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Management Essay

1835 words - 8 pages



The Concept of ICT and a Perspective of Nigerian Banks
Technology can be referred to as the application of knowledge for the execution of a given task. It entails skills and processes necessary for carrying out activities (works) in a given context. While ICT encompasses computer systems, telecommunication, networks, and multimedia applications (Frenzel, 1996). It came into use in the late 1980’s replacing earlier terms like Electronic Data Processing (EDP), Management Information System (MIS), although the latter terms are still in use (Frenzel, 1996).
ICT has transcended the role of ...view middle of the document...

With respects to the banks in Nigeria, the first bank was established in 1892 (then African Banking Corporation). However, there was no banking legislation until 1952 when three foreign banks (Bank of British West Africa, Barclays Bank, and British and French Bank) and two indigenous banks (National Bank of Nigeria and African Continental Bank) were established, with a total number of 40 branches (Iganiga, 1998). As at 1988, the Nigerian banking system consisted of the CBN, 42 commercial banks and 24 merchant banks (Iganiga, 1998; Adam, 2005).
From 1970, the banking sector grew significantly in terms of number and coverage as a result of increase in economic activities. However, between 1970 and 1985, the growth of the sector was relatively slow due to predominant government regulations but the period 1986-2000 witnessed a phenomenal growth of the sector as a result of the financial deregulation policy, that is the Structural Adjustment Program-SAP of 1986 (Iganiga, 1998). This brought about the liberalization of bank licence leading to a rapid change in the sector. Some of the banks were characterized by paper oriented methods, rather than technological based systems and this resulted to slow pace of their operations vis-à-vis their employees’ productivity cum general performance. The use of computers and other ICT gadgets in their operations were limited.
- 68 - Global Journal of Business Research, Vol.2, No.2, 2008 Osabuohien, E.S.C.
This was one of the reasons adduced by Ojo (2007) as factors responsible for the Nigerian financial sector malaise.
To mitigate the shocks experienced in the system, the Federal Government of Nigeria came up with the financial sector reforms through the CBN. The bank reforms entail other issues but this paper is dwelling manly on the bank consolidation that was initiated in 2004. The policy thrust on bank reforms encompasses the sum of the variations that occur in the direction of a comprehensive banking system. The bank reforms agenda, among others, specified a minimum capital base of 25 billion naira for the commercial banks that took effect in December, 2005 (Diamond Bank, 2005; CBN, 2006). This has reduced the number of commercial banks in Nigeria from 89 to 25, which was done via the processes of mergers, acquisition and the stock market (CBN, 2006; Ige, 2007). The major aim was to make Nigerian banks vibrant and resilient, clothed with efficiency and financial strength to absorb possible shocks, thereby instilling public confidence as well as global relevance (Soludo, 2004).
ICT and Nigerian Banking Sector
The revolution in ICT has made the banking sector changed from the traditional mode of operations to presumably better ways with technological innovation that improves efficiency. ICT can enhance efficiency via its use and in recent times banks have been encouraged by the rapid decline in the price of ICT gadgets. This has perhaps increased the bank level of ICT usage (Ovia, 2005).The...

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