Internati
o
nal
Journal of Ele
c
trical
and Computer
Engineering
(IJE
CE)
Vol.
4, No. 6, Decem
ber
2014, pp. 837~
847
I
S
SN
: 208
8-8
7
0
8
8
37
Jo
urn
a
l
h
o
me
pa
ge
: h
ttp
://iaesjo
u
r
na
l.com/
o
n
lin
e/ind
e
x.ph
p
/
IJECE
Analysis
of
Security M
e
chanisms i
n
Nigeri
a E-B
a
n
k
ing
Platform
A
y
a
n
g
b
ekun Oluwa
f
emi J
.
*
,
B
a
nko
l
e O. Felix
**
,
Sa
ka
Ba
dira
t
A
.
***
* Department of
Information Technolog
y
,
Cr
esce
nt University
Ab
eokuta,
Ogun State, Nig
e
ria.
** School of
Co
mputing, Univer
sity
of South
Afr
i
ca, South
Africa
***Department
of Computer Science, Cr
escen
t
U
n
iversity
Ab
eok
u
ta,
Ogun State,
Nigeria.
Article Info
A
B
STRAC
T
Article histo
r
y:
Received Aug 16, 2014
Rev
i
sed
O
c
t 14
, 20
14
Accepted Oct 25, 2014
Electronic bank
ing s
y
stem has become
an important practice among all
banks in Nigeria. Th
e introduction of
this electronic banking h
a
s improved
banking efficien
cy
in rend
ering
sales a
nd servic
es to custom
er, which is the
24-hour access
to cash and retri
e
val of ba
nking data i
.
e. statem
ents,
transac
tion de
tai
l
s etc
.
It was in
line with
this t
h
at th
e studies
aim
at th
e
Security
Mechanisms of E-banking S
y
stem.
Through the
cluster sampling
techn
i
que, data
was collected b
y
m
eans of
questionnair
es from 25 Banks
officers
and th
e result shows Electroni
c Banking is barely
secure for th
e
financial institutions. And throug
h the h
y
pothesis
carried out in
this research
,
it shows us that
all b
a
nking tr
ansaction can
be do
ne an
y
w
her
e
is the world as
long as
y
our
access device is connected
to th
e
intern
et service
through an
y
service provid
e
r
.
This Mechan
i
s
m
was initial
i
zed and found
to be ver
y
effective fo
r securing the bank
in
g tran
sactions. I
t
’s being recommended for
banks and other financial institutions fo
r ma
xi
mu
m se
c
u
ri
ty
.
Wi
t
h
a
l
l
t
h
e
s
e
in the banking I
ndustr
y
,
the ban
k
has an effectiv
e electronic ban
k
ing s
y
stem
which has improve its customer’s relations
hip and
satisfaction. To
this end, it
is recommended that th
e bank
inform
ation and
Communication techno
lo
g
y
training
programme should b
e
encourage among all th
e
banks staff
,
necessar
y
leg
a
l
codes banking should be
established in order to enhance
growth of th
e
in
dustr
y
.
Keyword:
Database
E-
b
a
nk
ing
Netw
or
k
Security
Copyright ©
201
4 Institut
e
o
f
Ad
vanced
Engin
eer
ing and S
c
i
e
nce.
All rights re
se
rve
d
.
Co
rresp
ond
i
ng
Autho
r
:
Ay
an
gbe
k
u
n
O
l
uwa
f
em
i
J.,
Depa
rt
m
e
nt
of
In
fo
rm
at
i
on Te
chn
o
l
o
gy
,
Crescent University
Abe
o
kut
a,
Ogun State,
Ni
geria.
Em
a
il: p
h
e
mmyc@yah
oo
.com
1.
INTRODUCTION
To
day
’
s
bu
si
n
e
ss en
vi
r
onm
ent
i
s
ext
r
em
ely
dy
nam
i
c and e
xpe
ri
ence
r
a
pi
d c
h
a
nge
s
as a res
u
l
t
o
f
technological im
provem
e
nt, increase
d
awa
r
eness and dem
a
nds Banks to se
rve thei
r cust
om
ers electronically.
B
a
nks
have t
r
adi
t
i
onal
l
y
been i
n
t
h
e fo
re
fr
ont
o
f
ha
rne
ssi
ng t
ech
n
o
l
o
gy
t
o
im
prove
t
h
ei
r pr
od
uct
s
an
d
serv
ices. Th
e
Ban
k
i
n
g
indu
stry o
f
th
e
2
1
s
t cen
tu
ry op
erates in
a co
mp
lex
an
d
co
mp
etitiv
e en
v
i
ron
m
en
t
characte
r
ized by these changing
co
ndi
t
i
o
n
s
and hi
ghl
y
un
p
r
edi
c
t
a
bl
e
econom
i
c c
l
imate. Inform
ation a
nd
C
o
m
m
uni
cat
i
o
n Tec
h
nol
ogy
(IC
T
)
i
s
at
t
h
e
cent
r
e
o
f
t
h
i
s
g
l
obal
c
h
a
nge
c
u
r
v
e
of
El
ect
r
o
ni
c B
a
n
k
i
n
g
S
y
st
em
in
Nig
e
ria tod
a
y. Du
e t
o
in
crease in
techn
o
l
og
y u
s
ag
e in
t
h
e b
a
nk
ing
indu
stry,
perform
ance increases
da
y-by
day
.
E
-
ba
n
k
i
n
g i
s
bec
o
m
i
ng an i
n
di
s
p
ensa
b
l
e part
of
m
o
d
e
rn
day
ba
nki
n
g
se
rvi
ces
. B
a
nki
ng
i
n
du
st
ry
i
s
al
so
o
n
e
of
th
e ind
u
str
i
es th
at adopt tech
no
log
y
wh
ich
h
e
lp
ed
i
n
p
r
ov
id
ing
b
e
tter
serv
ices t
o
custo
m
er
s. Q
u
alit
y o
f
serv
ices is im
p
r
ov
ed
b
y
u
s
i
n
g tech
no
log
i
cal
in
no
v
a
tion
s
.
On
lin
e
b
a
nk
i
n
g is ti
m
e
sav
i
n
g
.
Assert that they have over
th
e t
i
m
e
, been usi
n
g el
ect
ro
ni
c an
d t
e
l
ecom
m
uni
cat
i
on net
w
or
ks
f
o
r
del
i
v
eri
ng a
w
i
de ra
nge
of
v
a
l
u
e ad
ded
p
r
od
uct
s
a
nd se
r
v
i
ces, m
a
nage
rs i
n
B
a
nki
ng
i
n
d
u
st
ry
i
n
N
i
geri
a
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
SN
:
2
088
-87
08
IJECE Vol. 4, No. 6, D
ecem
ber 2014
:
837 – 847
83
8
cannot ignore
Inform
ation
Syste
m
s because they play a
critical i
m
pact
in current Ba
nki
ng system
.
These
poi
nt out that the entire ca
sh
flow
of
m
o
st fortune Banks are linked to In
form
ation System
. The application
of
in
fo
rm
atio
n
and
co
mm
u
n
i
cati
o
n techno
log
y
co
n
c
ep
ts, techn
i
qu
es, po
licies and
im
p
l
e
m
e
n
tatio
n strateg
i
es t
o
banking servic
es has
becom
e
a s
u
bject
of fundam
ental importance
and c
once
r
ns t
o
all
Banks
and indeed a
p
r
erequ
i
site fo
r lo
cal and
g
l
o
b
al co
m
p
etitiv
e
n
ess Bank
ing
.
The a
d
vance
m
ent
i
n
Tec
h
nol
ogy
has
pl
ay
ed a
n
i
m
port
a
nt
rol
e
i
n
i
m
provi
n
g
ser
v
i
ce del
i
v
e
r
y
stan
d
a
rds in
t
h
e Ban
k
i
n
g
indu
stry.
In its sim
p
lest fo
rm
,
Au
t
o
m
a
ted
Teller Mach
in
es
(ATMs) an
d dep
o
sit
m
achi
n
es
no
w
al
l
o
w c
o
n
s
um
ers car
ry
out
ba
nki
ng
t
r
a
n
sact
i
ons
bey
o
n
d
ba
nki
ng
h
o
u
rs
. T
h
e
del
i
v
ery
c
h
annel
s
t
oday
i
n
Ni
g
e
r
i
a el
ect
roni
c B
a
nki
ng
are
q
u
i
t
e
num
erou
s h
a
s i
t
i
s
m
e
nt
i
oned
he
re
Aut
o
m
a
t
i
c
Tel
l
e
r
M
achi
n
e
(ATM
), Po
in
t
o
f
Sales (POS), Teleph
on
e B
a
n
k
i
n
g
, Sm
ar
t Cards
,
Internet Banki
ng etc Personal com
p
uters in
th
e Bank
ing
i
n
du
stry
was
first in
tro
d
u
c
ed
in
to
Nig
e
ria
by So
ciety Generale Bank
as
th
e pop
u
l
ar PC easy
access to the internet and
Worl
d
W
i
de
W
e
b (www) and in
ternet is increasingly use
d
by Bank’s as a channe
l
of
del
i
v
eri
ng t
h
e p
r
od
uct
s
an
d ser
v
i
ces t
o
t
h
e num
ero
u
s cu
st
om
ers. Vi
rt
u
a
l
l
y
alm
o
st
al
l
B
a
nks i
n
Ni
ger
i
a hav
e
a web
p
r
ese
n
c
e
;
t
h
i
s
fo
rm
of B
a
nki
ng i
s
ref
e
rre
d t
o
as
I
n
t
e
rnet
B
a
n
k
i
ng
whi
c
h i
s
ge
ne
r
a
l
l
y
part
of
El
ect
ro
ni
c
B
a
nki
ng
(E
-B
a
nki
ng
).
