Regulating Internet Banking In Nigeria : Some Success Prescriptions– Part 2

This paper is the second part of an earlier one on the problems and challenges of Internet banking regulation in Nigeria . The paper argues that for Internet banking to assume a developmental dimension in Nigeria and for the country to be fully integrated in the global financial environment, the prevalent level of frauds in Nigeria (and among Nigerians) must first be addressed. It suggests that the ways to do this are first to: get the relevant local laws in place and in consonance with international laws and conventions; get the citizens well educated on the intricacies of Internet usage and frauds, as well as the regulatory implications of wrong/fraudulent uses of the Internet; ensure that all the major background problems such as poverty, corruption and bad governance are addressed and; ensure adequate interface and collaborations between Nigerian local law enforcement agents and the various international agencies that are presenting pursuing the course for safe Internet community.