– Assessment of Payment System in the Central Bank of Nigeria –
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ABSTRACT
The economy is predominantly cash based, reflecting the preference of economic agents and the weakness of the legal system to enforce contracts.
The unintended social and economic cost are the risks and inconveniences associated with cash transactions such as armed robberies use of counterfeit banknotes as well as the inconvenience of carrying large quantities of currency notes.
This study assessed the of Nigeria is undertaken to establish whether or not a relationship exist between payments system and economic development in Nigeria. It provides an overview, structure and development of the Nigeria payments system.
It evaluates the role and highlights the problem of establishing an efficient . This study administered survey questioners to the central bank officials.
The findings of the study reveal that; the payment system has promote effective transaction in the banking system, the payment system tools such as ATM card, e-payment, debit note etc have promoted the economic growth in Nigeria.
The payment system in Nigeria is easy to use (user friendly), the CBN regulates, monitors and enforces the payment system in the Nigerian banking sector, there are challenges facing the use of payment system in Nigeria.
The CBN has made enough efforts in promoting effective use of payment system, there are uniform standards in the banking sector for the use of payment system.
The enhance the economic growth through the payment system, the payment system promotes economic growth through the use of IT and adequacy of electrical power supply promote the effectiveness of payment system.
Based on the above findings, the study recommended that the should continue to improve the use of ATM, improve the central payment system for more efficiency and encourage the populates on the use of ATM. In addition, more introduction of IT to the payment system in order to reach the local level.
TABLE OF CONTENT
PRELIMINARY PAGES
Title Page i
Certification ii
Dedication iii
Acknowledgments iv
Abstract v
Table of Contents vi
CHAPTER ONE INTRODUCTION
1.1 Background information/statement
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Scopes of the Study
1.8 Organization of the Study
1.9 Definition of Terms
CHAPTER TWO LITERATURE REVIEW
2.1 Conceptual Clarification
2.2 Theoretical Framework
2.3 Empirical Reviews
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Research Design
3.2 Research population
3.3 Sample and Sampling Technique (s )
3.4 Research Instrument (s)
3.5 Validity and Reliability of Instruments
3.6 Data Collection Technique(s)/ method(s) of Data Collection
3.7 Data Analysis Technique(s)
CHAPTER FOUR DATA PRESENTATION AND ANALYSIS
4.1 Introduction to Data Analysis
4.2 Analysis of all Data Collected
4.3 Description of Research Instruments used in the Analysis and why each is
used for purpose it is used for
4.4 Summary of Data Analysis and the result achieved
CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendation
5.4 Research for further studies
Bibliography
Appendix I: (Research Questionnaires)
INTRODUCTION
Background Information/Statement
The payment system consist of institutions, set of instruments and procedures through which financial obligations are discharged by . An efficient payment system ensures that financial with minimum delay and cost to the economy.
It is therefore, imperative for the financial architecture to be developed to engender and efficient payment system that guarantees that transaction are concluded efficiently and at minimum risks.
The payments system is an important anchor for economic and social development in any economy.
An efficient payments system enhances the operation of a and assists in the maintenance of monetary and general economic well-being though the transmission of money that over time.
It has become a core function of central banks worldwide to ensure the efficiency, integrity and safety of the payments system by instituting, in collaboration with other key stakeholders in the payments process, sound operating policies and practices.
Malosh (2004) sees payments system as a mechanism that facilitates intermediation through the transfer and the processing of the value of money from the payer (buyer) to the payee (seller) in the process of exchanging goods and services.
The system invariably includes not only the instruments, such as cheques, money orders, wire transfers, electronic transfers and other payment instrument, but also organization, operating, procedures and information, and communication agreement that are used in initiating and transmitting payment instruction from one party to another in settling obligation.
The payment system enables the financial sector to serve the real sector, and there for its development sophistication is a necessary precondition for the business development both domestically and internationally.
BIBLIOGRAPHY
Akpakpan, E.B (1999),‖Evolution Problems and Prospects of Nigerian Payments‖ System in Central Bank of Nigeria Bullion, Volume 29 No. 1 January – March 2005.
Amedu, U.M (2005) Domestic Electronic Payment in Nigeria: The Challenges in Central Bank Of Nigeria Bullion, Volume 29 No. 1 January – March 2005.
Betts, Scott (2004), Market Forces Driving Change In The Payments System‖, Presented At NACHA Payments 2004 Workshop, Settle, Washington State, USA March 22nd
Camaron, R. (1972) Banking and Economic Development Some Lessons of History, New York: Oxford University Press, 1972.
Gallagher, Timothy J, and Andrew, Joseph D., (2003), ―Financial Management Principle; And Practice‖, By Pearson Education Inc, Upper Saddle River, New Jersey.
Goldsmith, R. W. (1969) Financial Structure and Development, Yale University Press, New Haven Ct.
King, R. and R. Levine, (1992) – Financial Indicator and Economic Growth in a Cross Section of Countries,‖ PRE Work GH Paper No. 819 (Washington: World Bank).
Levine, R. 2003. ―More On Finance And Growth: More Finance More Growth‖ Federal Bank of St. Louis Review 85 (4): 31-46
Malosh, Greg (2004). ―The Impact Of Technology On Payments Law Presented At Payments 2004. Seattle, Washington State. USA, March 23, 2004.