W
i
t
h
o
n
l
i
n
e
b
a
nki
ng
, i
n
di
vi
dual
s
ca
n c
h
e
c
k t
h
ei
r acc
o
u
n
t
bal
a
nces an
d m
a
ke pay
m
ent
s
wi
t
h
o
u
t
havi
ng t
o
g
o
t
o
t
h
e
ban
k
hal
l
.
As m
o
st
peo
p
l
e
n
o
w
o
w
n
m
obi
l
e
pho
nes
,
ba
nks
ha
ve a
l
so i
n
t
r
od
uce
d
m
obi
l
e
ban
k
i
n
g t
o
cat
e
r
f
o
r
cu
st
om
ers w
h
o
are al
way
s
o
n
t
h
e
m
ove.
M
obi
l
e
ban
k
i
n
g al
l
o
ws i
n
di
vi
dual
s
t
o
c
h
ec
k
t
h
ei
r
account balanc
es and m
a
ke fund tra
n
sfe
r
s using their m
o
bile phones. T
h
is was populari
zed by First At
lantic
Ban
k
(no
w
First In
land
Bank) th
ro
ugh
its “Flash
m
e
cas
h
”
pr
od
uct
C
u
st
om
ers can al
so recharge their
m
obile
ph
o
n
es
vi
a
S
M
S. E
-
B
a
n
k
i
n
g
has m
a
de
ba
nki
ng
t
r
a
n
sact
i
ons
easi
e
r
ar
o
u
n
d
t
h
e
Wo
rl
d
an
d i
t
i
s
fast
gai
n
i
n
g
acceptance in
Nige
ria. Electronic ba
nkin
g,
also known as
electronic fund tr
ansfe
r
(EFT
), uses com
pute
r
and
electro
n
i
c techn
o
l
o
g
y
as a su
b
s
titu
te fo
r ch
ecks an
d
o
t
her p
a
p
e
r transactio
n
s
. EFTs is in
it
iated
th
roug
h
d
e
v
i
ces lik
e car
d
s
o
r
cod
e
s th
at let yo
u
,
o
r
tho
s
e you au
tho
r
ize, access yo
ur
acco
u
n
t
. Man
y
f
i
n
a
n
c
ial
in
stitu
tio
n
s
u
s
e
ATM o
r
d
e
b
it
cards
and
Perso
n
al
Id
en
tif
icatio
n
Nu
m
b
ers (PINs) for th
i
s
pu
rpo
s
e.
Some u
s
e
ot
he
r f
o
rm
s of
debi
t
car
ds s
u
ch a
s
t
h
ose t
h
at
re
qui
re
, at
t
h
e m
o
st
, y
our si
gnat
u
re
o
r
a scan
. T
h
e
fede
ral
Electronic
Fund T
r
ansfe
r
Act
(EFT
Act) cove
rs s
o
m
e
electronic c
o
ns
um
er transactions.
There
f
ore,
El
e
c
t
r
o
n
i
c
ba
nki
n
g
i
s
t
h
e
use
of a c
o
m
put
er
t
o
ret
r
i
e
ve a
nd
p
r
oce
ss ba
nki
ng
dat
a
(state
m
e
n
t
s, tran
saction
d
e
tails, etc.) And
to
in
itiate tr
an
sactio
n
s
(p
aymen
t
s, tran
sfers, req
u
e
sts for serv
ices,
et
c.) di
rect
l
y
wi
t
h
a bank
or ot
her fi
nanci
a
l
se
rvi
ces p
r
o
v
i
d
er
rem
o
t
e
l
y
vi
a a t
e
l
eco
m
m
uni
cat
i
ons net
w
o
r
k
al
so
electronic banking m
eans 24-hour acce
ss
to cash through an autom
a
te
d
teller
m
achine
(ATM) or Direct
Deposit of pa
y checks i
n
to checki
ng
o
r
savi
n
g
s acc
ou
nt
s. B
u
t
el
ect
r
oni
c
ban
k
i
n
g
no
w i
n
v
o
l
v
es
m
a
ny
di
ffe
re
nt
t
y
pes of t
r
a
n
sact
i
o
n
s
e.g.
(i
) Pe
rs
o
n
al
com
put
er
b
a
nki
ng;
t
o
vi
e
w
acco
u
n
t
bal
a
nce,
req
u
est
t
r
ansfe
r
s
b
e
tween
acco
u
n
t
s, an
d p
a
y
b
ills electro
n
i
call
y
. (ii) Deb
it
Card
Purch
a
se
Tran
saction
s
; to
mak
e
pu
rch
a
ses with
a d
e
b
it card, wh
ich
also
m
a
y
b
e
ATM card
.
(iii) Electr
o
n
i
c ch
eck
Conv
ersio
n
;
conv
erts
a p
a
p
e
r ch
eck
in
to
an
electronic
pay
m
ent in a st
ore
or whe
n
a
com
p
any receive
s your c
h
ec
k in the m
a
il.
The electronic
banking syste
m
a
ddres
ses se
veral em
erging trends: cust
omers’ dem
a
nd
for anytim
e,
an
ywh
e
re service, p
r
o
d
u
c
t time-to
-m
ark
e
t i
m
p
e
rativ
es
and
in
creasing
ly co
m
p
lex
b
a
ck
-o
ffice in
tegratio
n
challenges. The challenges that oppose electronic bank
i
ng are the c
o
ncerns of security and privacy of
in
fo
rm
atio
n
.
Fo
r in
stan
ce, Dr. Dav
i
d
Ch
au
m
,
CEO o
f
Dig
i
Cash
said
th
at “Security is s
i
m
p
l
y
th
e p
r
o
t
ectio
n
of
i
n
t
e
rest
s. Pe
opl
e want
t
o
p
r
ot
e
c
t
t
h
ei
r ow
n m
oney
an
d ba
n
k
t
h
ei
r ow
n ex
p
o
su
re. T
h
e r
o
l
e
of g
o
v
er
nm
ent
i
s
t
o
main
tain
th
e i
n
tegrity o
f
and con
f
i
d
en
ce in th
e
who
l
e
sys
t
e
m
. W
i
t
h
elec
tronic cash,
just as with paper cas
h
to
d
a
y, it will be th
e resp
on
si
bilit
y o
f
gov
ernmen
t to
p
r
o
t
ec
t ag
ain
s
t systemic risk
. Th
is
is a seriou
s ro
l
e
th
at
can
no
t
b
e
left t
o
th
e m
i
cro
-
eco
n
o
m
ic in
terests of comm
ercial orga
nizations”.
The sec
u
ri
t
y
o
f
i
n
f
o
rm
at
i
on m
a
y
be one o
f
t
h
e bi
g
g
est concerns to t
h
e Intern
et use
r
s.
For electronic
banking
use
r
s
who m
o
st like
l
y connect
to the
Inte
rnet
via
dial-up m
odem
,
is faced
with a sm
aller risk
of
som
e
one b
r
ea
ki
n
g
i
n
t
o
t
h
e
i
r com
put
ers.
O
n
l
y
or
ga
ni
zat
i
ons s
u
c
h
as ba
nk
s wi
t
h
dedi
cat
ed
I
n
t
e
r
n
et
connections fa
ce the risk
of
som
e
one
from
the Internet
gaining
unaut
h
orized access t
o
their c
o
m
p
uter or
network.
However, the elect
ronic
banking syste
m
users still face the
security risks with
una
uthorized a
ccess
i
n
t
o
t
h
ei
r
ban
k
i
n
g acco
u
n
t
s
.
M
o
re
ove
r, t
h
e el
ect
roni
c
b
a
nki
ng sy
st
em
users al
s
o
c
once
r
n ab
o
u
t
no
n
-
reputability which re
quire
s a reliable identification of
bot
h the se
nde
r and t
h
e recei
ver
of
on-line tra
n
sac
tions.
Non-secure electronic transa
ction can be altered to cha
n
ge the appa
re
nt sender. The
r
efore, it is extrem
ely
i
m
portant to
build in non-rep
utability which
m
eans that th
e identity of both the send
e
r
and the recei
ver
can be
attested
to
b
y
a tru
s
ted
th
i
r
d party wh
o ho
ld
s th
e id
en
tity certificates.
