Effective Cash Management Through Electronic Banking

Effective Cash Management Through Electronic Banking

Background Of The Study

The fleetly unfolding development within the information technology in recent times has led to resurgent calls for moneybags towards an effective cash operation through Electronic banking( i.e.E-Banking). In the last many times, within the banking assiduity in Nigeria several marketable products were designed by banks to ameliorate the rates of services handed to client. These products were also designed to meet the decreasingly sophisticated requirements of finance directors in a cross section or associations operating in different sectors of the frugality.

In recent times, these have been an elaboration from paper transfer system and ordinary procedural cash operation to an electronic transfer system and further secured and sophisticated cash operation. There has been introduced, an increased complication in computer operations to cash operation and in electronic finances transfer.

It’s the responsibility of the finance director to insure proper operation of a company’s account receivable and outstanding amongst other tasks. indecorous operation of these two important variables could affect in losses arising from incapability to take interest because of too early payments. Overdraft and loan interest charges could be incurred because of gratuitous working capital borrowings. The task faced with the finance director is accelerating collections and showing a disbursement which is decreasingly being done electronically.