4 research outputs found
E-Payment System and its Sustainable Development in the Nigerian Economy
The e--payment system has gradually emerged strongly and has no doubt earned competitive advantage. However, the process of establishing e-payment practices in the pursuit of a sustainable development and economic growth is yet to be firmly established. Firstly, this paper describes the significance of e-payment system by explaining the transition from the traditional payment practices to the evolving electronic payment practices which has broken many new grounds and has taken a global dimension. Secondly, it explains why the electronic payment channels such as the use of ATM, Mobile banking, internet banking, POS terminals, etc could enable business to flourish and reduce the movement of cash/cash handling which in turn helps to curb crime rates and would protect consumers from many dangers. Also, it explains why it has gained greater height of acceptability and thus explains how information communication technology (ICT) could be exploited and enhanced for this purpose. Again, it develops a strategic management framework for leveraging e-payment practices by providing considerable and practical suggestions on the use of e-payment system, its features, benefits, success factors and possible attendant risks associated with e-payment system and e-payment constraints. Finally, it outlines why we need e-payment system, and what we should do to enhance and improve the standard of living, as well as facilitating economic, social and technological changes as certain values are espoused by sustainable development which in turn, would help to foster economic growth in the Nigerian economy . Keywords: e-payment, mobile banking, internet banking, corporate i-bank, smartcards/credit /debit cards, POS, ATM, sustainable development
Assets Impairment Testing: An Analysis of IAS 36
The primary objective of accounting is to provide information about the economic resources of an enterprise, the claims to those resources, and the effects of transactions, events, and circumstances that change the resources and claims. It is therefore considered important to inform users of financial statement of any asset or cash generating unit that lose its capacity to recover its cost. This is necessary so as to provide accounting information users with relevant information about the change in value of the firm’s resources. An asset that loses its capacity to recover cost is said to be impaired and accounting for asset impairment is faced with a few challenges. It can be difficult to determine which measure of value should be used when assessing impairment. Options include current cost (replacement cost), current market value (selling price), net realizable value (selling price minus disposal costs), or the sum of the future net cash flows from the income-generating unit. More so, there is little guidance by IAS 36 on accounting for asset impairments: when to recognize impairments, how impairments should be measured and how impairment should be disclosed. Since assets impairment can distort the usefulness of accounting information for decision making, adequate attention should be made to ensure that the judgment and estimates made by managers are verified by auditing the estimates.Key words: Asset impairment, testing, IAS 36
Banks/Financial Sector Project Financing and Economic Growth in South Sub-Saharan Countries
The project examines the relationship between Bank/financial sector financing and economic growth in South Saharan countries of Nigeria and Sierraloen. This is done to ascertain the impact of Banks/financial sector financing and the growth of Nigerian economy and francophone country of Sierraloen economy. A descriptive research design was adopted for use involving the collection of variables which includes Gross Domestic Product, Loans and Advances by the banks/financial to private sector and money supplied by the CBN/ADB. The research which centered on the use of secondary data collected from the CBN and African Development Bank from 2000 – 2012. The statistical package for social sciences (SPSS) was used to carry out regression correlation analysis to test the hypothesis. The findings show that there was significant relationship between the loans and money suppliers to private sector and economy growth in Nigeria and Sierraloen. Based on the findings the researchers recommend that the policy makers should facilitate the establishment of financial institution to increase credit delivery to private sector especially in the Rural areas which have limited, access to financial services and create enabling environment to enhance economic growth in South sub-saharan countries. However the results of the research may be different if other variables such as interest rates and exchange rate are introduced. Keywords: Gross Domestic Product, economic growth Bank/Financial Sector, Credit Advances and Loa
Corporate Governance and Organizational Performance in Nigerian Banks
The main objective of this research study among others, is to investigate and/or examine the role of good corporate governance on the performance of Nigerian banks. The study adopted a survey research design which was conducted using a selected bank in Asaba, Delta State. Data were collected through questionnaires that were administered to the selected (cross section of 100) respondents which was judged to be adequate for this study. Data collected were analyzed using the statistical package for social sciences (SPSS) regression software to establish the level of relationship between corporate governance, ethical behaviour/code of conduct, corporate social responsibility, managers and board members relationship and banking performance in Nigeria. The study revealed that weak corporate governance has accounted for some recent corporate failures in Nigeria and has heightened poor corporate governance, large scale misappropriation of fund, financial crises, excessive executive remuneration, conflict of interest, bankruptcy, eventual collapse, etc. Premised upon these findings, this study recommends that shareholders and stakeholders interests be properly and consistently aligned to ensure the banks promise of a future existence. Again, directors and managers should effectively discharge their fiduciary responsibilities and expeditiously increase their commitment, disclosure and transparency, improve on professionalism and shun all forms of fraudulent and corrupt practices. Lastly, it also recommends that should ethics unit be established in organizations to curb the ills and excesses and introduce principle based policies on good governance and ethics, constraints to good corporate governance would have been reduced to a highest level and relevant control measures to promoting good corporate governance will ensure the highest standards of transparency, accountability and attain stellar performance. Keywords: corporate governance, ethical behaviour, corporate social responsibility, shareholders relationship and performance