ABSTRACT

The most significant development that has greatly influence business operation especially in the developed economy is the emergence of the computerized information age. The progress achieved in the application of information communication technology has made ii possible for transaction to be computerized. Money has over time become mire information, new financial services such as electronic system of payment have been created. Overall, transaction cost have crushed while physical harriers to payment system are speedily disappearing. Despite the overwhelming superiority of electronic banking, Nigeria at present operates a predominately cash based payment system and has more money circulating outside the banking system than the money available within the banking sector. This cash base economy is characterized by the psychology of the people to hold cash an1 conduct most of their transactions in cash. The slow rate at which the Nigeria economy is adopted to the new technological innovations in the financial sector especially the electronic banking is attributable to some variables including lack of appreciation of the merits of electronic banking. however, technology has tremendously stimulated expansion of banking networks and rang of the offered services during recent years. All banking services such as electronic payments, loans deposits, and security have become heavily dependable on information communication technology. This is the main reason why banks are the biggest users of modern technology equipment. Due to the complexity of banking services, every opportunity to speed up their performance or to make them more accessible for customers is 'cry well welcomed by banks. Electronic banking is a system of banking which enable. financial institutions to render services to their numerous customers through electronic means irrespective of place, time and distance. It may be viewed as an umbrella term for the process by which customers may receive banking services electronically from financial institution without necessarily visiting brick and mortar institutions. This research is on information communication technology its effect in o counting system on banking industries. The purpose is to determine whether the application of computerized accounting system supersedes that of manual accounting system and that if computerized accounting system enhance higher turnover and profitability, also if a computerized accounting system is an effective men is of keeping accounting records.