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ABSTRACT
Within the last few years, due to technological advancement and the need to bridge the gap created by distance and some other economic factors between customers and banks, inventors and those interested in the field generally have taken advantage of the stage we are in technology to create online banking applications whereby customers can access various services that a physical bank could not offer in an online bank. That is; a bank that that customers do not visit physically, but that they have connections with through the internet space .To meet up with new trends physical banks have created their banks apps for ease of access. Banks like First Bank, Access Bank, Wema Bank, among others. Over the years, statistics show that there are developments of internet banks like Kuda , Moniepoint, Opay, and a host of others which are available only online. Although they provide various services that are helpful, the challenges arising from these banks are vast and wide. Inspite of the usefulness of internet banking there is insufficient legal and regulatory framework regulating this sector. The regulatory framework for the development of these banks and this banking system are still not concrete. Therefore, there is a need to evaluate the current legal and regulatory framework of these financial institutions that have developed and operate mainly on the internet. On this backdrop of insufficient framework lies the premise and background of this project work. It suffices to say that the insufficiency of xviii regulatory framework to meet the new demands, and the available challenges facing or arising from the practice of online banking form the background and the reason why this work has been put forward.