2.
ELECTRONIC
BANKING
OVERVIEW
El
ect
roni
c
ba
n
k
i
n
g sy
st
em
i
s
a con
v
e
n
t
i
ona
l
ban
k
i
n
g sy
st
em
whi
c
h st
at
ed i
n
Ni
ge
ri
a i
n
1
9
52
[1]
.
Sin
ce th
en
, t
h
e in
du
stry
h
a
s
witn
essed
a lo
t
o
f
reg
u
l
at
ory
an
d in
stitu
tional ad
v
a
n
ces. Th
e indu
stry was b
e
ing
Evaluation Warning : The document was created with Spire.PDF for Python.
I
J
ECE
I
S
SN
:
208
8-8
7
0
8
An
al
ysi
s
of
Sec
u
ri
t
y
Mech
a
n
i
s
ms i
n
N
i
geri
a
E-B
anki
n
g
Pl
a
t
f
o
rm
(Ayang
beku
n O
l
u
w
a
f
em
i J)
83
9
cont
rol
l
e
d
by
at
m
o
st
fi
ve out
t
h
e 89 b
a
n
k
s i
n
exi
s
t
e
nc
e befo
re t
h
e c
o
m
m
e
ncem
ent of t
h
e m
e
rger and
acq
u
i
sition
of b
a
nk
s in
Nig
e
ria eco
no
m
y
.
Mu
ltip
le b
r
an
ch
system
s
is a
l
so
on
e of th
e n
o
t
ab
le featu
r
es of
N
i
g
e
r
i
an
Banks, w
ith
a to
tal o
f
8
9
b
a
nk
s acco
un
ting
fo
r
ab
ou
t 30
17
b
a
nk
br
an
ch
es n
a
ti
o
n
w
i
d
e
as at 20
04
.
A
s
wel
l
,
t
h
e i
n
d
u
s
t
ry
was face
d wi
t
h
hea
v
y
cha
l
l
e
nges i
n
cl
udi
ng t
h
e o
v
er
bea
r
i
n
g im
pact
of
fra
ud a
n
d co
rr
upt
i
o
n
.
Nig
e
rian
b
a
nks are no
t left
o
u
t
in
u
tilizin
g Inform
atio
n
Tech
no
log
y
(IT) in
o
r
d
e
r t
o
im
p
r
o
v
e
th
eir
gen
e
ral
servi
ce
del
i
v
e
r
y
.
Fo
r e
x
am
pl
e, som
e
of t
h
e I
n
f
o
rm
at
i
on an
d C
o
m
m
uni
cat
i
on Tec
h
nol
og
y
(IC
T)
p
r
oce
s
ses t
h
at
are bei
n
g
use
d
by
ba
n
k
s i
n
Ni
ge
ri
a i
n
cl
u
d
e
:
m
obi
l
e
t
e
l
e
ph
o
n
y
,
fac
s
i
m
il
e, wi
rel
e
ss
ra
di
o
ph
o
n
e,
ve
r
y
sm
all
ap
ert
u
re term
i
n
al satellite
(VSAT), Au
tomated
Telle
r
Mach
in
e (ATM), In
tern
et B
a
n
k
i
n
g
an
d
Local Area
Net
w
or
k
(L
AN
) am
ong
ot
her
[7]
.
Acco
r
d
i
n
g t
o
Id
ow
u [
7
]
,
Ni
geri
a
n
ba
nks
have r
eal
i
zed t
h
at
t
h
e way
i
n
whi
c
h t
h
ey
can gai
n
co
m
p
etitiv
e ad
v
a
n
t
ag
e ov
er th
eir co
m
p
etito
rs is th
rou
g
h
th
e u
s
e of techn
o
l
o
g
y
. It was
o
b
s
erv
e
d
th
at th
ere i
s
gr
owi
n
g rat
e
s of t
ech
n
o
l
o
gy
ado
p
t
i
o
n i
n
t
h
e
Ni
geri
a
n
ba
nk
i
ng o
p
e
r
at
i
o
n
s
[1
2]
. The C
e
nt
ral
B
a
nk
of
Ni
ger
i
a
(2
0
0
7
)
m
a
i
n
t
a
ins t
h
at
am
ong
t
h
e e-
ban
k
i
n
g
pr
ocesses a
d
opt
e
d
by
Ni
ge
ri
an
ban
k
s t
h
e
ATM
i
s
t
h
e
m
o
st
p
a
tro
n
i
zed
b
y
cu
sto
m
ers. In
ad
d
ition
,
it was fou
n
d
th
at
at
titu
d
i
n
a
l d
i
sp
ositio
n
s
sign
ifican
tly in
flu
e
n
c
ed
th
eir
ATM
usage
.
Kl
y
nvel
d
i
n
t
h
i
s
re
gar
d
f
o
u
n
d
t
h
at
Ni
geri
an
ban
k
c
u
st
o
m
ers gi
ve
spe
c
i
a
l
consi
d
erat
i
on
t
o
b
a
nk
ing
p
a
rticu
l
arly ATM [9]. W
ith
th
is, it seem
s
th
at
Ni
geri
an ba
n
k
cus
t
om
ers
are increasingly associ
ating
q
u
a
lity o
f
b
a
nk serv
ices
with
o
n
lin
e
real ti
me. Th
ey are
n
o
w m
o
re alert an
d
m
e
ticu
l
o
u
s
in
cho
o
s
i
n
g
b
a
n
k
s
t
o
pat
r
oni
ze [
7
]
.
Ni
geri
a
n
b
a
n
k
s ha
ve
no
d
o
u
b
t
i
n
vest
ed
m
u
ch o
n
t
e
c
h
n
o
l
o
gy
;
an
d
have
wi
del
y
a
d
o
p
t
e
d
el
ect
roni
c an
d t
e
l
ecom
m
uni
cat
i
on net
w
or
ks f
o
r del
i
v
e
r
i
n
g a wi
de ra
nge
of
val
u
e ad
de
d pr
od
uct
s
an
d ser
v
i
ces
.
They
ha
ve i
n
t
h
e l
a
st
fe
w y
ears t
r
a
n
sf
orm
e
d f
r
om
m
a
nual
t
o
aut
o
m
a
t
e
d sy
st
em
s. Unl
i
k
e bef
o
re w
h
e
n
l
e
dge
-
card
s
were u
s
ed
, tod
a
y b
a
nk
i
n
g
h
a
s
b
e
en
con
n
ected
to
i
n
form
at
io
n
techn
o
lo
g
y
n
e
t
w
ork
s
, th
ereb
y facilitatin
g
th
e pr
actice of
in
ter
-
b
a
nk
ing an
d in
t
e
r
-
b
r
a
n
ch
ba
nki
ng
t
r
a
n
sa
ct
i
ons.
Electronic Ban
k
in
g (E
- Banki
ng
) re
fers to s
y
stem
s
th
at enable bank custom
er
s to
g
e
t a
ccess to
th
ei
r
accounts a
n
d general inform
ation
on
ba
nk products and se
rvices t
h
rough
the use
of
bank’s
we
bsite, without
th
e in
terv
en
tio
n
o
f
o
r
in
co
nv
en
ien
ce of sen
d
i
n
g
letters, fax
e
s,
o
r
ig
in
al sig
n
a
t
u
res and
teleph
on
e
con
f
orm
a
t
i
ons
[1
5]
[17
]
exp
licitly s
t
ated
th
e b
e
n
e
fits o
f
ad
op
tion
of in
fo
rm
atio
n
an
d
co
mm
u
n
i
catio
n
tech
no
log
y
as it facili
tates
sp
eed
op
eration
,
b
e
tter co
mm
u
n
i
catio
n
,
timely
man
a
g
e
men
t
, i
m
p
r
ov
emen
t of
p
r
od
u
c
t qu
ality
and
g
a
in
ing
com
p
et
itiv
e
ad
v
a
n
t
ag
e.
Devel
opm
ent dom
estically has the in
troduc
tion of m
obile telephone
in
2001 a
nd im
proved acce
ss to
p
e
rson
al co
m
p
u
t
ers an
d
i
n
tern
et serv
ice facilit
ies h
a
v
e
al
so
add
e
d
to
th
e
g
r
o
w
t
h
of electron
ic b
a
n
k
i
n
g
in
th
e
Nige
ria banking sector. However, whereas
local bank
s m
o
st
com
m
onl
y pract
i
ce r
eal ti
m
e
o
n
lin
e in
tern
et
b
a
nk
ing
,
th
e i
n
tegratio
n
of cu
sto
m
ers in
to
th
e pro
c
ess
is
far
from
been
realized. Ma
ny of t
h
e rea
s
ons are
attributed t
o
the high prevale
n
ce of
in
tern
et
frau
d
and
lack
o
f
an
ad
equ
a
te regu
lato
ry
framewo
rk
to
p
r
otect th
e
b
a
nk
s fro
m
th
e vo
latility o
f
ri
sk
s asso
ciated
with
i
n
tern
et
ban
k
i
n
g
, esp
eci
ally at th
e lev
e
ls o
f
co
mm
u
n
i
catio
n
an
d transactio
n. In
th
e m
a
in
,
Nig
e
ria is g
l
obally reg
a
rd
ed
a
s
the
headquart
e
rs of
Adva
nce
Fee Fraud
whi
c
h is
p
e
rp
etrate m
o
stly v
i
a th
e in
tern
et [6
].
