Examining the Extant Rules and Policies Governing the Use of Electronic Commerce for Transactions among Consumers in Southwestern Nigeria

The purpose of this study is to examine the extant rules and policies governing the use of Electronic Commerce (EC) for transactions among consumers in Southwestern Nigeria with a view to support its importance in strengthening the adoption of EC for Southwestern Nigeria to take full advantage of its benefits. The study employed survey method and primary data were obtained through questionnaire administered face-to-face to 300 selected consumers. Participants were mostly in the active age group of 18-50 years and this is because they are the earliest adopters of technology. The questionnaire elicited information on the extant rules and policies governing Electronic Commerce in Southwestern Nigeria and measured variables such as existence of policy, effectiveness of policy, knowledge of user protection, adequacy, and financial protection among others. Furthermore, the harvested data were subjected to relevant descriptive statistical analysis. The results showed that consumers agree (on a five-item scale where; lowest =1, highest= 5) that financial and banking policies exist (4.00) to govern electronic payments for Electronic Commerce transactions, and the other policies cum institutions are inadequate (1.86) and ineffective (1.57). The study concluded that Southwestern Nigeria can take full advantage of the growing adoption of Electronic Commerce in Southwestern Nigeria if merchants and government put in place adequate policies, institutions, and technical infrastructures.