The Role Of Information Technology In Safety And Security Management

1.1 STATEMENT OF THE PROBLEM

Microfinance institutions (MFIs) operate in the same environment as the universal banks, but it is so obvious that the safety and security management system of the bank was so poor due to the lack of information and communication system. Before now, the microfinance institution was managing their system without the use of information system such as computer, internet (online), CCTV cameras etc, and this has made the entire system in the institution to be slow, in secured and prone to free access to information.

Below are some of the problems associated with lack of information and communication technology for safety and security management in the microfinance institution.

1. Information of customers were manually kept in a file

2. Account of customers were operated manually using ledgers

3. Information about customers were exposed because most of the files with which account were created for loan processing were kept in the shelf and people can easily access it.

4. There was misplacement of files

5. It was difficult to monitor the people entering the bank because of lack of computerized door (Security door)

6. Staff were not being monitor from a designated or control room due to lack of CCTV cameras

7. There was lack of internet access for customers in other for them to access their account at the comfort of their home without  coming to the bank

1.2 AIMS AND OBJECTIVES

The major aim of information and technology in the financial institution is to help secure and enhance service delivering to customers by ensuring that transactions is safe and secured. When this is done it will give room for more customers to bank with them. 

This research work is aimed at the following

1. To provide secured account information system by using a computerized banking operation as against the manual system

2. Providing a password system were by customers can access their account using an ATM terminal with his or her password encrypted and not exposed to others.

3. Providing a monitoring system within and outside the banking all for transaction.

4. To provide a platform that can help to checkmate fraudulent transaction at any given point in time

1.3 SCOPE 

The scope of this research work is limited to microfinance institution were by fun can easily be accessed and transaction can be safe and secured with the application of information and technology.

1.4 RESEARCH QUESTIONS

1. How information and technology does affect the microfinance sector?

2. Is the entire system of the financial institution safe and secure with the application of information technology?

3. Can information and technology bring a lasting solution to the safety and security system of the institution?

1.5 RESEARCH HYPOTHESIS

H0: information and technology has no significant effect on the micro finance sector.

H1: information and technology has significant effect on the micro finance sector.

1.5 DEFINITION OF TERMS

Information: Data that is (1) accurate and timely, (2) specific and organized for a purpose, (3) presented within a context that gives it meaning and relevance, and (4) can lead to an increase in understanding and decrease in uncertainty.

Safety: Relative freedom from danger, risk, or threat of harm, injury, or loss to personnel and/or property, whether caused deliberately or by accident. See also security.

Security: The state of being free from danger or threat