To start with, the goal of every operation staff is to deliver quality service and in the process excite the customer.
Through information given it is obvious that automated clearing system in Nigeria has improved payment service. The purpose of clearing banks to make the process more manageable. Method used in this project work has been arranged and design in a meaningful way so that it will be obvious to anybody that come across this project.
The effect of automated clearing system has been stated in a clear times like strong of data and vital information. It also promoted effective control through tracking and reconciling items and also the benefit of the system has also been stated in a event between automated clearing system and special clearing system so as shed more light on the topics for proper understanding.
GENERAL DESCRIPTION OF THE STUDY
The cheque clearing system is the means whereby bank exchange cheque drawn each others through clearing system. Clearing system on the other hand is the medium through which proceeds of cheques and other payment instrument are transferred from the paying bank to collecting bank.
The Nigerian automated clearing system (NACS) which book-off on October 21, 2002 as a result of the time function that affects clearing system i.e before cheque is cleared. It involved much stretch in which cheque is not cleared at when needed.
The Central bank of Nigeria (CBN) act No 24 of 1991 empowers the apex bank to facilitating the clearing of cheque and other payment instruments. As a movement forward on the execution of the mandate (CBN) issued the Nigeria banker’s clearing house rule on January 2, 1995. In November 1995 (CBN) governor announced a plan for a dratie overall of the clearing system monetary transaction in Nigeria were largely based on cash and as such had inherent problems, such as security volume of paper its transport, currency sorting changing.
This state of affair creates the moving member of the public to non – cash payment instruments was hampered by the clearing processes, which was largely manual, the services to the customer was prior and cheque based on transaction were use prone to fraud “the clearing circle look between 5 to 15 working days”.
The clearing process was very rowdy with too many banks participating on clearing. The process was frequently late in balancing the book and prone to human awor.
This made it very difficult for central bank of Nigeria (CBN) to calculate and advise on the net settlement figures on time after the days clearing. Although many of the instrument had magnetic character recognition (MICR) code them the lack of automated meant that MIC code lines and infrastructure would not be used.
This meant a waste of consideration investment made in the form of magnetic link character recognition (MIRC) code line information processing infrastructure to fund solution to the problems a committee was set-up its report formed the basis of the banker’s committee decision on June 16, 1996 which approved the automated of the clearing process to more zone within the country with Lagos having more zones” reduce the number of clearing days to buster consumer confidence and encourage. The uses of non cash instrument also reduce number of clearing bank to make the process number of clearing bank to make the process more manageable, faster it was reasoned that automated would make used of [MICR] technology possible, which would further bring speed and efficiency into clearing processing with the potential to reduce the clearing float that introduce networking between the parties involved in clearing these was expected in unlock the benefit of electronic banking for Nigerians.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR BANKING FINANCE PROJECTS AND MATERIALS
A CRITICAL ANALYSIS ON THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT This project work is carried out to examine the contribution of micro finance banks to the development of Small and medium scale enterprises in Nigeria. The Brass micro finance bank is used a...Continue reading »
A STUDY ON THE ACCEPTANCE AND ADOPTION OF THE CBN CASHLES POLICY IN PORT HARCOURT, NIGERIA
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND TO THE STUDY One of the prerequisites for the development of national economy according to Ajayi et al, 2006 is by encouraging a payment system that is secu...Continue reading »
A STUDY ON THE IMPACT OF BUDGETARY CONTROLS ON THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIDELITY BANK PLC)
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY AND PROFILE OF THE ORGANIZATION Following the uncertainties prevailing in the Nigerian business environment today, managers and stakeholders mu...Continue reading »
ANALYZING PERFORMANCE APPRAISAL TECHNIQUES IN UNION BANK NIG PLC
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY In any evaluation of the condition necessary for the growth and survival of an organization, the role of performance appraisal is a strategic f...Continue reading »
AUDIT INDEPENDENCE: ENHANCING ACCOUNTABILITY AND TRANSPARENCY IN CORPORATE ORGANIZATIONS
CHAPTER ONE INTRODUCTION 1.1. Background of the study The subject of transparency and accountability in modern day corporate organizations has continued to receive attention as never before. It has b...Continue reading »
CREDIT MANAGEMENT AND ISSUES OF BAD DEBTS IN COMMERCIAL BANKS IN NIGERIA
The article on this topic (credit management and issues of bad debts in commercial banks in Nigeria) is an extract from literature review of the project material. The complete project work would be ma...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
64,084 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
49,359 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
43,645 people found this useful
THE EFFECT OF TREASURY SINGLE ACCOUNT ON THE ECONOMY OF NIGERIA
42,839 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
41,238 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
40,105 people found this useful