Regulating Internet Banking In Nigeria : Problems andChallenges- Part 1

Abstract

The emerging trend in Internet banking in Nigeria is of global concern. For one thing, the Nigerian economy is a strong force in Africa . The country also has a high reputation for Internet-related frauds in the world, having been regarded as the headquarters of Advance Fee Fraud (419). The code ''419'' is named after Section '419' of the Nigerian Criminal Code that deals with obtaining property by false pretences; Cheating. On the home front, bank frauds, forgeries, money laundry, insider abuse and erosion of public confidence constitute a set of disturbing issues in the present-day Nigerian banking system. This explains why regulation has become of paramount importance in the entire Internet banking development process. This paper examines the current regulatory efforts of the Central Bank of Nigeria to ensure successful practice of Internet banking in Nigeria . It identified lapses in the existing regulations on Internet banking, and argues that without a comprehensive regulation and improved access to information infrastructure, it might be difficult for meaningful advances to be made in this field of banking.

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