E-BANKING AS A STRATEGY FOR SUSTAINABLE DEVELOPMENT IN A DEMOCRATIC ECONOMY THE CASE OF NIGERIA

The world is faced with challenges in all three dimensions of sustainable development—economic, social and environmental. More than 1 billion people are still living in extreme poverty and income inequality within and among many countries have been rising. In Nigeria, many E-banking services have been introduced in a bid to enhance the economy’s financial activities.The aim of this study is to identify the E-banking services that contribute towards sustainable development in Nigeria. The study makes use of The Kaiser-Meyer Olkin (KMO) and Bartlett's Test of Sphericity which support the use of factor analysis used in data reduction to identify a small number of factors that explain most of the variance that is observed in a much larger number of E - banking services. The KMO analysis shows that the degree of common variance among the ten variables is “middling” which reflects if a factor analysis is conducted, the factors extracted will account for substantial amount of variance. Findings from this study revealed that Mobile Fund Transfer, Web Fund Transfer, ATM  Fund Transfer, and ATM Withdrawal are the major factors that contribute towards sustainable development in Nigeria. Analysis further reveals that some E-banking services rendered by Nigerian banks are yet to be known and utilized by the public and this reduces the level of contributions E-banking should make towards sustainable development in Nigeria. The study recommends that Management of banks in Nigeria should create room for interactions and occasional meetings between the banks and their customers so as to enlighten them on the latest innovations on E-banking in other to ensure full utilization; critical infrastructures like power and telecommunication should be provided and with high level of stability to ensure the application of e-banking in Nigeria.Keywords: E-banking, mobile banking, internet banking, electronic card,ATM, banks profit, fraud rate, sustainable development, democratic economy