Electronic Payment Systems Development in a Developing Country: The Role of Institutional Arrangements

This paper examines the institutional arrangements in the development of Nigeria’s electronic payment system (EPS) using a new institutional economics (NIE) perspective. A case study of Nigeria’s EPS was carried out using semi structured interviews to collect data from 18 participating stakeholders; a thematic method was used for the data analysis. The study suggests that a well-functioning set of arrangements, which is lacking in the institutional setup in Nigeria may be required to build necessary institutional capacity suitable for development of safe and efficient electronic payment systems. Although the technological payment infrastructure in Nigeria is modern and of comparable standard, the failure to put in place reliable and relevant market and collaborative agreements has not enabled full exploitation of the available infrastructure. Current governance structures show elements of power struggle and distrust between stakeholders (players and regulators), hampering the creation of an environment that would sustain free market economic activities and effective development of payment systems

Evaluating global e-government sites: A view using web diagnostics tools

This is the post-print version of the Article. The official published version can be accessed from the link below - Copyright @ 2004 The AuthorsSeveral governments across the world have embraced the digital revolution and continue to take advantage of the information and communication facilities offered by the Internet to offer public services. Conversely, citizens’ awareness and expectations of Internet based online-public-services have also increased in recent times. Although the numbers of the different national e-Government web portals have rapidly increased in the last three years, the success of these portals will largely depend on their accessibility, quality and privacy. This paper reports the results of an evaluative study of a cross-section of e-Government portals from these three perspectives, using a common set of performance metrics and Web diagnostic engines. Results show that not only are there wide variations in the spectrum of information and services provided by these portals, but that significant work still needs to be undertaken in order to make the portals examples of ‘best practice’ e-Government services

Chile's pension reform after twenty years

The aim of this paper is to describe the 1980 Chilean pension reform and to present its main results and economic impact. It is mainly descriptive; however we have tried to emphasize the lessons that may be learned and that may be of interest to other countries in different circumstances. In particular, we focus on potential areas for regulatory improvements. In Section II, a brief description of the AFP system and its place within Chile's social security system is presented. Also, the main characteristics of the transition from the"old"to the new system are sketched, together with the main changes in regulation after 1980. Section III includes a history of pension reform in Chile along with an analysis of the circumstances which may explain why the country decided to introduce such a radical reform. In Section IV, the performance of the AFP system is summarized. In Section V, the main economic effects of pension reform are discussed. Section VI presents our view regarding future development in the regulation of the AFP system. The paper concludes with some comments on the timing of possible regulatory changes.Pensions&Retirement Systems,Banks&Banking Reform,Insurance&Risk Mitigation,Environmental Economics&Policies,Gender and Law

The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe - a comparison

This paper is organised as follows. Section 1 explains why issues concerning central counterparty clearing houses are of direct concern to central banks and why a comparison of the European and the US situation is of interest. Section 2 provides a comparative overview of the organisation of derivatives exchanges in the United States and in Europe. Section 3 focuses on the organisation of clearing, covering a broad range of aspects. Section 4 analyses operational developments in international risk management practices and arrangements. Section 5 discusses various forms of structural consolidation in the clearing and settlement infrastructure by highlighting the different approaches taken in the United States and in Europe. Section 6 is devoted to the roles of central banks and financial market regulators regarding clearing and to the challenges they face as a result of current innovations in clearing arrangements. Finally, Section 7 summarises some of the main findings.

Information Needs and Challenges of Agricultural Researchers and Extension Workers in Edo State, Nigeria

This study investigated information needs and challenges of agricultural researchers and extension workers in Edo State, Nigeria. Proportionate sampling technique was used to select 106 respondents. Descriptive and inferential statistics were used to analyse the data. The majority (71.6 %) of respondents indicated their need for information with respect to climate change and adaptation measures (71.6 %). Extension workers communicated more with agricultural researchers monthly (77.5 %). Lack of office-wide internet connectivity (2.06±1.08), unstable power supply (2.05±1.07), and non-subscription to relevant online resources by employer (2.05±1.07) inhibited respondents from meeting their information needs. The study recommends that to enhance knowledge sharing among researchers and extension workers, there is need for research institutes and state government to develop electronic repositories for their research outputs as this will further help other agricultural stakeholders to access local contents immediately

Collecting and transferring pension contributions

Collecting social security contributions is an important operational issue in all types of pension systems. Many regimes are plagued by poor compliance and weak, inefficient administration. Some countries have tried to introduce an automatic incentive to contribute by moving systems closer to"actuarial fairness,"where pension benefits are more strictly related to individual contributions. Examples include the systems of individual accounts introduced in a range of countries in Latin America and Eastern Europe. But in these regimes, collecting and transferring contributions is a more complex process. This paper considers different aspects of collecting pension contributions. In the first section the authors describe the most serious problems affecting collection systems in several countries. Section 2 presents the conceptual relationships between alternative pension-system models and collection systems. Section 3 deals with the differences between centralized and decentralized collection systems and their advantages and disadvantages. Section 4 looks at operational issues. Section 5 compares experiences of the collection systems in a range of different countries. Section 6 looks at problems of regulation and supervision, while the final section presents conclusions.Pensions&Retirement Systems,Environmental Economics&Policies,Economic Stabilization,National Governance,Health Monitoring&Evaluation