Economic Crisis In The Financial World Finance Essay

Merely before the crisis, the Nigerian banking sector was at a turn-around stage. Quack Bankss were seeded away and the banking sector in general experienced singular alterations after the consolidation exercising. Shortly after the recapitalization of the capital base in the industry to a lower limit of 25 billion Naira ( N25 billion ) a‰? $ 17 million in plus base, the populace ‘s assurance in the sector became really high which was deduced from rise in bank sedimentations. In add-on, the Bankss went into undertaking funding in the existent sector of the Nigerian economic system. Therefore, they were able to back up the procedure of economic growing and development of Nigeria which at the clip had new leaders merely taking office and actively seeking to do a grade. Then, along came the planetary fiscal crisis that earnestly impacted the fiscal universe.

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The current planetary economic crisis started as a fiscal crisis in the United States of America in 2007. This fiscal crisis was as a consequence of recognition contraction in the banking sector due to certain laxnesss in the United States of America fiscal system. “ The fiscal crisis at the early phase manifested strongly in the sub-prime mortgages because families faced troubles in doing higher payments on adjusted mortgages ” ( Soludo, 2009 ) . “ This development led to the usage of recognition contraction by fiscal establishments in the US to fasten their criterions in the visible radiation of their deteriorating balance sheets. In add-on, fiscal establishments stopped loaning and recalled their recognition lines to guarantee capital adequateness ” ( Aluko, 2009 ) . The crisis subsequently spread to Europe and now became a planetary phenomenon.

Since foreign Bankss commenced the usage of recognition contraction, the Nigerian banking sector has faced her just portion of fiscal crisis. At the aftermath of the crisis, the Bankss were unable to transport out their statutory map in the Nigerian economic system. Furthermore, the crisis brought about a terror and bank haste as the assurance of the multitudes in the Nigerian banking industry dwindled. In position of this development, this research survey would assist to analyze the impacts of the planetary fiscal crisis on the Nigerian banking industry with accent on client trueness to Bankss.

1.1.1Aim of Dissertation.

My thesis will throw more visible radiation on the non excessively explored field of Customer Relations Management and how it affects the clients and consumers. I will concentrate on the banking and geographically be looking at merely the Nigerian banking sector.

Bing a developing 3rd universe state, Nigeria has unequal resources to decide academic challenges and I would wish to utilize the advantage of my western instruction and resources at my disposal to dig deeper into this subject and supply more theoretical cognition to bridge the cognition spread that exists in this field.

My thesis would demo the effects of good client dealingss direction in the banking sector and how it affects client trueness. Findingss from my thesis would function as recommendation for professionals in the banking and selling field to cognize how to outdo channel their resources to maximise effectivity and perchance implement better client service and embed it as portion of their cardinal resources in the banking strategic frame work.

1.2. Aims and Hypothesis

This thesis attempts to reply the chief research inquiry, viz. , how good client trueness direction can lend to better the trueness of clients.

The aims of the thesis are:

to reexamine the widespread alterations in the fiscal sector during and due to recession in general and in Nigeria in peculiar

to analyse the nature and construction of client trueness theoretically and its relevancy to Customer Relationship Management ( CRM )

to analyze the satisfaction degree of clients with the Bankss and the extent of trueness

to sum up findings, draw decisions and give recommendations sing client trueness in Bankss.

The hypothesis of this survey is stated as follows:

If Bankss were to utilize effectual client dealingss direction techniques it would better the degree of client trueness and the figure of clients in the long tally.

Chapter Two:

LITERATURE REVIEW

2.1 Cardinal TERMS

This portion summarizes the most of import key footings used in client relation direction:

Lord Davey in Great Western Railway versus London and County Bank ( 1901 ) described a bank client as ; “ any individual who has some kind of history, either sedimentation or current, or some similar relation with a banker ” . In Nigeria, the indispensable status is that a individual must hold opened an history with the bank and have at least one dealing on the history before he can be classified as a bank client.

Loyalty, on the other manus, means when person has regard and assurance in person or something, in this context it means holding extreme trust in a bank that the client invested his financess.

Customer trueness can be described as a faithful behaviour of clients towards a company or organisation. Customer trueness implies that even if the house makes minor mistakes or errors, clients are still willing to make concern with them or keep dealingss.

In conformity with Cahill ( 2007:6 ) , “ the construct of client trueness was given much attending at the beginning of the 1990s when this subject was particularly popular with concern and selling research workers. That period was marked by a turning grade of competition in the planetary market when companies attempted to develop efficient methods and techniques aimed at client keeping. ”

Fiscal crisis as the name implies is an economical calamity and the resent one came into Nigeria in 2008 and changed the fiscal sector. This was brought approximately by its heavy impact on the income of families therefore altering consumer penchants. It is these alterations that conveying about the inquiring of clients loyalty to the Bankss they used before the crisis.

Customer dealingss direction will or is aimed at comforting the interface of an organisation with its clients.

2.2 Customer trueness in the fiscal sector

In the old bomber chapter, we can happen several surveies concentrating on consumer trueness. Stone et Al. ( 2000 ) declared that consumer trueness can besides be attributed to some consumer factors: Alternatively of concentrating on what the nucleus map of the organisation or house is, more attempts should be channeled towards the client ‘s position of the concern. Owing to this ground, they stated client trueness should be investigated based on business, age and gender.

