Research has shown traditional money transfer systems are prone to attacks through falsified deposit slips and drafts, forgery of signatures, use of false cheques, theft of debit cards and so on. Also, a lot of transactions which are required to take place during the weekend or after banking hours cannot happen because banks do not open on weekends and do not attend to customers after hours. This system offers a platform independent of transferring money from one place to another at any time and on every day of the week.
The main aim of this project is to improve on existing money transfer systems. To achieve this aim the use of CVC(card verification code) and randomly generated numbers on a token to provide a secure system for transferring money.
This project is not just the development of standard software or just the implementation of a money transfer system but a portal that solves some issue when it comes to transferring of money, which in this case we focused on the security and the aspect of a friendly and simple system.
After carefully considering and analyzing the need and challenges of the users, there was a conclusion that the portal, definitely not as large or comprehensive as already existing portals but it is an innovation that can perform the most desired activities of the user.
Sending or receiving money for either payment of services, settlement of business transactions, payment of utility bills, or for family support is common both for businesses and individuals because there will always be a need to transfer money from one user to another. It requires efficient, reliable and affordable money transfer services whereby money can be deposited in one location and withdrawn in another in both urban and rural areas.
Electronic money transfer is a regulated payment service performed from an electronic device which enables users have access to their money anywhere and at anytime without need for a bank account. Real money is converted into electronic money (e-money) and put into electronic devices so that financial transactions such as the transfer of funds from one subscriber to another can be carried out through an electronic device. The concept of mobile money was established to ensure financial services are made available to the unbanked population.(Odior,2012) By enabling digital payments, electronic money transfer reduces dependency on cash whilst providing a platform for customers to access a much broader range of financial services.
More Nigerians have been found to own gadgets that can connect them to the internet than bank accounts, thereby demonstrating the great potential of online money transfer in Nigeria. However, since its inception, online money transfer has been reported to make very little impact in the country. But with the policy put in place by the Central Bank of Nigeria (CBN) on cashless Nigeria the future of money transfer in the country lies in the hands on electronic transfer.(Odior,2012)
Nigeria’s primary aim of electronic money transfer is to promote a cashless society by providing financial inclusion for the over 80 million Nigerians who do not own bank accounts. 77% of adults in Nigeria are unbanked while there is well over 54% mobile penetration rate.
This is especially significant because of the fact that 57% of Nigerians live in the rural areas where financial institutions find it commercially unviable to operate; thus emphasizing the immense potential of electronic money transfer services in Nigeria. (Philips Consulting Mobile Money Report, 2013)
Research has proven that traditional money transfer systems are prone to attacks through falsified deposit slips and drafts, forgery of signatures, use of false cheques. This project intends to create a safe and easy platform to transfer money from one user or location to another.
The cashless policy put in place by the central bank of Nigeria stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (CBN,2012). With the policy that has been put in place, there will be a greater need in the society to transfer money (especially in large amounts) through an electronic platform. This would help to solve the inability to withdraw physical cash(over N500,000) and give it to another individual or organization.
Also, a lot of transactions which are required to take place during the weekend or after banking hours cannot happen because banks do not open on weekends and do not attend to customers after hours. This system offers a platform independent way to transfer money from one place to another at any time and on every day of the week.
The aim of this project is to improve on existing money transfer systems. The objectives to achieve this aim are:
To provide a very easy to use and maintain platform for cashless transactions with a high emphasis on security and portability.
This projects aims at developing and implementing a necessary tool by enabling digital payment, electronic money transfer reduces dependency on cash whilst providing a platform for customer to access a much broader range of financial services. In light tothis the system will perform the following:
The output of this study is to develop a platform (Cash Go) for Nigerian business economy, where money can 1.be transferred from one user to another, and users being able to pay for DSTV and also mobile top up.
The project will be deployed using a local sever, which runs on a stand-alone PC and not deployable to the internet. The Token as well will be simulated. For now a desktop application would be developed as there is no time to extend to mobile platform.
This project will go as far as deploying web technologies in the implementation. Sublime Text will be used as the major development tool. Database connection using MySQL will extensively be covered in this project.
Below are some of the limitations we foresee;
To provide a very easy to use and maintain platform for cashless transactions with a high emphasis on security and portability.
This projects aims at developing and implementing a necessary tool by enabling digital payment, electronic money transfer reduces dependency on cash whilst providing a platform for customer to access a much broader range of financial services.
A money transfer platform must be able to bring users to a user friendly environment where they are able to make transactions without stress and yet very effective. To accomplish this we will
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered money.(Misckin,2007)
this is a policy put in place by the Nigerian government on cash based transactions which stipulates a cash handing charge on a daily cash withdrawals that exceed N500, 000 for individuals and N3, 000,000 for corporate bodies. The new policy on cash based transaction (withdrawals) in banks, aims at reducing the amount of physical cash (coins and notes) circulating in the economy and encouraging more electronic based transactions. (CBN, 2012)
Agreement, contract, exchange, understanding, or transfer of cash or property that occurs between two or more parties.
connected to, served by, or available through a system and especially a computer or telecommunications system (as the Internet).
electronic money, also known as digital money, includes the use of computer network like internet and digital stored value systems for transactions.
EFT is a system of transferring money from one account directly to another without any paper money exchanging hands. This term will be used interchangeably with money transfer systems to avoid confusion between transfers involving physical money and electronic funds which refers to the type of money being discussed in this project.
this is a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically. (European Banking Authority, 2014)
The Chapter focuses on the background and relevant theories of the problem area, the related works and methodologies used.
This chapter focuses on the system analysis and design, description of the proposed system, the design methodology, system models, etc.
This Chapter focuses on the Algorithm of the processes involved in this Project,the software development tools and component testing. It also deals with implementation and operation of the proposed system. It focuses primarily on how the outcomes of the system design are used in developing the Platform.
This chapter summarizes the entire project work. It also draws up conclusions from the chapters listed above and provides recommendations based on the conclusion drawn from the design and implementation.
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