Electronic payment systems are the cornerstone of E-Commerce development in the country by ensuring convenience and flexibility when undertaking commercial transactions and trade. Therefore, the banking sub-sector plays an important role in the development of E-Commerce solutions. With the adoption of Internet, some of the financial institutions are already offering Internet banking and international cash payment via electronic cards such as VISA to customers. Mobile commerce solutions via GSM phones are increasing on the market mainly due to the convenience, flexibility and increase in the use of mobile phones. However, the growth of E-Commerce depends on good telecommunications infrastructure, effective legal/regulatory framework, widespread use of E-Commerce related services, awareness creation and development of E-commerce solutions etc.
Some of the challenges in the development of E-Commerce include:
- Lack of effective ICT infrastructure to support widespread use of E-Commerce solutions;
- Inadequate laws and legal system to support E-Commerce;
- Inadequate innovative solutions from the ICT industry that can promote the spread of E-Commerce;
- Lack of supportive and integrated investments in ICT, energy and other social infrastructure projects to increase uptake, access and demand for E-Commerce.