The Challenges Of Information And Communication Technology In The Nigerian Banking Industry In The 21st Century: The Way Out



Tughgba Ahine

Department of Economics,

College of Education, Katsina-Ala.

Times have changed, and so it is with every facet of life including banking. One can now talk to and/or transact business across the globe through the use of information communication technology (ICT). There are now electronic markets (e-markets), electronic governments (e-governments), electronic library (e-library), electronic Banking (e-banking), etc. Modern banks now realise that only those that overhaul their payment service delivery and operations are likely to survive and prosper in the 21st century. This is due to the pressure of globalisation, consolidation, privatisation, deregulation and rapidly changing technology. In order to properly place themselves in favourable positions for competition and be reckoned with in the new millennium, banks are making use of the internet to execute banking services. Many banks have installed modern computer interconnectivity as the backbone that would enable them achieve communication of data and multimedia over internets and extranets. The adoption of ICT in banking has a lot of advantages but not without challenges. This article discusses the application of ICT in the banking industry in Nigeria, examines the challenges faced in the process draws a number of conclusions, and suggests possible ways to stem the tide.

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