Abstract: There is no doubt the Internet is a wondrous creation. The entire world is rapidly becoming obsessed with it. With the advancement of technology, there was a long felt need to give recognition to the electronic means as an alternative to paper based banking. The internet has made banking and other business transactions a lot easier because money is easily transferred from bank to bank, employer to employee, employee to bank, shopper to department store, and almost any scenario in which money has to be transacted, all because of the internet and other electronic technologies.