MARKETING OF BANKING SERVICES IN A DISTRESSED ECONOMY LIKE NIGERIA
MARKETING OF BANKING SERVICES IN A DISTRESSED ECONOMY LIKE NIGERIA
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Date
1998
Authors
Etuh, Clement
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Abstract
Nigerian Banking is undergoing an unprecedented change and new challenges,
this is however, occasioned primarily by structural changes and related developments in
the national economy. There is a new dimension to competition and a number of
regulatory frameworks both from the Central Bank of Nigeria (CBN and the Federal
Ministry of Finance. The banking sector more than ever before is characterised by
uncertainty, volatility of interest rates and ever changing foreign exchange policies all of
which seem to generate fierce and unorthodox competition among banks.
With the present trend of increasing and cut-throat competition in the banking
sector, marketing becomes as imperative as provision of services itself. The situation
calls for nothing short of aggressive and persuasive marketing of banking services not
only to retain existing customers but also to acquire a large chunk of the new market.
Unfortunately, marketing of banking services in a distressed economy like Nigeria
is fraught with diverse impediments inherent in the environment which include weak data
base and poor communication system, lack of well developed money and capital market
of well structure approached to the business of marketing.
Apart from conventional lending tools such as loans and advances, overdrafts,
other services such as insurance and insurance broken, pensions scheme, personal and
business advisory services, trusteeship and executor-ship, equity finance, leasing and hire
purchase, computer bureau services and international financial services remain largely
untapped. Even in cases where some banks provides these services, the scope is shallow
and availability is still limited to a few outlets or branches; usually in the major cities.
This study has dwelt on the issues involved in the marketing of commercial
banking services in Nigeria as a distressed economy. The efforts of the some selected
bank have been sufficiently discussed and suggestions also preferred on ways to improve
their services and marketing generally.
It is therefore hoped that scholars in the field of marketing in general, and
marketing banking services in particular will find this material interesting, thought
provoking and a contribution to this interesting and ever changing field of study.
Description
Presented to the Post Graduate School,
Ahmadu Bello University, Zaria,
in Partial Fulfilment of the Requirement for the Award
of Master of Business Administration (M. BA).
Department of Business Administration
Faculty of Administration
Ahmadu Bello University, Zaria.
Keywords
MARKETING,, BANKING SERVICES,, DISTRESSED ECONOMY,, NIGERIA