Chung et Al. ( 2011 ) conducted a survey in client trueness in times of economic recession utilizing primary informations aggregation. However, this survey merely encompassed the retail sector in China. Questionnaire and interview methods of informations aggregation were adopted for this survey. What strengthens and makes this survey, reputable is the inclusion of the primary informations aggregation of over one 100 retail shops and over 25 top directors, therefore doing the findings of the survey eligible for generalisation intents. This nevertheless in my position is faulted in one facet, the skip of a client study. This would hold been critical as logically it is the clients that by and large express trueness. Chung et Al. ‘s ( 2011 ) findings go on to be in line with their predecessor Uncles ( 2003 ) . They both conclude that external and single factors do impact the trueness of clients. Chung et Al. ( 2011 ) besides discovered that a negative consequence on client trueness in retail shops in China was experienced as a consequence of alterations in the economic environment in China. They besides discovered the huge attempt put in selling schemes to increase consumer truenesss were implemented by retail merchants. An illustration of this includes alterations made in distribution channels. It is nevertheless deserving adverting that these bookmans neglected to supply possible recommendations to hike the trueness of clients.

Lee et Al. ( 2011 ) provided the following empirical grounds on the subject of client trueness. This survey focuses on client trueness as a consequence of commercial advertisement ; moreover the research worker includes a survey on the banking sector. The survey analyzed over 2000 advertizements and it was discovered that the trueness of consumers have plunged since the crisis epoch. It was besides revealed by Lee et Al. ( 2011 ) that the consequence of ads by Bankss on persons diminished as a consequence of the crisis. This was in fact one of the major grounds that brought about the bookman ‘s tax write-off that client trueness is closely linked if non intertwined with advertisement. Lee et Al. ( 2011 ) found that the ground why companies engage in advertisement is to make consciousness and popularise the trade name which should hold a stimulating consequence on the reader or spectator within their mark audience or late adoptive parents. It could be argued that ads advertisement and runs by and large dropped as a consequence of houses bid to cut costs, cut down disbursals and remain profitable.

Ehigie ( 2006 ) and Baumann et Al. ( 2011 ) besides conducted several surveies on client trueness. The influence of client satisfaction, client outlook and degree of SERQUAL ( service quality ) on clients amongst all others was evaluated by Ehigie et Al. ( 2006 ) . He found client satisfaction and security as the strongest factor though the research was carried out in position of a developing 3rd universe state ( Nigeria, in our instance ) . By contrast, Baumann et Al. ( 2011 ) believe alteration continuity and assortment chase were the most important factors when it comes to clients within the banking sector. The function of the clients i.e persons, authorities and companies in the fiscal sector can non be over emphatic because it is the pillar of the sector. Without capital no concern will turn, when concerns do non turn, there will be no net income therefore taking to settlement. The clients form a critical stone of foundation in any fiscal system for it is their resources that are being pooled together for net income coevals.

The Nigerian Banking sector under the alert eyes of the Central Bank of Nigeria through moral suasion advice Bankss to better on their relationships and inducements like low involvement loans and grants to accomplish a high degree of trueness from their clients. The investing in feasible undertakings and the disregard of white elephant undertakings have besides been emphasized by the apex bank to let for better client satisfaction of trust worthy difficult working clients.

The client is a major force to think with in the banking industry and must non be taken for granted for they contribute vastly to the growing and development of the banking sector. Hence harmonizing to Neumann and Williams ( 2011 ) fiscal public presentation and solvency of the company is a cardinal resource factor when it comes to client trueness in the crisis state of affairs.

The fiscal crisis of 2008 in Nigeria truly exposed the defects of the banking sector in Nigeria. The incomes of consumers nosedived, unemployment skyrocketed and the crisis altered the disbursement form of persons and houses. Williams and Neumann ( 2011:20 ) are convinced that the “ fiscal public presentation of companies determines client trueness to a considerable grade. However, it should be taken into history that economic recession is non merely a company-related factor, but besides a customer-related determiner. Indeed, the single income of clients decreased during the economic lag, which led to the lessening in disbursement. “ Some merchandises and services ceased to be low-cost to consumers, which had a negative influence on consumer trueness ” ( Williams and Neumann, 2011:20 ) . Further, the survey analyzes the effects of the crisis on client trueness. During the recession, the one-year studies of Bankss under instance survey witnessed certain alterations like great alterations in stocks and portions, alterations in gross net incomes, net income after revenue enhancement, and sedimentations made to Bankss by clients. All these consequence are investigated to see if it could be linked the economic recession in Nigeria and its affect on client trueness.

2.3 Economic crisis in the fiscal universe

The planetary fiscal crisis was manifested strongly in liquidness crisis due to the backdown of recognition lines by foreign Bankss. This brought force per unit area on the Nigerian fiscal system. Harmonizing to the Central bank of Nigeria, one-year study “ in order to buffer the impact of the planetary fiscal crisis and guarantee equal bank liquidness, the pecuniary Rate of Policy ( MRP ) was reduced from 10.25 % to 9.75 % and the hard currency Requirement Ratio ( CRR ) was besides reduced from 4 % to 2 % . In add-on to this, the rate at which Bankss lend to each other, the inter Bank rate was besides increased from 14.01 % to 15.79 % ” CBN Annual Report ( 2008 ) . Furthermore, the Bankss were despairing to run into the needed minimal rate of return on investing. This could be regarded as their ain construct of sub-prime mortgage, because Bankss borrow money to clients and to investors as Initial public offer ( IPO ‘s ) of the same Bankss. So when foreign investors withdrew their recognition lines, the ripple consequence manifested strongly as a batch of the bank loans became toxic. Harmonizing to Soludo, obtaining recognition installations from Bankss and other fiscal establishment was made even more hard for clients through the usage of recognition contraction.