Th
e v
a
st m
a
j
o
rity o
f
th
e recen
t
literatu
re on
el
ectron
i
c mo
n
e
y an
d
b
a
n
k
in
g
su
ffers
from a n
a
rrow
fo
cu
s. It
g
e
n
e
rally ig
n
o
res el
ectron
i
c b
a
nk
in
g en
tirely an
d equ
a
tes electro
n
i
c m
o
n
e
y
with
th
e
sub
s
titu
tio
n
of
currency through electronic
gad
g
et
suc
h
a
s
sm
art
cards and
vi
rt
ual
c
u
rre
ncy
.
Fo
r ex
am
pl
e, Freed
m
a
n [3]
proposes that e
l
ectronic ba
nking a
nd electronic
m
oney consist of three
de
vices; access devices, stored
value
card
s
, and
n
e
twork
m
o
n
e
y.
Man
y
o
t
h
e
rs
presen
t m
o
d
e
ls
th
at id
en
tify co
nd
itio
ns
und
er wh
ich
alternativ
e
electro
n
i
c
p
a
ymen
ts su
bstitu
te for cu
rren
cy. Mo
st of th
es
e
m
o
d
e
ls in
d
i
cate th
at th
ere is at least th
e p
o
ssib
ility
for electron
i
c su
b
s
titu
tes fo
r cu
rren
cy to
em
e
r
g
e
and
fl
o
u
rish
on
a larg
e scale, d
e
p
e
n
d
i
n
g
o
n
th
e ch
aracteristic
of
t
h
e
vari
ou
s t
echn
o
l
o
gi
es as
wel
l
[
1
1]
[
13]
[1
4] as t
h
e c
h
a
r
acteristics of t
h
e
pote
n
tial us
ers.
Fried
m
an
p
o
i
nt o
u
t
th
at electro
n
i
c b
a
nk
ing
presen
ts th
e
p
o
s
sib
ility
th
at an
en
tire altern
ativ
e p
a
ym
en
t
sy
st
em
, not
u
n
d
er t
h
e co
nt
r
o
l
of t
h
e C
e
nt
ral
B
a
nk
of
Ni
ge
ri
a
m
a
y arise [4]. In an e
x
trem
e v
a
rian
t of Fried
m
an
[4]
an
d Ki
ng
[8]
ar
gue
s t
h
a
t
t
oday
com
put
ers m
a
ke i
t
at
l
east
possi
b
l
e t
o
by
pass t
h
e pay
m
ent
sy
st
em
alto
g
e
th
er, instead
u
s
i
n
g
d
i
rect b
ilateral clearin
g
and
settle
m
e
n
t;
th
e respo
n
s
es to
Fried
m
an
. Beren
t
sen
co
nsid
ers th
e i
m
p
act th
at th
e su
bstitu
tio
n
o
f
sm
art card
s
fo
r cu
rren
cy will h
a
v
e
on
m
o
n
e
tary po
licy, argu
ing
th
at alth
ou
gh
electro
n
i
c sub
s
titu
tes fo
r curren
cy will b
e
come wid
e
spread, m
o
n
e
tary po
licy will co
n
tinu
e
to
work as be
fore because this curre
ncy substitution will le
ave the dem
a
nd
for central
Bank rese
rves largely
in
tact [2
].
Th
e app
lication
of
e-b
a
nk
ing h
a
s b
e
en
pr
oven
as an
effect
ive way to re
duce
the costs of operation
for th
e fi
n
a
n
c
i
a
l in
stitu
tio
n
s
. Fo
r instan
ce,
e-b
a
nk
ing
services will allo
w b
a
nk
s to
reduce ex
p
e
nd
itu
res o
n
p
h
y
sical stru
ctu
r
es. It is
b
e
liev
e
d th
at th
e
e-b
a
nk
in
g
will h
e
lp
b
a
n
k
s to
cu
t co
sts, i
n
crease rev
e
n
u
e
,
and
becom
e
m
o
re con
v
e
n
i
e
nt
f
o
r
cust
om
ers [5]
.
A
not
her i
m
port
a
nt
be
nefi
t
fr
om
e-ban
k
i
n
g i
s
a m
o
re ef
fect
i
v
e
i
n
f
o
rm
at
i
on co
l
l
ect
i
on an
d m
a
nagem
e
nt
. A
com
b
i
n
at
i
on
o
f
a l
o
w
perce
n
t
a
ge o
f
c
u
st
om
ers u
s
i
n
g e-
ba
nki
n
g
serv
ices
on
a
co
nsisten
t
b
a
si
s and
a relativ
ely lo
w start
-
up
co
st in
d
e
v
e
lop
i
ng
e-b
a
n
k
i
n
g
serv
ices in
th
e
b
a
nk
ing ind
u
s
try–
will m
a
k
e
th
e im
p
act of e-b
a
nk
ing
(p
o
s
itiv
e or
n
e
g
a
tiv
e) qu
ite l
i
m
i
ted
on
finan
c
ial
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
SN
:
2
088
-87
08
IJECE Vol. 4, No. 6, D
ecem
ber 2014
:
837 – 847
84
0
in
stitu
tio
n
s
[10
]
. Fin
a
lly, th
e d
e
v
e
lop
m
e
n
t o
f
e-b
a
nk
i
n
g
serv
ice h
a
s en
courag
ed th
e ado
p
tion o
f
a
decent
r
alized a
p
proach t
o
give ba
nks
m
o
re neede
d
flexi
b
ility to distribu
te Inte
rnet acce
ss to a m
u
ch l
a
rge
r
num
ber
of
em
pl
oy
ees an
d
p
o
t
e
nt
i
a
l
cust
om
ers.
3.
TECHNOLO
G
ICAL
KEY
ISSUE
S
I
n
or
d
e
r
to
pr
ov
id
e
ef
f
ectiv
e an
d
secur
e
b
a
nk
ing
tra
n
sactions, t
h
ere a
r
e t
h
ree (3) technol
ogy iss
u
es
neede
d
t
o
be
re
solve
d
. The
ke
y areas a
r
e:
3.
1.
Security
Security o
f
th
e tran
saction
s
is th
e p
r
im
ary
co
n
c
er
n
of the Internet-base
d
industries
. The lack
of
security m
a
y result in se
rious dam
a
ges. E
x
a
m
ples of
pote
ntial hazards
of the electronic ba
nki
ng syste
m
are
d
u
ring
on
-lin
e tran
saction
s
,
tran
sferri
n
g
f
u
nd
s, a
n
d
m
i
nt
i
ng el
ectric currency, etc.
3.
2.
An
on
ymi
t
y (
P
ri
vac
y)
Privacy issue is a subset of t
h
e security iss
u
e an
d by
st
rengt
heni
ng t
h
e
pri
v
acy
t
echn
o
l
ogy
;
i
t
wi
l
l
ens
u
re t
h
e sec
r
ecy
of
se
nde
r’s
pe
rso
n
al
i
n
f
o
r
m
at
i
on an
d
fu
r
t
her e
n
hance
t
h
e sec
u
ri
t
y
of
t
h
e t
r
a
n
sact
i
o
ns
. T
h
e
exam
ples of the private i
n
formation relating t
o
the
bank
i
n
g industry a
r
e: the am
ount
o
f
th
e transactio
n, t
h
e
d
a
te and
tim
e o
f
th
e transaction
,
and
th
e n
a
m
e
of th
e m
e
rch
a
n
t
and
wh
ere th
e tr
an
saction
will tak
e
p
l
ace.
3.
3.
Authentication
En
cry
p
tio
n m
a
y h
e
lp
m
a
k
e
th
e tran
saction
s
m
o
re secu
re,
but there is als
o
a need to
gua
ra
ntee that no
o
n
e
alters th
e
d
a
ta at eith
er en
d of
t
h
e
t
r
an
s
act
i
on.
The
r
e a
r
e t
w
o
pos
si
bl
e
ways to v
e
rify th
e in
tegrity o
f
t
h
e
m
e
ssage.
One
fo
rm
of
veri
fi
c
a
t
i
on i
s
t
h
e sec
u
re
Has
h
al
go
r
i
t
h
m
whi
c
h
i
s
“a chec
k t
h
at
pr
ot
ect
s dat
a
a
g
ai
nst
m
o
st
m
odification.”
The
se
nder transm
its the
Has
h
al
g
o
r
i
t
h
m
gene
rat
e
d dat
a
.
