LEGAL AND REGULATORY FRAMEWORK ON CASHLESS ECONOMY AND E-COMMERCE IN NIGERIA

ABSTRACT

Being a developing country, electronic commerce is a relatively new phenomenon in commercial transactions in Nigeria. This research work analysed the legal and regulatory framework on cashless economy and electronic commerce in Nigeria. Doctrinal research methodology was adopted in the course of the study. The major findings in the work is reflected on insufficient legal and regulatory framework for electronic signature, taxation of electronic commerce, online consumer protection among others, are the challenges to the development of electronic commerce in Nigeria. Although, Nigeria has taken the steps to eliminate obstacles to effective electronic commerce by proposing some bills amongst which are the Electronic (Provision of Legal Regulation) Bill 2011 and the Electronic Transaction Bill 2015. Despite this, some notable defects in an effective electronic commerce regulation still persist. To check the situation, the study among others recommended that Nigeria should revisit the bills and correct the anomalies in the Bills and enact same specific Bills as discussed in the work; forming strategic partnership with global stakeholders on how to check e-commerce fraud and enacting additional laws that will define the jurisdiction of home base as against international electronic commerce disputes. 

TABLE OF CONTENTS

COVER PAGE........................................................................................i-ii

CERTIFICATION PAGE......................................................................iii

ABSTRACT.............................................................................................iv

DEDICATION.........................................................................................v

ACKNOWLEDGMENT.........................................................................vi-viii

TABLE OF CASES................................................................................ix

TABLE OF STATUTES...........................................................................ix-x

LIST OF ABBREVIATIONS...................................................................x-xi

CHAPTER 1

GENERAL INTRODUCTION

1.0.0:  INTRODUCTION.................................................................................1-2

1.1.0:  STATEMENT OF THE PROBLEM......................................................2

1.2.0: AIM AND OBJECTIVES OF STUDY....................................................3

1.3.0:  RESEARCH QUESTIONS....................................................................3-4

1.4.0:  METHODOLOGY...............................................................................4

1.5.0: SCOPE AND LIMITATION OF THE STUDY......................................5-7

1.6.0: SIGNIFICANCE OF THE STUDY..........................................................6-7

1.7.0: LITERATURE REVIEW.........................................................................7-21

1.8.0: CONCLUSION.......................................................................................21-22

CHAPTER 2

CASHLESS ECONOMY IN NIGERIA

2.1.0: INTRODUCTION.....................................................................................23

2.1.1: EVOLUTION AND TREND OF CASHLESS ECONOMY........................24

2.1.2: CASHLES ECONOMY POLICY..............................................................24-25

 2.1.2.1: IMPLIMENTATION OF CASHLESS POLICY....................................25-26

2.1.2.2: RATIONALE FOR CASHLESS POLICY.............................................26-27

2.1.2.3: ADVANTAGES OF CASHLESS POLICY............................................27-28

2.1.2.4: DISADVANTAGES OF CASHLESS POLICY......................................28-30

2.2.0: ELECTRONIC PAYMENT SYSTEMS....................................................30-32

2.2.1: MODES OF ELECTRONIC PAYMENT SYSTEMS...............................32

2.2.1.1: AUTOMATED TELLER MACHINE....................................................32-33

2.2.1.2: MOBILE MONEY.................................................................................33-34

2.2.1.3: E- TRANSFER......................................................................................34-35

2.2.1.4: POINT OF SALE (POS) TERMINAL....................................................35

2.3.0: CONCLUSION.........................................................................................35-36

CHAPTER 3

ELECTRONIC COMMERCE IN NIGERIA 

3.0.0: INTRODUCTION...................................................................................37-38

3.1.0: HISTORICAL DEVELOPMENT OF ELECTRONIC COMMERCE......39-40

3.2.0: ELECTRONIC COMMERCE..................................................................40-43

3.3.0: CHARACTERISTICS OF ELECTRONIC COMMERCE........................44-45

3.4.0: STAGES OF ELECTRONIC COMMERCE.............................................45-46

3.5.0: TYPES OF ELECTRONIC COMMERCE...............................................47-49

3.6.0: CRITICAL ICT INFRASTRUCTURE FOR E-COMMERCE..................49-51

3.7.0: CONCLUSION........................................................................................52-53

CHAPTER 4

LEGAL FRAMEWORK FOR ELECTRONIC COMMERCE IN NIGERIA 

4.0.0: INTRODUCTION...................................................................................54-55

4.1.0: ELECTRONIC COMMERCE REGULATION.......................................55-56

4.1.1: PRIVACY AND DATA PROTECTION..................................................56-58

4.1.2: CONSUMER PROTECTION.................................................................59-60

4.1.3: CONTRACT LAW IN ELECTRONIC COMMERCE............................60-62

4.1.4: SIGNATURE IN ELECTRONIC COMMERCE.....................................62-64

4.1.5: CYBER CRIME LAW...........................................................................64-65

4.1.6: TAXATION LAW ON ELECTRONIC COMMERCE............................66-68

4.2.0: ENFORCEMENT PROCESSES.............................................................69

4.2.1: JURISDICTION AND CHOICE OF LAW.............................................69

4.5.0: CONCLUSION......................................................................................70-71

CHAPTER 5

CASHLESS ECONOMY, ELECTRONIC COMMERCE AND THE ARISING LEGAL AND REGULATORY ISSUES

5.0.0: INTRODUCTION……………………………………………………………72

5.1.0: THE REGULATORY ISSUES ON CASHLESS ECONOMY……………72-75

5.2.0: THE RISK IN ELECTRONIC PAYMENT SYSTEM…………………….75-79

5.3.0: THE ARISING REGULATORY ISSUES IN ELECTRONIC COMMERCE..................................................................................................79-82

5.4.0: INTERNATIONAL BEST PRACTICES AND SELF REGULATION ON ELECTRONIC COMMERCE…………………………………………………….82-86

5.4.1: LESSONS FOR NIGERIA…………………………………………………87-90

5.5.0: CONCLUSION……………………………………………………………..91-93

CHAPTER 6

GENERAL CONCLUSION 

6.0.0: CONCLUSION.......................................................................................94-98

6.1.0: RECOMMENDATIONS...........................................................................99-102

BIBLIOGRAPHY.................................................................................................103-118