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Abstract the primary aim of this study is to check the effectiveness and efficiency of financial control in computerized environment i.e. First Bank of Nigeria Plc to ascertain whether computer has since adoption enhance profitability and effectiveness in managing the banking and other financial sectors or industries. This evaluation is targeted at exploring how the use of computer in the solving of accounting issues has yielded positive result in both the banking and other finance circle, thus using First Bank of Nigeria plc as a case study.
CHAPTER ONE INTRODUCTION
In the ancient days, human activities were relatively easy. The difficulties posed by nature then, were considerably simple and demanded solution of relative simplicity. The compounded problems of man and his way to solve them necessitated the inventors of machine i.e. computer. Since the invention of the first machine, the world has experienced a tremendous degree of advancement in technology and one for the machine invented for solving complicated problems in the computer. With increasing frequency, it is recognized that an understanding of the computer how it influence accounting operations and it is benefits to every accounting student and intend to work this world of advancing technology cannot be over emphasized. Due to the recent intends in accounting operations and the complexity of these operations with the number of task to be performed constantly on the increase, to day’s accountants are left with no option other than to always device ways by which these increasing tasks could be processed, more speedily and accurately so that there will be no loss of information. With the advent of computer many organizations have computerized their accounting system. An example for such organization with computerized accounting system is First Bank of Nigeria Plc.
The computer is known for its speed and accuracy in processing information, such speed and accuracy have been achieved manually or by any other device. It is expected that a computerized baking system will facilitate the speed and accuracy of processing transaction of financial nature and also reduces customer wasting time. This has been achieved by virtue of technology, other countries where customers service and general financial management have been computerized whether it can be established is yet to be confirmed. The fact of the matter which the researcher intends to study is:
The need to minimized fraud and improve service to customers is one of the primary important today, due to the increasing number of new generation banks therefore, the main objectives of this study is to asses:
SIGNIFICANCE OF THE STUDY In spite of numerous decrees, enactment and there have been increase in the number of reported case of all kinds of misappropriation of customers funds and properties in the public sectors. And this study will bring enlightenment and be of great benefit to the entire country at large, and the significance is as follows:
Thy hypothesis serve as the theoretical concepts on how the research result would appear, therefore, they are guide to the researcher in planning the course of inquiry in choosing the kind of data and examine the result of study simply put, and the hypothesis states the researcher’s expectation concerning the relationship between variables in the problem. Null Hypothesis Denoted by: Ho: Computerization has improved financial control management. Alternative Hypothesis Donated by Hi: Computerization has not made any impact in financial control management.
Though the entire banks in Nigeria are almost computerized, the study will spesifically look at the case as relevant to the First Bank of Nigeria Plc. Kaduna state. The research will also like to critically observe the impact of computerization on the customers wasting time during paying and withdrawal of cash or undergoing any transaction with the ATM machine with the First Bank of Nigeria Plc.
The history of First bank of Nigeria Plc dates back to 1984 when the Bank of British West Africa (First Bank of Nigeria Plc) opened its branch office in Lagos. First Bank of Nigeria Plc, leading financial institution in Nigeria with the over a hundred years of Banking operation experience in the industry. It founded by a shipping magnate from Liverpool, Sir, Alfred Jones. It commenced operation as a small bank in the office of Elder Dumpster Company in Lagos and was incorporated as a limited liability company in London on the 31st March,1894 with head office in Liverpool. Under the corporate name of the Bank of British West Africa with a paid up capital of 12,000 pounds sterling, it started business after it had absorbed its predecessor, the Africa Banking Corporation in 1892. In 1896, a branch was opened in Accra, Gold Coast (Ghana) while another branch was established in Sierra-Leone in 1898. The third branch in Nigeria was opened in the old Calabar in 1900 and two years later, it services had extended to the Northern Nigeria with it Northern regional Branch at Kaduna. The branch has experienced phenomenon growth over the years with a share capital of 5.6 million naira in 1980, which rose to 269 million naira ( including a bonus reserve of 53.8 million naira) in 1995 at 500 million naira in 1998. the banks total assets currently stand at 59.82 billion naira. At the commencement of operation in 1894, it has a staff of six (6) comprising of three (3) Europeans and three (3) Africans but today, the bank is virtually Nigerialized. In its determination to identify with aspiration of the country, in its March toward National development, the bank has had to continually adjust its organization structure and corporate entity. It startes with West Africa countries, the bank was incorporated locally in 1969 to become standard bank of Nigeria Limited. This was in response to the dictate of companies decree of 1968 and there after, the participation of Nigerians in the management of the bank became a corporate policy. Further changes in the name of the bank were made in 1979 and 1992 to first Bank of Nigeria Limited and also to First Bank of Nigeria Plc respectively . First Bank of Nigeria Plc, has diversified into a wide range of banking activities and services including, merchant and international banking. Today, the bank boast of magenificent head office in Lagos with a branch network of 291 as well as alarge number of staffs and a diversified loan port folio to various sector of the economy.
In addition to that, computer is an electro-mechanic device which is capable of accepting data, processing data, and brings out result meaningful way.
An accountant must not only be interested in record keeping alone but in the application of his professional competency or knowledge and skill in present accounting information to assist management in decision making.
Keywords: A EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM
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Keywords: A EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM
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