T
h
e re
ci
pi
ent
per
f
o
r
m
s
t
h
e
sam
e
calculation a
nd c
o
m
p
ares the two to
m
a
ke sure
everything arri
ve
d correctly. If the two resul
t
s are
d
i
f
f
e
r
e
n
t
, a ch
an
g
e
h
a
s
o
c
cu
rred
in
t
h
e m
e
ss
ag
e. Th
e
o
t
h
e
r
f
o
r
m
o
f
v
e
r
i
f
i
catio
n
is thr
ough
a th
ird
p
a
r
t
y
called
Certification Authority (CA)
with the trust
of
both the
se
nde
r a
nd t
h
e
receiver to ve
rify that the ele
c
tronic
currency
or the
digita
l signature that t
h
ey
rec
e
ived is
real.
Th
e so
l
u
tio
ns to
th
e secu
rity
issu
es requ
ire th
e
use of s
o
ft
ware
-
b
ased s
y
st
em
s or har
d
wa
re-
b
ase
d
sy
st
em
s. These soft
wa
re-
b
as
ed sol
u
t
i
ons i
n
vol
ve t
h
e use
of en
cry
p
t
i
o
n
al
go
ri
t
h
m
s
, pri
v
at
e and
pu
bl
i
c
key
s
,
and
di
gi
t
a
l
si
gnat
u
res t
o
fo
r
m
soft
ware p
a
cket
s k
n
o
w
n
as Secure Electronic Tra
n
s
act
i
on used by
M
a
st
erC
a
rd
an
d
Pretty Goo
d
Priv
acy.
Hardware-b
ased so
lu
tion
s
su
c
h
as the Sm
artcard a
nd
th
e
MeCh
ip
prov
i
d
e b
e
tter
p
r
o
t
ectio
n
for th
e con
f
iden
tiality o
f
p
e
rson
al
in
form
at
io
n
.So
f
t
w
are-b
a
sed
so
lu
tion
s
h
a
v
e
th
e adv
a
n
t
ag
e ov
er
har
d
ware
-base
d
s
o
l
u
t
i
o
ns i
n
t
h
at
t
h
ey
a
r
e ea
sy
t
o
di
st
ri
b
u
t
e
an
d a
r
e
gene
ra
l
l
y
l
e
ss expe
nsi
v
e.
4.
ELECTRONIC BANKING
DEVICES
E-ba
n
k
i
n
g (el
e
ct
ro
ni
c ba
nki
n
g
) i
s
de
fi
ne
d a
s
t
h
e aut
o
m
a
t
e
d del
i
v
e
r
y
o
f
n
e
w an
d t
r
a
d
i
t
i
onal
ba
nki
n
g
pr
o
duct
s
a
n
d s
e
rvi
ces
di
rect
l
y
t
o
c
u
st
om
ers t
h
r
o
ug
h el
ect
r
o
ni
c, i
n
t
e
ract
i
v
e
com
m
uni
cat
i
on c
h
an
nel
s
.
There
are
va
ri
o
u
s t
y
pes
o
f
el
e
c
t
r
o
n
i
c
ba
n
k
i
n
g
devi
ces
w
h
i
c
h i
n
cl
ude:
Pers
onal
c
o
m
put
ers
(PC
s
)
Perso
n
a
l
d
i
g
ital assistan
ts (PDAs)
Au
t
o
m
a
ted
tell
er m
ach
in
es (ATMs)
Ki
os
ks
To
uch
To
ne
T
e
l
e
ph
one
Cellu
lar &
Smart Ph
on
es
5.
ELECTRONIC MONE
Y APPROACHE
S
E-ba
nking as
well as e-m
o
ney are rathe
r
generic te
rm
s and
we
need to
specify what
we are talki
n
g
about.
It is well accepted that
e-ba
nk
ing can
be se
parated i
n
to two st
ream
s
:
one is e-m
o
ney products, mainly
in the form
of store
d
val
u
e
products; the
other is
electronic
delivery c
h
annel pr
oducts or access products. The
latter are products that allow cons
um
ers to use el
ectronic means of c
o
mm
unication to access conve
n
t
i
onal
pay
m
ent
servi
ces, f
o
r e
x
am
pl
e, use
of a
st
anda
r
d
pe
rs
on
al
com
put
er a
nd a
com
put
er
net
w
or
k s
u
c
h
as t
h
e
Internet to m
a
ke a credit card paym
en
t o
r
to
tran
sm
it
in
stru
ction
s
to
m
a
ke f
u
n
d
s t
r
a
n
sfers
bet
w
ee
n ban
k
accounts
.
There a
r
e two diffe
rent type
s of a
p
proaches to
electronic m
oney:
on-lin
e and off-line electroni
c
m
oney
.
Evaluation Warning : The document was created with Spire.PDF for Python.
IJECE
ISS
N
:
2088-8708
An
al
ysi
s
of
Sec
u
ri
t
y
Mech
a
n
i
s
ms i
n
N
i
geri
a
E-B
anki
n
g
Pl
a
t
f
o
rm
(Ayang
beku
n O
l
u
w
a
f
em
i J)
84
1
5.
1. On
-L
i
n
e
On
-l
i
n
e m
eans t
h
ere i
s
a nee
d
t
o
i
n
t
e
ract
wi
t
h
a ba
nk
or a
n
ot
he
r "t
rust
e
d
t
h
i
r
d pa
rt
y
"
(vi
a
m
odem
or
net
w
or
k) t
o
co
nd
uct
a t
r
ansac
t
i
on. O
n
-l
i
n
e s
y
st
em
s prevent
frau
d
by
req
u
i
r
i
n
g m
e
rchant
s t
o
cont
act
t
h
e
ban
k
'
s
com
puter with every sale. T
h
e ba
nk'
s
co
mp
u
t
er m
a
in
tain
s a d
a
tab
a
se t
h
at
can indicate to the m
e
rchant if
a
give
n piece
of electronic m
oney is still valid. This is si
milar to the way
m
e
rchants
c
u
rre
ntly verify
credit
cards
at the
poi
n
t of sale.
5.
2. Of
f-L
i
n
e
Of
f-l
i
n
e
m
eans t
h
at
a t
r
a
n
sact
i
on ca
n
be
co
n
duct
e
d
wi
t
h
out
ha
vi
n
g
t
o
i
n
v
o
l
v
e a
ban
k
di
rect
l
y
. Of
f-
l
i
n
e el
ect
roni
c
m
oney
sy
st
em
s preve
n
t
fr
aud i
n
basi
cal
l
y
t
w
o di
ffe
re
nt
way
s
. Th
er
e i
s
hard
ware
and a
soft
ware ap
p
r
o
ach. T
h
e har
d
ware ap
p
r
oac
h
relies on som
e
ki
nd
of a t
a
m
p
er-pr
o
of chi
p
i
n
a sm
art
card t
h
a
t
keep
s a m
i
ni
dat
a
base
. T
h
e
so
ft
ware
ap
p
r
oac
h
i
s
t
o
st
ruct
ure t
h
e el
ectronic m
oney and
crypt
o
graphic
protoc
ols to re
veal the identity of th
e double spender by the ti
m
e
the pi
ece of e-m
oney
m
a
kes it
back to the
b
a
nk
. If
u
s
ers
o
f
th
e
o
f
f-li
n
e
Electro
n
i
c Mon
e
y kno
ws th
ey will g
e
t cau
g
h
t; th
e i
n
cid
e
nce of
d
oub
le sp
end
i
ng
will b
e
m
i
n
i
m
i
zed
, at least i
n
th
e th
eo
ry.
On-lin
e
o
r
off-lin
e, tho
s
e
six
ch
aracteristics
(in
d
e
p
e
n
d
en
ce, security, p
r
i
v
acy, transferab
ility,
divisibility,
and
ease of use) defi
ne
the
problem
space that
each electronic
m
oney system prom
oter atte
m
p
ts
to s
o
lve
for
one goal: public a
ccepta
nce
wi
de
enough to m
a
ke the
syst
em
profitable
for t
hos
e who
run i
t
.
6.
ELECTRONIC BANKING
ARCHITE
C
T
URE
Whe
n
pe
opl
e
a
r
e
har
d
pre
sse
d
fo
r t
i
m
e, t
h
e nee
d
s
fo
r a
n
y
t
im
e and a
n
y
w
here
ba
n
k
i
n
g
g
a
i
n
s
ut
m
o
st
im
port
a
nce
.
B
eari
n
g t
h
i
s
i
n
m
i
nd, ban
k
s
pr
o
v
i
d
e a no
v
e
l
servi
ce whi
c
h gi
ves
ret
a
i
l
cust
om
ers accou
n
t
in
fo
rm
atio
n
and
real-tim
e tra
n
saction
cap
abilit
ies fro
m
th
eir cell p
h
o
n
e
s.
W
i
t
h
SMS
(Sho
rt Messag
e
Serv
ice)
b
a
nk
ing
t
h
e
fo
l
l
o
w
ing
serv
ices can b
e
ob
tained
:
Get accoun
t balan
ce d
e
tails
Req
u
e
st a ch
equ
e
b
ook
Req
u
e
st last t
h
ree tran
saction
d
e
tails
Pay b
ills fo
r electricity,
m
o
b
ile, in
su
ran
ce et
c.
