Purpose: This paper aims to outline the financial implications, while deploying information and communication technologies for implementing e-learning, and to elucidate them, while implementing an e-learning project in a conventional university environment. Design/methodology/approach: The paper is a descriptive account of the various cost factors and benefits accrued in implementing an e-learning project and draws on a variety of secondary sources both published and unpublished. Findings: The paper identifies the various cost factors as well as the benefits involved in e-learning implementation in conventional educational institutions, so that e-learning implementation is a smooth process. Three modes of e-learning exist, namely, substantially online mode; replacement mode; and supplemental mode, and the costs of e-learning vary for each. The paper also describes how to assess the success or failure of an e-learning project. Research limitations/implications: The paper presents a review of literature developed from secondary sources since e-learning implementation is in a budding stage in conventional universities, particularly in the Asian context. Practical implications: The paper outlines the financial implications of e-learning and provides information on the various cost factors in implementing an e-learning project for the first time. These factors should be duly acknowledged and given consideration, if the advantages of e-learning are to be fully realised and e-learning implementation is to succeed. Originality/value: This paper provides a valuable summary of the state of affairs of financial implications, for instance the cost factors and benefits accrued while implementing an e-learning project in the case of conventional universities. From this summary of the current situation, it goes on to suggest potential ways to transform the "digital divide" into "digital opportunities". (Contains 10 figures and 12 tables.)