Furthermore, the CBN dictum after the consolidation exercising ( merely prior to the crisis ) that Bankss with a lower limit of one billion dollars will be allowed to take part in the direction of the state ‘s foreign militias was more or less a instance of incorrect timing. This heightened their exposure to fiscal establishments with unequal capital. Hence, in the aftermath of these fiscal establishments remembering their recognition lines the Nigerian Bankss became more prone to the crisis.

2.4 The theory of good pattern and Customer Relations Management in Nigeria

Here the theory of Customer Relations Management is described. Particularly focussing on its usage and pattern in Nigeria. Customer Relations Management as recommended by Garner group ( 2004 ) should be more information engineering concern scheme based. , that could maximise net incomes, grosss and client satisfaction by forming about client sections and implementing client bizarre procedures.

This theory sheds visible radiation on the significance of clients. Harmonizing to historical records on how CRM has been practiced in Nigeria from the nineteenth century, The British bank for West Africa was established in 1894 by the colonial Masterss Great Britain ; they operated in Nigeria for a really long clip utilizing their immense client backing and advanced policies and inducements to inch out opposing Bankss. They subsequently changed their name to Standard bank limited and subsequently changed the name once more to First bank of Nigeria plc and one of the Bankss that would be treated in this thesis. This today is one of the largest Bankss in Nigeria with subdivisions in different states. The secret behind their success over the old ages has been attributed to effectual and efficient direction of client investings, the creative activity of public-service corporations through societal duty, the granting of loans to loyal clients after giving them good advice on undertaking that are feasible to put in or non, the attentive ear given to client jobs and proffering solutions to undertake the job and a host of others.

In the 1890 ‘s the rise and autumn of legion colonial and autochthonal Bankss due to competition gives a intimation to the fact environing the being of a few Bankss runing boulder clay this twenty-four hours. How they managed to last this long. The colonial Bankss enjoyed backing from both British and autochthonal business communities and husbandmans ; the Bankss were used chiefly for trade and this continued over the old ages hence committed clients demonstrated maximal grade of client trueness, which means that they make repeated sedimentations at their Bankss in the long-run and are ready to give good merchandise and service recommendations to their relations and friends. “ This positive consumer behaviour is associated with adding value to trade names and edifice strong and stable relationships ” ( Foss and Stone, 2001:73 ) . Furthermore, client dealingss has been a core portion of concerns worldwide for without clients no concern will boom. Hence the ground why direction squad are ever on the uninterrupted strive to be advanced and invent new engineerings and schemes to wade off competition so as to retain the clients and derive many more.

Chapter THREE:

Methodology

3.1 RESEARCH STRATEGY – Method AND PROCEDURE OF DATA COLLECTION

This chapter aims to depict the methods used for informations aggregation and bite processs ; and discourse the methodological tools and measurement instruments implemented in the present survey for making the purposes and aims of the thesis.

The present thesis draws instance survey scheme. Four Bankss were selected in Nigeria and the research was conducted in footings of these four Bankss. The research summarizes quantitative and qualitative methodological analysis, viz. , interviews, questionnaire studies, and content analysis of publications. These tools were used to detect the impact of the crisis on client trueness on the four selected Bankss in Nigeria.

The survey relies on both primary and secondary beginnings of statistical informations, collected from questionnaires, diaries, text editions, articles etc. We merely can non over stress the significance of secondary informations, as it allows research workers more appreciations and understanding as to the “ hows and wherefore ” of certain phenomenon happening in a system. The usage of this method is likely to give really of import penetrations into the positions of clients and staff of the four instance survey Bankss to analyse their positions on the effects the crisis had on them. The intent of utilizing this method is besides to spread out the cognition and apprehension of the research worker on the planetary fiscal crisis and the Nigerian banking sector. Nevertheless, recent surveies provided a limited penetration on the impact of the planetary fiscal crisis on the Nigerian banking sector. Therefore, this research survey besides attempts to obtain the sentiments of stakeholders in the banking sector through a structured questionnaire. In drumhead, the survey will beginning informations from the followers:

( I ) An overview of the literature of related surveies with specific input from diaries, publications and other stuffs, informations beginnings.

( two ) An overview of diary and fiscal studies of four major Bankss in Nigeria.

( three ) Customer and staff positions from responses pooled from questionnaires.

( four ) Inductive illation ( anticipation based on observation ) from inquiries administered to stakeholders in the banking industry.

In this thesis four of the largest Bankss in Nigeria were used. The instance surveies were investigated for the analysis of their fiscal public presentation pre and post the fiscal crisis.

Secondary research was used to derive extra informations, derived from the one-year studies of the Bankss demoing the followers:

Gross net incomes

Net net incomes

Entire amount of sedimentations made by clients

Entire amount of loans granted to clients

The demographic group that is most loyal to their bank

Further information was derived through primary research based on studies conducted among the staff and clients of the four instance survey Bankss every bit good as from their single one-year studies. These methodological analysis picks are based on the old literature decisions. For case, harmonizing to Saunders et Al. ( 2009 ) and Ryman and Bell ( 2008 ) “ the study is the most common and effectual scheme for working with primary informations. It implies that the informations can be retrieved from respondents by agencies of interview, questionnaires or even observations ” . Harmonizing to Jamiyu, “ a questionnaire is a set of inquiries formulated to obtain informations for analysis ” . He farther pointed out that “ the consequences from a questionnaire can be used to supply replies to research inquiries and used besides to prove relevant hypotheses ” . Jamiu ( 2008 )

3.1.1 Survey Design.

This study would be more of a field operation. Sampling of assorted random persons, groups and other current history keeping entities would assist to acquire a more realistic figure or perceptual experience of the existent universe consequence. The primary research information was collected from 2 groups of entities. Customer information ( external ) and positions due to its legion nature could merely be decently covered through questionnaires while employee ( internal ) was dealt with via telephone interviews and practical meetings.

