Influence of Electronic Transactions on Financial Service Delivery among Selected Universities in Southwest Nigeria

Abstract

Influence of Electronic Transactions on Financial Service Delivery among Selected Universities in Southwest Nigeria IntroductionThe growth, integration and sophistication of technology are changing our society and economy. Advancement in technology has revolutionized the way organizations communicate with customers and suppliers and how they access information. Internal and external communications networks have been established to communicate with employees, customers, suppliers, institutions and other stakeholders (Alice, 2015). Information and Communication Technology (ICT) has become one among key drivers of recent developments and has influenced every business opportunities (Alice, 2015). The term Information Technology (IT) has recently been expanded to Information and Communication Technology (ICT) in recognition of the growing significance of communications technology to access the Internet.ICT therefore combines telecommunications, computing and broadcasting and covers any product that will store, retrieve, manipulate, transmit or receive information electronically including telephones, faxes, computers and televisions (Asewe, 2010). Information Communication Technology refers to widespread application of computer technology in the financial system (Tajudeen, 2013). Electronic transaction technology is a system which enables financial institutions, customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through various electronic channels. This make banks to rely on monetary transactions that use electronic means rather than cash. According to Edesiri and Promise (2013), the success of electronic transaction technology depends on how an effective e-transaction system operates. The Internet and on-line businesses are growing exponentially and this is due to the explosive growth. E-transaction on the Internet uses various electronic mechanisms that can cater for much diversity of applications.Edesiri and Promise (2013) defines electronic transaction technology as a business services that utilize information and communications technologies including integrated circuit (IC) card, cryptography, and telecommunications networks. The purpose of electronic transaction technology is aimed at curbing some of the harmful consequences linked with the high usage of physical cash in the economy, including high cost of cash, high risk of using cash, high subsidy, informal economy, inefficiency and corruption (Adu, 2016). Nevertheless, Borhan (2017) defines electronic transaction technology as one in which there is no transactions frictions that can be reduced through the use of money balances, and that accordingly provide a reason for holding such balances even when they earn rate of return. It is not the complete absence of cash but it is a payment system that is secure, convenient, and affordable. It is an economic system in which goods and services are bought and paid for through electronic media. In Nigeria, the introduction of the