AN EVALUATION OF THE IMPACT OF ELECTRONIC BANKING ON BANKER AND CUSTOMER RELATIONSHIP IN NIGERIA

Abstract

The relationship between banker and customer under traditional banking has long been established as primarily that of creditor and debtor. The advent of FinTech has made access to banking services possible without physically visiting banking halls, that is, banking services can now be accessed digitally. This process is what is known as electronic banking. The banker and customer relationship had been established long before the emergence of electronic banking. The question thus arises: Has electronic banking altered the traditional banker and customer relationship in Nigeria? The aim of the study is to determine whether electronic banking has altered the banker and customer relationship in Nigeria. To achieve this aim, an analysis of traditional banker and customer relationship and banking business in Nigeria is undertaken. The legal framework for electronic banking in Nigeria is also explored. The doctrinal research methodology was adopted. Primary and secondary sources of laws were examined. This study finds that electronic banking services are similar to traditional banking services and thus, the relationship between banker and customer as well as the attendant rights, duties and liabilities under traditional banking remains the same under electronic banking. The paper however recommends that a single comprehensive law on electronic banking be developed to accommodate the uniqueness of digital banks.