In this survey, electronic correspondence and telecommunications are used to garner information as a physical meeting with the HR directors for interviews was non executable.

3.1.2. Participants

The questionnaires were distributed to two 100s ( 200 ) clients of the four Bankss to light their positions. These inquiries could be found on ( Appendix 1 ) . The first thing the questionnaire would make is to divide the respondents into several demographic groups in order to uncover the links between client trueness to Bankss as stipulated earlier in my literature reappraisal by Stone et. Al. pre and post the fiscal crisis. The 2nd disclosure of the questionnaire is measuring the trueness of consumers to the Bankss that they use based on certain finding factors like richness, degree of instruction, how long they have banked with these peculiar Bankss, etc. A sum of 216 respondents were targeted, dwelling of 8 people in mid degree managerial places for interviews, 8 first brush staff i.e. tellers and receptionist and the remainder of the answering strength were 200 clients to make full out the questionnaires.

The client participants were selected at random, some personal petition mails were sent to make full out the questionnaires. Directors were interviewed and they helped in distributing the questionnaires to the clients via tellers. The questionnaire involved points on their feelings and perceptual experience on assorted issues including how they were treated, if things have changed etc. Most of the targeted respondents were forth coming and provided touchable responses. Some of them had to be coaxed and the excessively demanding hours demanded of workers made it about impossible to track the internal respondents but it was all worth the attempt as touchable penetrations from the parts they made is valuable to this thesis.

In the information analyses, this survey utilizes some frequence tabular arraies to farther analyse the informations derived from the questionnaires. Jamiyu ( 2008 ) besides argued that “ the usage of descriptive statistics and a frequence tabular array can be used to pull out for illustration, sentiments of inquiry raised in a research survey. He emphasized further that descriptive statistics and a frequence tabular array enable a research worker to efficaciously analyse informations collected from the inquiries which addressed the respondent to the inquiries posed in the questionnaire ” .

3.1.3. Procedure

The Managerial interview was more of inquiry based on Likert-type method of scaling “ the Likert graduated table helps to rank the responses and respondents ‘ attitudes towards the statements ” ( Saunders et Al, 2009 ; Ryman and Bell, 2008 ) . Respondents were slightly antiphonal. Hence sing the straightforward nature of the questionnaire and interviews it is safe to state that replies are honest to the best of their ability therefore supplying me with touchable dependable information. Respondents were advised to reply separately and non portion their replies amongst each other as the research was aimed at single perceptual experience and shared information might do some respondents shy or ashamed to unwrap some information e.g. history balance because of what the following individual might believe of him or her.

Those that did non react or direct their replies through the provided feedback channel were taken into consideration and their slots replaced by farther random choice until I reached my intended figure of respondents.

3.2 METHOD USED TO ANALYZE DATA

The difference in fiscal public presentation indexs would help in measuring the houses ‘ related factors since the trueness of clients is determined by both single and house ‘s related factors. In other words, the degree of alteration in gross from consumer sections and besides the alteration in net runing net incomes. The usage of correlativity analysis would be used in finding if the fiscal public presentation alteration during the planetary fiscal meltdown can be associated with the alteration in the trueness of clients.

Using SPSS statistical methods, the hypothesis has been tested and the purpose of the survey reached. The tools that were used include ; , one manner ANOVA trial, independent t-tests and Pearson correlativity trial in order to uncover group differences and relationships between variables. More exactly, informations will be presented with frequence tabular arraies that show a dislocation of responses and helped gauge the per centums. Chi-square trials are used to measure whether there was a difference in client trueness to Bankss in different demographic groups. These groups were distinguished by gender, age, business instruction, rich or hapless etc.

The analysis of discrepancy – ANOVA – trial helped to research the dealingss between the Numberss of different Bankss the clients ‘ bank with and their trueness to one peculiar bank. This trial is based on the hypothesis that the average values of two groups of variables are statistically indistinguishable.

“ Then F-test is applied to reject the hypothesis. If the p-value of the trial is lower than 0.05, the hypothesis of equality of agencies is rejected. The hypothesis is rejected at a 90 % assurance degree if the p-value of the t-test is lower than 0.1 and at a 95 % degree if the p-value is lower than 0.05 ” .

3.3 LIMITATIONS

This thesis is limited by the figure of clients that could be surveyed. It is valid to reason that 100 % response ratio is really rare and frequently merely a proportion of the people who are invited to take portion in a study would really take part. The questionnaires were distributed to two 100 clients. From the possible respondents that had been invited, 102 ab initio agreed to take part, giving a response rate of a‰?50 % . The mid degree directors targeted have nevertheless been successfully executed.

Furthermore, the figure of Bankss that could be analyzed was another reverse as information vital for this thesis was non available for some other Bankss electronically. It is valid to besides advert the restrictions that relate to the methods of informations analysis. A arrested development holding a low index of goodness of tantrum puts a menace to the viability of the consequences.

Chapter FOUR:

Consequence

DATA ANALYSIS AND INTERPRETATION

4.1 REVIEW OF SATISFACTION OF CUSTOMERS WITH THE FOUR CASE STUDY BANKS.

This chapter seeks to look into and analyse the informations obtained from clients of the instance survey Bankss to happen out the extent of their trueness before and after the fiscal crisis in Nigeria in 2008.