Fi
gu
re
1.
E-B
a
nki
ng
A
r
c
h
i
t
ect
ure
6
.
1
.
E-
ba
n
k
i
ng
N
e
t
w
ork
E-ba
n
k
i
n
g i
s
e
m
bodi
ed i
n
In
t
e
rnet
-
b
ase
d
c
o
m
put
i
ng a
nd
wi
re
d o
r
wi
rel
e
ss net
w
or
ki
n
g
,
whi
c
h i
s
sup
p
o
rt
e
d
by
t
h
e st
an
dar
d
pr
ot
oc
ol
－
TC
P/I
P
. By
r
e
lyin
g on
th
e open
inf
r
a
st
r
u
ct
ur
e and
stan
dar
d
ized
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
SN
:
2
088
-87
08
IJECE Vol. 4, No. 6, D
ecem
ber 2014
:
837 – 847
84
2
pr
ot
oc
ol
, t
h
e I
n
t
e
r
n
et
pr
ovi
d
e
s an i
n
t
e
ro
pe
rabl
e an
d w
o
rl
dwi
d
e net
w
or
k
i
ng m
odel
.
C
ont
rary
t
o
t
h
e l
i
m
i
t
e
d
b
a
ndwid
th of t
h
e Priv
ate
Netw
ork, th
e
cap
acity o
f
pub
lic In
tern
et is
ab
un
dant
a
n
d nea
r
l
y
free. M
o
re
o
v
e
r, t
h
e
W
o
r
l
d
W
i
d
e
W
e
b
(WWW
) can
su
ppo
r
t
th
e tr
an
sm
issio
n
o
f
m
u
lti
med
i
a d
a
ta.
Based
o
n
th
e app
lication
pl
at
fo
rm
, t
h
e web
-
based
e-
b
a
nki
ng
ap
pl
i
cat
i
ons ca
n
be
c
h
aracterize
d
as
intense
hype
rmedia syste
m
s
.
The
e-
b
a
nk
ing
app
licatio
n
s
are frequ
e
n
tly m
u
ltifu
n
c
tio
n
a
l syst
em
s
th
at
m
u
st
in
tegrate
with
ex
istin
g
fron
t o
f
fice,
back
office, a
n
d legacy info
r
m
at
i
on sy
st
em
s wi
t
h
i
n
t
h
e ba
nk a
n
d o
f
t
e
n
need
to
co
nn
ect
with
trad
ing
partn
e
rs
and e
x
t
e
r
n
al
st
akeh
ol
de
rs.
D
e
vel
o
pi
n
g
e-
ba
nki
ng a
p
pl
i
cat
ions t
h
ere
f
o
r
e r
e
qui
re a com
b
i
n
at
i
on
of
web
si
t
e
devel
opm
ent
t
echni
que
s suc
h
as co
nt
ent
a
nd
user i
n
t
e
rfa
ce desi
g
n
t
oge
t
h
er wi
t
h
ob
je
ct
-ori
e
n
t
e
d I
S
(I
nt
er
net
Sol
u
t
i
o
ns
) dev
e
l
opm
ent
t
echn
i
ques
.
6.2. Electr
o
nic
Communication
Netw
ork
An el
ect
r
oni
c
com
m
uni
cat
i
on net
w
o
r
k (
E
C
N
) i
s
a fi
nan
c
i
a
l
t
e
r
m
for a t
ype o
f
com
put
er
sy
st
em
t
h
at
facilitates
trad
in
g o
f
fin
a
n
c
ial
produ
cts o
u
t
si
d
e
o
f
sto
c
k exch
ang
e
s. Th
e
p
r
im
ary p
r
o
ducts th
at are trad
ed
on
ECNs are st
o
c
k
s
and
cu
rren
cies. The fi
rst
ECN,
In
s
tin
et, was created
i
n
1
969
. ECNs in
crease co
mp
etitio
n
a
m
ong tra
d
ing firm
s by lowering tra
n
saction costs,
givi
ng clients full
access to the
i
r orde
r
books
,
and
of
feri
ng
o
r
de
r
m
a
t
c
hi
ng
o
u
t
s
i
d
e o
f
t
r
a
d
i
t
i
onal
e
x
c
h
an
ge
h
o
u
r
s.
EC
Ns
are s
o
m
e
t
i
m
e
s al
so
refe
rre
d
t
o
as
Altern
ativ
e Trad
ing
System
s
o
r
Altern
ative Trad
ing
Networks. To
trad
e
with
a
n
E
C
N,
one
m
u
st
be a
subscri
b
er
or
have an acc
ount
with
a broker that provi
des
direct access
trading. EC
N subscri
b
ers ca
n e
n
ter
o
r
d
e
rs in
to
th
e
ECN v
i
a a cu
st
o
m
co
m
p
u
t
er term
in
al o
r
n
e
twork
p
r
o
t
o
c
o
l
s. Th
e EC
N will th
en
m
a
tch
co
n
t
ra-
si
de o
r
de
rs (i
.
e
. a sel
l
-
or
de
r
i
s
"cont
ra
-si
d
e" t
o
a buy
-
o
rde
r
wi
t
h
t
h
e sam
e
pri
ce an
d sha
r
e co
u
n
t
)
f
o
r
ex
ecu
tion
.
Th
e ECN will p
o
s
t u
n
m
atch
ed
o
r
d
e
rs
o
n
th
e sy
ste
m
fo
r o
t
h
e
r su
b
s
crib
ers to
view. Gen
e
rally, th
e
b
u
y
er
an
d seller
ar
e anon
ym
o
u
s,
with th
e trad
e ex
ecu
ti
o
n
rep
o
rts listin
g the ECN as th
e party.
Som
e
EC
N br
oke
rs m
a
y
offer ad
di
t
i
onal
f
eat
ures t
o
s
u
bs
cri
b
er
s suc
h
as
neg
o
t
i
a
t
i
on,
r
e
serve si
ze,
and
pe
ggi
ng
, a
nd m
a
y
have a
ccess t
o
t
h
e e
n
t
i
r
e EC
N b
o
ok
(as o
p
pose
d
t
o
t
h
e "t
op
of t
h
e
bo
o
k
") t
h
at
rea
l
-t
im
e
mark
et d
a
ta reg
a
rd
ing
d
e
p
t
h
o
f
trad
ing
in
terest. ECNs
are g
e
n
e
rally facilitated
b
y
elect
ron
i
c n
e
go
tiati
o
n
,
a
typ
e
o
f
co
mmu
n
i
cation
b
e
tween
ag
en
ts that allo
ws c
oop
erativ
e and
com
p
et
itiv
e sh
ari
n
g
of inform
at
io
n
to
determ
ine a prope
r price.
An ECN co
nnects m
a
jor
brokerages
and individual tra
d
ers s
o
that they can trade
d
i
rectly b
e
tween
th
em
selv
es
with
ou
t
h
a
v
i
n
g
to
g
o
throug
h
a mid
d
l
em
an
.
6.
3. C
o
mmu
ni
cati
on Netw
or
k
A t
e
l
ecom
m
uni
cat
i
ons net
w
o
r
k i
s
a
col
l
ect
i
on
o
f
t
e
rm
i
n
al
s, l
i
nks
an
d
no
d
e
s w
h
i
c
h c
o
nn
ect
t
o
ena
b
l
e
t
e
l
ecom
m
uni
cat
i
on
bet
w
ee
n
users
o
f
t
h
e
t
e
rm
i
n
al
s. Net
w
o
r
k
s
m
a
y
use ci
rcui
t
s
w
i
t
c
hi
ng
o
r
m
e
ssage
swi
t
c
hi
n
g
.
Eac
h
t
e
rm
i
n
al
i
n
t
h
e
net
w
or
k m
u
st
have
a
uni
que
ad
d
r
ess s
o
m
e
ssages
or
co
nnect
i
ons
c
a
n
be
routed to t
h
e c
o
rrect reci
pient
s
.
T
h
e c
o
llection
of addre
sses
in the
network
is called the a
d
dress
s
p
ace.
Th
e lin
ks conn
ect th
e nod
es to
g
e
th
er and
are th
em
selv
es b
u
ilt up
on
an u
n
d
e
rlying
tran
sm
issio
n
net
w
or
k w
h
i
c
h
phy
si
cal
l
y
pu
shes t
h
e m
e
ssage acr
oss t
h
e
l
i
nk. E
x
am
pl
es of t
e
l
ecom
m
uni
cat
i
ons n
e
t
w
o
r
ks
in
clu
d
e
s: Co
mp
u
t
er
N
e
twor
ks, th
e In
tern
et, th
e Telep
hone N
e
two
r
k
,
the G
l
ob
al Telex
N
e
t
w
or
k, and
th
e
Aer
o
naut
i
cal
A
C
AR
S
Net
w
or
k.
7.
