adopted in analyzing the responses to the questionnaire. The study found that the key challenges to digital banking in Nigeria are the lack of specific legislation regulating digital banking, poor internet infrastructures, and increased cyber fraud, amongst others. It was therefore concluded and recommended that, for a continuous advancement in technologically enable banking system, there is need for Nigeria government and stakeholders to ensure that there is a practical legal framework concerning digital banking. Furthermore, there is need for an intensify efforts in creating a conducive atmosphere for digital banking to thrive in Nigeria.

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