Likert-type graduated table was employed to analyse the information of 16 respondents from the internal staff side and clients of the four Bankss had their responses analyzed with the assistance of other statistical tools. The usage of questionnaires and interviews were used to garner the information. This survey has an aim to research how minor failures and errors in the services of the Bankss affect client trueness to Nigerian Bankss during and after the fiscal crisis. The research conducted by roll uping primary informations from over a 100 clients and staffs of the four instance survey Bankss in Nigeria

Questionnaires were given to them and the study has helped to measure the alterations in client trueness to the Bankss. The chief consequences of the surveies suggested that even minor failures and errors in the bank services can hold a strong negative impact on client trueness. This deterioration of client trueness can besides be attributed to the broad pick of fiscal establishments which clients can exchange to with a low shift cost. This besides strengthens the involuntariness of consumers to excuse failures in service. In the event of a planetary economic crisis, the clients can be expected to go even less loyal particularly if their bank is reported to get down holding fiscal jobs. For case during the bank consolidation exercising in Nigeria initiated by the so Central Bank of Nigeria governor, Professor Charles Chukwuma Soludo in 2004, this was perceived as some sort of fiscal shingle up which saw the settlement, amalgamation and authorities coup d’etat of some Bankss that could non re-capitalize to twenty five billion naira minimal capital. Evident as a consequence of this was the desertion of many clients from their primary Bankss which in their position was weak and non financially stable.

The information gathered is imperative to this survey because it will bespeak the countries at which single Bankss excelled during and after the crisis and countries where clients and staff were dissatisfied with their single bank services.

Figure 1

Figure 1 shows the demographics as afore mentioned recommended by Stone et. Al. is represented in the figure 1 above along with some other factors that were inculcated for segregation intents. The representation of groups of clients from the questionnaire conducted on the four Bankss bespeaking the most loyal 1s as the highest frequence and less loyal 1s in lower frequence rate. This was deduced from the questionnaire and those with a higher one-year wage and higher instruction degree responded to be more loyal and remain faithful to one bank.

In other words, the highest are the rich clients ; they are the most loyal clients of their Bankss. They are the major stockholders in the Bankss that have dogged attitude towards finance and concern and have the experience to analyze if their investings are safe with their several Bankss. The hapless in the society have no agencies of support if their meager capital is lost in the prostration of the Bankss so they act sagely on their ain portion by retreating their money. However the nonreader act likewise and show upmost distrust to their Bankss so they scamper to shut their economy history and be on the safe side. The educated survey the crisis and look into the reactions of the bank to the crisis and give advice where necessary to assist salve the state of affairs. Bing educated they monitor the advancement of their Bankss and make up one’s mind if they want to remain loyal or expression for another bank with better security for their investing.

The following diagram shows the informations realized from the inquiry that concluded my interviews with the internal respondents distributed to a sum of 16 members of staff, two from each of the four instance survey Bankss.

LIKERT SCALE FOR STAFF

The graduated table shown below was used to acquire the perceptual experience of 16 bank staff on the impact of the crisis on the client dealingss. After a short conversational interview, their overall perceptual experience on the impact was measured by the inquiry “ Did your bank loose clients countrywide during the fiscal crisis of 2008-2010? ”

1

4

3

2

Strongly agree agree disagree strongly disagree

All the respondents to this inquiry who were internal interest holders by manner of employees to these Bankss all disagreed to this. Based on the findings from the graduated table we conclude through facts that sixteen bank staff strongly disagree that Bankss lost clients during the crisis. This brings me to finalise that the study is the same with the other Bankss for they are the largest in Nigeria.

Through the analyses we were able to recognize through questionnaire study that the wealthy are the most loyal clients of the instance survey Bankss, hence we conclude that the impact of the crisis of the four Bankss was lifelessly but it did non be them their client base for they had and still hold loyal and confident clients. Who really have the bargaining french friess in footings of hard currency and assets which these fiscal establishments handle for their clients. This trueness by the rich might be thought to be as a consequence of client and banker resonance. Paper works and holding to explicate beginning of wealth could besides be a ground for this but this thesis has no manner of mensurating those claims

The following portion presents saloon charts from the one-year studies for the four Bankss during and after the fiscal crisis in relation to their public presentation.

Fig. 2 Gross net incomes for Zenith bank

Beginning: Annual studies

Figure 2 shows that the gross net incomes of the bank under reappraisal increased in its one million millions before and after the fiscal crisis demoing maximal net income.

In 2005 the amount of N34 billion was made in gross net incomes, in 2006 the amount of N58 billion was made, in 2007, the amount of N89 billion was made, in 2008, the amount of N190 billion was made more than one hundred per centum of the predating twelvemonth and in 2009 the ball amount of N254 billion was made. These figures signify the steady rise in the net incomes of the bank over the old ages during and after the economic crisis.

Fig. 3 The chart below shows the gross net incomes of Access bank

Beginning: Annual study

Figure 3 like the old bank besides shows steady rise in public presentation. It shows that, Access bank recorded a gross net income of N13,360,385 billion in 2006 ; in 2007, N27,881,451 billion, in 2008, they recorded N57,627,098 and in conclusion in 2009 they recorded an 81 % addition in gross earning to do N104 billion.

The decision after the analysis of the chart shows that the Bankss had a steady growing of gross net incomes pre and post the fiscal crisis that started in 2008 in Nigeria.

Fig. 4 The figure shows the net income after revenue enhancement saloon chart for Access bank

Beginning: Annual studies

Figure 4 illustrates the income earned by the bank before and after the crisis. In 2006, N737, 149 million was earned, in 2007, N6, 083,439 billion was earned demoing a rapid rise in net incomes, in 2008, N16, 056,464 billion was earned after revenue enhancement once more bespeaking a rapid increase in net incomes, in conclusion in 2009, N22, 885,794 billion was earned.