QUESTI
ON
N
A
IRE
S
AN
AL
YSIS
Tabl
e 1.
Quest
i
on
nai
r
e Anal
y
s
i
s
RES
POND
ENT
NO.
FILL
ED
NO.
REJ
ECTED
RIS
K
IN
E-
BANKIN
G
(%)
BENEFITS
CONTINUITY
OF
E-BANKING
PERC
ENTA
GE
(%)
ECO
BANK
5 3
40
Dependable
YE
S
60
FCM
B
4
4
50
Good
YE
S
50
FIDE
LI
TY
BANK
7 3
30
Fast
YE
S
70
GT
B
6
3
20
Reliable
YE
S
80
ZEN
ITH
BANK
3 2
40
Secur
e
YE
S
60
8.
DEVELOPMENTA
L PROCEDURE
S
Belo
w are th
e
step
s to b
e
fo
llo
wed
t
o
d
e
m
o
n
s
trate Security Mech
an
ism
i
n
an
E-b
a
nk
ing System:
Create a projec
t flow
d
e
sign
(
f
ig
ur
e 2
)
.
Evaluation Warning : The document was created with Spire.PDF for Python.
I
J
ECE
I
S
SN
:
208
8-8
7
0
8
An
al
ysi
s
of
Sec
u
ri
t
y
Mech
a
n
i
s
ms i
n
N
i
geri
a
E-B
anki
n
g
Pl
a
t
f
o
rm
(Ayang
beku
n O
l
u
w
a
f
em
i J)
84
3
Web
pa
ges
an
d
si
t
e
fl
o
w
wi
t
h
Hy
pe
rt
ext
m
a
rku
p
l
a
ng
ua
ge
(
H
TM
L)
an
d C
a
scadi
n
g
St
y
l
e Sheet
s
(C
SS
).
Dat
a
base
st
r
u
ct
ure
t
o
st
ore
t
h
e
re
gi
st
ered
use
r
’s c
ont
act
, l
o
g
i
n
an
d
ot
he
r
de
t
a
i
l
s
.
Dy
nam
i
c navi
g
a
t
i
on
of
t
h
e a
p
pl
i
cat
i
o
n
Test
i
ng
o
f
a
ppl
i
cat
i
on a
n
d
de
b
u
g
g
i
n
g.
C
o
m
p
i
l
a
ti
on a
n
d
de
pl
oy
i
n
g
fi
l
e
s o
n
t
h
e
ser
v
er.
Figure
2.
Proje
c
t Flow De
sign
9.
SYSTE
M
DESIGN
Thi
s
st
age
has
t
o
d
o
wi
t
h
t
h
e
devel
opm
ent
and
desi
g
n
of t
h
e p
r
o
p
o
se
d s
y
st
em
t
o
m
eet
t
h
e set
Aim
an
d Obj
ectiv
es of th
is
research
.
The design of
t
h
e new
syst
em
co
n
t
ains th
e follo
wing
:
Input desi
gn s
p
ecification
Fo
r
m
D
e
sign
Out
put
desi
gn
speci
fi
cat
i
o
n
Database
Desi
gn
9.
1. I
npu
t
Des
i
gn S
p
eci
fi
ca
ti
on
Input design specification m
a
kes specification to acce
pt
data at the right
ti
m
e
and those
data will be
ent
e
re
d t
h
r
o
ug
h an i
n
p
u
t
de
vi
ce e.g
.
Key
boa
r
d
an
d m
ouse. T
h
e sy
st
e
m
cont
ai
ns o
p
e
rat
i
onal
dat
a
i
n
t
h
e
d
a
tab
a
se. Th
e d
a
ta co
llected
fro
m
th
e cu
sto
m
ers d
u
r
in
g
th
eir reg
i
stratio
n
or op
en
i
n
g
o
f
acco
u
n
t/tran
sfer
p
r
o
cess will b
e
u
s
ed
t
o
create
th
eir acco
u
n
t
.
Also d
a
ta
can
b
e
co
llected
fro
m
th
e cu
sto
m
er care represen
tativ
e
of
t
h
e
ba
nk
, f
r
o
m
i
ndi
vi
d
u
al
cust
om
ers w
h
i
c
h ca
n t
h
e
n
be
put
t
oget
h
er
i
n
t
h
e p
r
op
ose
d
E
-
ban
k
i
n
g sy
st
e
m
.
START
En
ter Use
r
N
a
m
e
Password
Authentication
Registr
a
tion Form
Sub
m
it
Cr
eate Account
Database
END
NO
YES
I
nvalid
Passwor
d
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
SN
:
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088
-87
08
IJECE Vol. 4, No. 6, D
ecem
ber 2014
:
837 – 847
84
4
Fi
gu
re 3.
Lo
gi
n Desi
g
n
9.
2. Form
De
s
i
gn
A fo
rm
is for cap
t
u
ri
n
g
cu
sto
m
er’s info
rm
atio
n
to
i
d
en
tify each
cu
sto
m
er. Th
e in
fo
rm
atio
n
containe
d
on t
h
e form
will
be ente
red int
o
the
database
through t
h
e user friendly
interface that ha
s be
e
n
d
e
sign
ed
after
lo
gg
ing
in
.
(Fi
g
ure 3). Th
is lead
s to
an
on
lin
e reg
i
stration
form
issu
ed
to
cu
sto
m
ers th
at want
to
reg
i
ster to
E-b
a
nk
ing
Net
w
o
r
k
.
All th
e n
e
cessary in
formatio
n
are exp
e
cted
to
b
e
filled
on
lin
e
for the n
e
w
cu
sto
m
er. Th
ese in
fo
rm
atio
n
in
clud
es
n
a
m
e
,
sex
,
ag
e,
d
a
te
o
f
b
i
rth
etc.
which
will b
e
sen
t
in
to
th
e
d
a
tabase of
t
h
e p
r
op
ose
d
s
y
st
em
im
m
e
di
at
el
y
aft
e
r cl
i
c
ki
ng
o
n
s
u
bm
i
t
but
t
o
n
(
f
i
g
ure
4
)
.
Fig
u
re
4
.
On
line Ap
p
lication
Fo
rm
9.
3. Ou
tpu
t
D
e
si
gn
A cl
ear pi
ct
ure
of w
h
at
i
s
t
o
be devel
o
pe
d i
s
very
essent
i
a
l
bef
o
re
devel
o
p
m
ent
or act
ual
desi
g
n
o
f
a
syste
m
to
i
m
p
l
e
m
en
t it. Th
e syste
m
b
ack
en
d
is m
o
stly
p
a
ram
o
un
t and
syno
n
y
m
o
u
s
in
th
e min
d
o
f
th
e
adm
i
nistrator as use
r
s are l
e
ss concerne
d on
how the
syste
m
s ach
iev
e
th
is.
Ou
tpu
t
is th
e informatio
n
del
i
v
ere
d
t
o
u
s
ers t
h
ro
u
gh t
h
e i
n
fo
rm
at
i
on sy
st
em
. Som
e
dat
a
d
o
n
o
t
r
e
qui
re any
pr
o
cess be
fo
re t
h
ey
can
becom
e
an o
u
t
put
.
They
a
r
e
st
ore
d
a
nd
ret
r
i
e
ved as
o
u
t
p
u
t
whi
l
e
s
o
m
e
requi
re ext
e
nsi
v
e
pr
ocessi
n
g
bef
o
re
Evaluation Warning : The document was created with Spire.PDF for Python.
I
J
ECE
I
S
SN
:
208
8-8
7
0
8
An
al
ysi
s
of
Sec
u
ri
t
y
Mech
a
n
i
s
ms i
n
N
i
geri
a
E-B
anki
n
g
Pl
a
t
f
o
rm
(Ayang
beku
n O
l
u
w
a
f
em
i J)
84
5
th
ey can
b
e
serv
ed
as
ou
tpu
t
. It is t
h
e inform
at
io
n
d
i
splayed
on
th
e screen
t
h
at will d
e
term
in
e th
e u
s
er
friendliness
of
the system
.
These Outputs are designed
w
ith
th
e
fo
llowi
n
g
obj
ectiv
es:
to
d
i
sp
lay th
e
valid
u
s
er
n
a
m
e
an
d th
e en
cr
ypted
p
a
sswor
d
w
h
en
l
o
gg
ing
i
n
.
to
co
m
p
lete the on
lin
e
reg
i
stratio
n
b
e
fo
re sub
m
issio
n
.
to a
perform
a com
p
lete trans
ac
tio
n
with
a valid
accoun
t num
b
e
r.
to
log
o
u
t
t
h
e site after all transactio
n
h
a
v
e
bein
g
carried
out.
Fi
gu
re
5.
M
a
i
n
O
u
t
p
ut
I
n
t
e
r
f
a
ce
9.
