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2011 Electronic Commerce, Automation and Online Banking in Nigeria: Challenges and Benefits39Electronic Commerce, Automation and Online Banking inNigeria: Challenges and BenefitsOjeka, Stephen A. (B.Sc, M.Sc ACCOUNTING)Accounting Department Covenant University NigeriaEmail: stojeka@yahoo.comIkpefan, O. Ailemen (Ph.D, ACA, ACIB, FNIM)Banking and Finance Department Covenant University NigeriaEmail: ochei_ikpefan@yahoo.co.ukAbstractElectronic banking has been around for some time in the form of automatic teller machines and telephone transactions. More recently,it has been metamorphosed by the Internet; a new look and delivery channel for banking services that benefits both customers andbanks. The objective of this paper is to find out the correlation between the anticipated benefits/challenges and encountered benefits/challenges. This paper therefore empirically, adopted the use of survey research to explore in quantitative terms the various challengesand benefits e-business poses to Nigeria businesses, with particular reference to Banking and Finance Industry. It was found out thatthere is statistically significant difference between the anticipated and encountered benefits and major challenge is the security breachfaced the customers. We therefore recommend that workshops should be organized for customers periodically on how to keep their datasecret especially on how to combine numbers to form password and Constant training of employees both local and international on newdevelopment in online trading should be encouraged. Key words: e-commerce, Electronic Banking, Automation, e-business, Banking/Finance Industry.E-banking includes familiar and relatively matureelectronically-based products in developing markets, suchas telephone banking, credit cards, ATMs, and direct deposit.It also includes electronic bill payments and productsmostly in the developing stage, including stored-value cards(e.g., smart cards/smart money) and Internet-based storedvalue products. E-banking in developing countries is in theearly stages of development. Most banking in developingcountries is still done the conventional way. However,there is an increasing growth of online banking, indicatinga promising future for online banking and Nigeria banksare taking good advantage of it.Nigerian banks started very low in the quest for theadoption for electronic banking but this slow pace witnessedat the beginning of last decade is fast changing for the betterin term of adoption of e-banking. Adeyemi (nd) positedthat slow adoption of electronic banking practice is rapidlychanging for the better. This assertion was supported byAyo; Adebiyi; Ekong & Fatudimu (2007) where theyposited that with improved technological development andprovision of basic infrastructure there will be improvede-Commerce and e-Payment services with overall reductionin the amount of currency in circulation.Awareness of electronic payments in Nigeria is increasingand it accounted for N360 billion worth of transaction in2008 (Adeyemi, n.d). (Ayo et al., 2007 cited in Adesina& Ayo, 2010) submitted that, this revolution started in theNigeria banking system in 2003 with the introduction ofGuideline of Electronic Banking by the Central Bankingof Nigeria. This was accompanied by bank reformationexercise in June 2004. The reformation exercise leftNigeria with 24 strong and reliable banks against 89 bankspreviously in existence. The author further maintainedthat, the surviving banks of the recapitalization exercisehave enormously engaged the use of ICT as a platform foreffective and efficient delivery of banking services. This hasmade Nigerian banking sector more competitive becausecustomers are now yearning for more online services thatwill cater for all their needs right from the rooms with theirdesktops, laptops, and palmtops and even from their handsetsor desks in their various offices without necessarily stepinto the banking hall. Global demand as a result of inflow ofOjeka S. A., Ikpefan O. A. - Electronic Commerce, Automation and Online Banking in Nigeria: Challenges and Benefits