Once once more an apparent rise is seen in the public presentation of this establishment, these enormous public presentations are portrayed for the clients as oral cavity lacrimation as it appears and helps to construct the assurance of clients who in bend refer others or merely funny observant informants might be privy to the information of bank loans granted and by this become a client of the bank.

Fig 5. This chart shows the sum sum of sedimentations made to Access bank.

Beginning: Annual studies

Figure 5 analyzes the sum sum of sedimentations made to Access bank in the old ages under reappraisal. In 2006, a sum of N110,879,330 billion was deposited, in 2007, a sum of N205,234 billion was deposited, in 2008, a sum sum of N146,554,545 billion was deposited, in 2009, a amount of N346,117,382 billion was deposited. In 2010, the amount entire deposited by clients stood at N372, 868 billion.

This data clearly indicates the growing in sedimentations made by clients in 2006 and 2007 but in 2008, the twelvemonth the crisis entered Nigeria, the sum sedimentations made dropped drastically from N205 billion to N146 billion as a consequence of the fiscal crisis. The client base and trueness to the bank would non wholly take the brunt of this although some assurance was lost in the fiscal pattern due to fear of hazard of losing the value of their sedimentations harmonizing to conversations held with the bankers. This was besides attributed to hold resulted from low income due to cuts In wage and layoffs. However in 2009 likely due to efficient client direction techniques and policies or merely an addition in hard currency circulation due to authorities bond outs, Access bank gained her sedimentations back which was made apparent by denoting a whooping rise in the sedimentations made in 2009, which stood at N346 billion and an betterment to N372 billion in 2010.

Fig 6 Total sedimentations made by clients of Zenith bank

Beginning: Annual study

Figure 6 shows the entire sedimentations made by clients of Zenith bank during the old ages under reappraisal. In 2006, N233 billion was deposited, in 2007, a sum of N392 billion was deposited, in 2008, a whooping amount of more than N1trillion was recorded deposited by clients ; but in 2009 during the extremum of the crisis, there was a little bead in sedimentations to about N1 trillion.

Note the difference in public presentations recorded in 2008 and 2009 by both old Bankss afore mentioned, this is due to the calendar difference when the two banking establishments summarize their terminal of twelvemonth net incomes.

Fig 7. Net income after revenue enhancement of Zenith bank

Beginning: Annual study

The one-year net income is taken into consideration because a diminution in net income might besides bespeak cuts in personal satisfactions and net income strategies and concentrate more on client satisfaction and empathy on clients due to difficult times. Figure 7 represents the one-year studies of the net income after revenue enhancement realized by Zenith bank for the old ages under reappraisal. It shows a steady growing of net income from 2005 to 2008 but it took a crisp bend by dropping in 2009. In 2005, the net incomes stood at N7 billion, in 2006, it rose to N 11 billion, in 2007, it rose once more to 17 billion and in 2008 it sky rocketed to N46 billion. It nevertheless took a nose honkytonk in 2009 to N18 billion demoing the, monolithic deduction of the fiscal crisis on Zenith bank.

Fig 8. Loans granted to clients by Access bank

Beginning: Annual studies

The loans are besides taken into consideration as it helps to demo how the Bankss come to the assistance of their loyal clients even in really stormy Waterss like the antecedently witnessed fiscal crisis from 2008. From the figure shown above, it is apparent that earlier and during the crisis, Access bank increased the capital available for loan over the old ages but they did so utilizing rigorous steps and policies steering their capital so it will non be sunk by their clients in white elephant undertakings and return as non executing loans. They besides increased their involvement rate quickly as did other Bankss.

4.3 QUESTIONNAIRRES DATA ANALYSIS

The questionnaires were filled out by 102 clients of the four instance survey Bankss to portray their position on the fiscal crisis and the history with their primary and secondary Bankss. The consequences are shown on the undermentioned pages.

Gender distribution shows that 71.6 % of the sample were males.

Table 1

What is your gender?

Frequency

Valid Percentage

Valid

male

73

71,6

female

29

28,4

Entire

102

100,0

Age groups

The clients were represented by different age groups that were loosely divided into 18-21, 22-29, 30-40, 41-50 and older than 50. The age was considered as recommended by Stone et.al. This would besides assist in the recommendation as the age bracket of the respondents is considered in the advertizement psychological science and aiming possible clients.

Table 2

Age

Frequency

Valid Percentage

Valid

18-21

20

19,6

22-29

30

29,4

30-40

20

19,6

41-50

22

21,6

over 50

10

9,8

Entire

102

100,0

Banking background

The following portion aims to show the banking background of the clients. A few inquiries sing client ‘s primary bank and besides their trueness and satisfaction with their Bankss were asked.

Table 3

Which is your primary bank?

Frequency

Valid Percentage

Valid

Access bank plc

27

26,5

First Bank plc

27

26,5

United bank for Africa

32

31,4

Zenith bank plc

16

15,7

Entire

102

100,0

Table 3 shows the distribution of the bank picks of the respondents. The largest sub sample of respondents consists of the United Bank for Africa clients and the lowest consist of both First bank and Access bank clients.

Table 4 shows the experience the clients have had with their single Bankss ( in old ages )

How long have you been the client of the bank?

Frequency

Valid Percentage

Valid

Less than 1 twelvemonth

10

9,8

1-3 old ages

12

11,8

3-5 old ages

40

39,2

more than 5 old ages

40

39,2

Entire

102

100,0

The tabular array shows that most of the clients of the four Bankss have been with their primary Bankss for three to five or more than five old ages and really few opened their histories less than a twelvemonth ago. This goes to demo that most clients have been loyal to their Bankss after the crisis that ended in Nigeria about three old ages ago.