4. D
a
t
a
b
a
se Desi
gn
Dat
a
base
desi
g
n
i
s
t
h
e p
r
oces
s of
pr
o
duci
n
g
a det
a
i
l
e
d dat
a
m
odel
o
f
a d
a
t
a
base. T
h
i
s
l
ogi
cal
dat
a
m
odel
cont
ai
ns
al
l
t
h
e
neede
d
l
ogi
cal
a
n
d
ph
y
s
i
cal
desi
gn c
hoices
and
physical stora
g
e
param
e
ters needed t
o
gene
rat
e
a desi
gn i
n
a dat
a
de
fi
ni
t
i
on l
a
ng
ua
ge,
whi
c
h can
t
h
en
be
use
d
to
create a databa
se. A
fully attribute
d
data m
odel contains
detailed attributes for
each e
n
tity.
The
database
is principally
ne
eded to m
a
ke logical
desi
g
n
of t
h
e
base st
r
u
ct
u
r
e
use
d
t
o
st
ore
dat
a
.
Ho
we
ver
,
dat
a
base c
o
u
l
d al
so
be
use
d
t
o
ap
pl
y
t
h
e
o
v
eral
l
pr
ocess
of de
si
gni
ng
, n
o
t
ju
st
for t
h
e
base s
t
ruct
u
r
es
alone
but can also i
n
form
s
an
d
qu
eries in
th
e
ov
erall
dat
a
base
ap
pl
i
cat
i
on
wi
t
h
i
n
t
h
e dat
a
ba
se m
a
nagem
e
nt
sy
st
em
(DB
M
S).
Dat
a
base ca
n
be m
a
i
n
t
a
i
n
ed by
defi
ni
n
g
a
set of pro
activ
e task
s
that a DBA (Data
b
ase
Adm
i
ni
st
rat
o
r)
needs t
o
pe
rf
o
r
m
on a peri
od
i
c
basi
s t
o
hel
p
ensu
re t
h
at
t
h
e
i
r dat
a
base
s pe
rf
orm
opt
i
m
al
ly
an
d
main
tain
h
i
gh av
ailab
ility. Securing
a d
a
t
a
b
a
se can
b
e
d
e
fi
n
e
d
as
prev
en
ting
u
n
a
u
t
h
o
rized
o
r
accid
e
n
t
al
di
scl
o
s
u
re
, al
t
e
rnat
i
o
n o
r
de
st
ruct
i
o
n o
f
da
t
a
.
W
a
y
s
of
se
curi
ng t
h
e
dat
a
base i
n
cl
udes
Encry
p
t
i
o
n
,
Access
cont
rol, T
h
ree
-
Tier Design e.t.c. The database of the
prop
o
s
ed
system
to
lo
g
-
i
n
in
to
th
e syste
m
is
sh
own
bel
o
w (fi
g
u
r
e 6)
.
Fig
u
re 6
.
Log- in
Datab
a
se Ou
tlo
ok
Evaluation Warning : The document was created with Spire.PDF for Python.
I
S
SN
:
2
088
-87
08
IJECE Vol. 4, No. 6, D
ecem
ber 2014
:
837 – 847
84
6
Ho
we
ver
,
t
h
e
f
i
gu
re
bel
o
w
(fi
gu
re
7)
di
s
p
l
a
y
s
t
h
e
dat
a
bas
e
schem
a
fo
r c
u
st
om
er re
gi
st
r
a
t
i
on/
acco
u
n
t
creation.
Fi
gu
re 7.
R
e
gi
s
t
rat
i
on Dat
a
ba
s
e
10
.
CO
NCL
USI
O
N
E-b
a
nk
s are easy to
set u
p
so
lo
ts of n
e
w
en
tran
ts will arriv
e
. ‘Old-World
’ system
s, cu
ltu
res and
stru
ctures will
n
o
t
en
cu
m
b
er t
h
ese
n
e
w en
tran
ts.
Instead
, they will b
e
ad
aptab
l
e and
resp
on
siv
e
. Th
erefo
r
e, e-
ban
k
i
n
g
gi
ve
s
co
nsum
ers m
u
ch
m
o
re ch
o
i
ce. C
o
nsum
ers an
d m
e
rcha
nt
s m
a
y
be abl
e
t
o
i
n
creas
e t
h
e
efficiency and enjoy greate
r
conven
ie
nce.
E-m
oney
m
a
y also increase
access to the financial syste
m
for
consum
ers who
have
pre
v
iously found acce
ss limited. Ho
weve
r, the
de
velopm
ent of
e-banking and e
-
m
oney
is also
a n
e
w
ch
allen
g
e to trad
itio
n
a
l
b
a
n
k
s.
As m
e
n
tio
ned
ab
ov
e, e-
m
o
n
e
y t
r
an
sa
ctions
are
m
u
ch
cheape
r
th
an
ev
er.
Th
i
s
cou
l
d tu
rn
y
e
sterd
a
y’s com
p
et
itiv
e ad
v
a
n
t
ag
e
(a larg
e
b
r
an
ch
n
e
two
r
k
)
in
to a co
mp
arative
d
i
sadv
an
tag
e
, allo
wing
e-b
a
nk
s
t
o
u
n
d
e
rcu
t
b
r
ick
s
-and
-m
o
r
tar b
a
nk
s. On th
e
o
t
h
e
r
h
a
nd
,
e-b
a
nk
ing
will
lead
to
an ero
s
ion
o
f
t
h
e
‘endo
wmen
t effect’ cu
rren
tly en
jo
yed
b
y
th
e m
a
j
o
r t
r
ad
ition
a
l
b
a
nk
s. Depo
sit will
go
elsewh
ere with th
e con
s
equ
e
nce th
at th
ese ban
k
s will h
a
v
e
to
figh
t to
regain
and
retain
th
eir cu
st
o
m
er
b
a
se.
Th
is will in
crease th
eir co
st of fund
s po
ssi
b
l
y
m
a
k
i
n
g
th
eir
b
u
s
i
n
ess less viab
le. Lo
st reven
u
e
m
a
y ev
en
resu
lt
i
n
t
h
ese
ba
nks
t
a
ki
n
g
m
o
re r
i
sk t
o
breac
h t
h
e g
a
p
.
P
o
rt
al
providers are l
i
kely to
attract the m
o
st signi
ficant
share
o
f
ba
nki
ng
p
r
ofi
t
s
.
Furt
herm
ore, t
h
e e-m
oney products will be
provi
de
d by
m
onoclines i.e
.
business t
h
at foc
u
ses
on
o
p
e
rating
in
on
e sp
eci
fic finan
c
ial area. Trad
itio
n
a
l b
a
nks
m
a
y si
m
p
ly
b
e
left with
p
a
y
m
en
t an
d
settle
m
e
n
t
b
u
s
i
n
ess; ev
en th
is co
u
l
d
b
e
cast in
to dou
b
t
. Trad
ition
a
l ban
k
s
will find
it d
i
fficu
lt to
ev
o
l
v
e
. No
t
o
n
l
y will
th
ey b
e
u
n
a
b
l
e to
m
a
k
e
acq
u
i
sitio
n
s
for cash
as
op
po
sed
t
o
b
e
ing
ab
le t
o
o
f
fer sh
ares, th
ey will b
e
unab
l
e to
o
b
t
ain fo
r whom
it see
m
relat
i
v
e
ly easy to
at
tract in
v
e
stm
e
n
t
.
REFERE
NC
ES
[1]
Benjam
in J., (20
01), Electroni
c
Money
:
New Day
or Fals
e Dawn?
Rev
i
ew of Internation
a
l Politi
cal Econom
y
,
Vol.
8, pp
. l97-225
.
[2]
Berentsen
,
A. (1
998), Monetar
y
Polic
y
Implications of
Digital
Mone
y
,
K
y
klos,
Vol. 51
, pp
. 89
1
17.
[3]
Freedm
a
n, C., (2
000), Monetar
y
Policy
Im
plem
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:
Past,
Pr
esent,
and Futur
e
– Will E
l
ectro
n
ic Money
L
ead
to
the
Eventu
al Demise of Central
Banking
?
”
Inte
r
n
ation
a
l Fin
a
nce, Vol. 3
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p
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[4]
Friedman, B., (1
999), The Futur
e
of M
onetar
y
Policy
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Th
e Cen
t
ral Bank
as an Army
with Only
a Signal Corp
s
?
International Fin
a
nce, Vol. 2
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[5]
Halperin
, K.
(20
01). Ba
lan
c
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mpan
y
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a
rketing. Februar
y
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[6]
Helleiner, E. (19
98), Electronic
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:
A Challenge
to th
e
Sovereign State
?
Jour
nal of
int
e
rna
tio
nal
affai
r
s vol.
5
1
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[7]
Idowu, P.A, Aliu, A.O. a
nd Adagunodo, E.R. (2
002). Th
e Ef
fect of Info
rmation
Techno
log
y
on
the Growth of
th
e
Banking Industr
y
in
Nigeria.
Th
e Electron
i
c Jou
r
nal on Info
rmation s
y
stem in D
e
velopm
ent Cou
n
tries,
EJISDC, 10
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1-8.
Website: http://www.
ejis
dc.
o
rg.
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