Table 5 shows the figure of Bankss the clients of the four Bankss bank with.

Table 5

How many Bankss do you bank with?

Frequency

Valid Percentage

Valid

One

66

64,7

Two

36

35,3

Entire

102

100,0

The tabular array indicates that bulk of the clients of the four Bankss operated with one bank, and none of them were clients of three or four Bankss. This was of import to observe because the sum of Bankss an single Bankss with would impact the trueness of that single viz a viz the more Bankss the less loyal to any peculiar one bank.

In the following inquiry I asked how satisfied clients are with their Bankss. For this we looked at four different bomber positions. These are fiscal services, client services, during and after the crisis.

It is wise to non the difference in services to the client by the Bankss. On the fiscal side the service satisfaction would seek to make better loan bundles, mortgages, re-financing, salary handling and pensions while the client side encompasses the ambiance of the banking hall, response and intervention of clients, etc. Table 6-9 illustrates the degree of client satisfaction with their Bankss. Satisfaction was measured utilizing a graduated table 1 – 5, where 1 shows lowest client services and 5 for highest client services.

Table 6

How would you rank your satisfaction with your primary bank ‘s services on a graduated table of 1 to 5 ( Financial services ) ? After crisis

Frequency

Valid Percentage

Valid

non satisfied

5

4,9

more or less satisfied

34

33,3

satisfied

53

52,0

really satisfied

10

9,8

Entire

102

100,0

From table 6 above, it is apparent that bulk of the respondents are satisfied with the fiscal services rendered by their Bankss after the crisis ( soon ) . Even if they are non all really satisfied with fiscal services towards them as clients, they have still stayed with their Bankss.

Table 7 reflects the above satisfactory degree of clients sing the client services rendered by their Bankss. The return to normalities of thins was much felt and appreciated as bankers tried to guarantee clients that all is good and a return of the phenomenon is non likely in the close hereafter.

Table 7

How would you rank your satisfaction with the bank services on a graduated table of 1 to 5 ( Customer Services ) ? After crisis

Frequency

Valid Percentage

Valid

non satisfied

10

9,8

satisfied

41

40,2

really satisfied

51

50,0

Entire

102

100,0

Table 8 shows how clients were satisfied with their primary bank client services in 2007. It is stated that clients were largely satisfied with the services of their Bankss. This was as a consequence of the empathy that Bankss showed their clients and other imputing factors. They were besides satisfied with the fundss because they had no liquid hard currency to sponsor the Bankss.

Table 8

How satisfied were you with your primary bank ‘s services in 2007? ( Financial Services )

Frequency

Valid Percentage

Valid

extremely unsated

10

9,8

non satisfied

2

2,0

more or less satisfied

32

31,4

satisfied

33

32,4

really satisfied

25

24,5

Entire

102

100,0

Table 9 shows the satisfaction degree with client services in 2007. The tabular array shows that 39.2 % were satisfied, nevertheless 52.9 % were non satisfied. This is as a consequence of the Bankss reluctance at the clip to entertain many ailments, investing houses linked with these Bankss were enduring a great trade at the stock market and people were seeking to happen replies. Telephone lines were jammed and workers forbearance were tested to the bounds as defeat seemed to be the order of the twenty-four hours as people lost their occupations and lucks in investing and the stock market. The bank haste besides brought about United Nations comfy environments in the banking halls and environment.

Table 9

How satisfied were you with your primary bank ‘s services in 2007? ( Customer Services )

Frequency

Valid Percentage

Valid

extremely unsated

25

24,5

non satisfied

29

28,4

more or less satisfied

8

7,8

satisfied

36

35,3

really satisfied

4

3,9

Entire

102

100,0

In the following session we attempted to uncover the background factors of client trueness, viz. , which factors contribute to client satisfaction. Table 10 shows the determiners of client satisfaction with services rendered by their Bankss.

Table 10

Determinant of Customer Loyalty to Banks ( IN % )

1

2

3

4

5

Good client service

41

43

8

4

4

Account types and bundles

27

20

10

13

30

Locations of the bank

9

31

22

22

16

Bank charges

13

20

15

25

27

Internet and nomadic banking

10

6

20

25

39

In table 10 you can see that 41 % of the clients think that the bank ‘s client service is the most of import factor on their satisfaction degree towards a bank ‘s services. They believe that is is their money hence they should be treated like royalties irrespective of the fiscal public presentation of their investing ; The cyberspace and nomadic banking is non one of the cardinal determiners here.

Effectss of the fiscal crisis on client trueness

Table 11 shows responses sing the inquiry if they changed their primary bank during the crisis.

Table 11

Did you alter your bank in 2007, during the crisis?

Frequency

Valid Percentage

Valid

yes

64

62,7

no

38

37,3

Entire

102

100,0

From the tabular array we can see that 64 % of the respondents have changed their Bankss during the crisis.

Obviously sixty four per centum of the respondents changed their Bankss in 2007 but this is non wholly due to CRM, it is more of the fact that their initial primary Bankss either had to shut down due to amalgamation or bank haste of other clients coercing the bank to declare bankruptcy.

Differences between work forces and adult females

Independent Sample T-test was employed to see if there was a difference in the satisfaction degrees. The trial showed that there was no important difference between the sexes, for case, males rated client dealingss on the 5 point graduated table M=4.37 SD=0.8 and females M=4.14 SD=1.1.

Table 12

F value

Sig

T value

Sig

Satisfaction client services 2007

,030

,864

-1,355

,179

How would you rank your satisfaction with the bank services ( CR ) ?

2,543

,114

1,178

,242

Then, one manner ANOVA trial was used to detect the differences between the people who have been clients of the bank for 1 twelvemonth, 1-3 old ages, 3-5 old ages and more than 5 old ages. Figure 9 shows the satisfaction degrees of these groups.

Figure 9

As the hypothesis that the discrepancies are equal could non be rejected ( Sig=0.00 ) we have used the Welsch trial to see the differences between the groups. Using Tamhane station hoc trial we found that there is a statistically important difference between the “ Less than one ” twelvemonth group and all the others.

Less than one year- 1-3 old ages p=0.001

Less than one year- 3-5 old ages p=0.000

Less than one year- more than 5 old ages p=0.002

This trial shows that the people who have been with a bank for less than one twelvemonth are more satisfied with it ‘s client service than the others.

As the following measure, Independent Samples T-test was used to compare two groups ( The people who have changed their bank in 2007 and the people who have non ) sing their satisfaction degrees in 2007 and now ( See Table 13 ) . The Trial shows a statistically important difference between the two groups in their satisfaction degree in 2007 and between their current satisfaction degree. For case, people who did non alter their bank were significantly more satisfied with CR M=4.74 SD=0.4 than people who changed their bank M=4.05 SD=1.0. This means that the satisfaction degree of the people who have changed their bank in 2007 was lower, than those who have n’t changed their Bankss i.e. non changed and stayed loyal to their Bankss.

Table 13

F value

Sig

T value

Sig

Satisfaction client services 2007

9,230

,003

-11,289

,000

How would you rank your satisfaction with the bank services ( CR ) ?

6,110

,015

-4,781

,000

Subsequently on, we used one manner ANOVA trial to analyse the differences between the people with different educational backgrounds. In the sample there were 17.6 % completed primary school, 28.4 % completed high school, and 28.4 % had university grade. Figure 10 shows the agencies of these groups, but there was no important difference between these 4 groups.

Figure 10

Pearson correlativity trial was employed to see if there was any additive positive or negative connexion between the replies for inquiries sing satisfaction degrees. Table 14 shows the consequences of the correlativity analyses.

Table 14

How would you rank your satisfaction with the bank services on a graduated table of 1 to 5 ( Customer Service ) ?

How would you rank your satisfaction with the bank services on a graduated table of 1 to 5 ( Financial services ) ?

R = – . 666 p= .000

Table 14 indicates that there is a strong, negative connexion between the current satisfaction degrees for the Customer Service and fiscal services. This practically means that if person is satisfied with the fiscal service is likely non to be satisfied with the client service or frailty versa.

Further analysis of discrepancy was used to see if there was any difference between the satisfaction degrees of the clients of the 4 Bankss.

Figure 11 shows the agencies of the satisfaction we can see some differences, but these were non statistically important harmonizing to the ANOVA trial.

Figure 11

Chapter FIVE:

5.1. FINDINGS AND CONCLUSION

This chapter draws the concluding decisions based on all findings gathered from the statistical analyses ; and further the treatment aims to place recommendations on the subject.

The intent of the thesis was to happen out the effects of the fiscal crisis on client trueness to Bankss in Nigeria utilizing the four largest Bankss in Nigeria for generalisation intents. This purpose has been reached utilizing the methods of statistical analysis applied to primary and secondary informations.

In this survey, the aims of reexamining the widespread alteration in the fiscal sector during and due to the fiscal crisis was carried out and compared. The mathematical consequences of this is seen above and translated into the decision.

In this survey, the analysis of the effects of the crisis on the Nigerian banking sector was stated as holding a slow down on the economic system and a aftermath up consequence on the sector. The consumer ‘s lessening in sedimentations made to the Bankss might hold been as a consequence of the small sum of money in circulation that led people to choose to maintaining their money at place for fright of it fring value in the Bankss. Furthermore, the crisis had its negative effects on net incomes after revenue enhancement, sedimentations made by clients and loans granted to clients. Nets net incomes, etc were instead on the rise. These where gathered from the one-year studies for the clip in inquiry, during the fiscal crisis in Nigeria 2008 to 2010.

The nature and construction of client dealingss direction theoretically and its relevancy on client trueness was besides looked at the literature reappraisal. This provided a background that helped construct up to what is practiced today. This thesis points out that client dealingss in footings of merely good resonance with clients and doing the banking hall conducive or even turn outing more custodies and ears to the aid desk would non give a high return on investing, after all, as reported by Day and Moorman ( 2010:39 ) , “ merely 10 % of client ailments are given appropriate attending by the direction ” but these banking sector are still doing high net incomes and do non necessitate to put more on “ featherbeding ” the clients who are themselves more concerned with public presentation. The multitudes obviously want a better sense of fiscal security that is brandished via the bank ‘s assets and how it rewards its clients, loan refund programs and lower involvement rates. Besides, in the manner the employees experience and impact the clients as against convenience of hard currency backdown or fancy ATM cards

The fiscal studies showed addition and lessening in their public presentation during and after the crisis. The questionnaires reflected that most clients did non abandon their primary bank and besides had steadfast hope and trueness to their Bankss. The per centum of the clients that were disloyal was few and largely comprised of nonreaders who are largely savings history holders.

In decision, the four largest Bankss in Nigeria under reappraisal had the backup and support of their client pre and post the fiscal crisis.

Furthermore, the questionnaire consequences revealed that merely a few clients closed their histories with the Bankss though a huge bulk preferred to remain impersonal but the drumhead indicates the little lessening in trueness but it was non a important loss for the major investors and stockholders stood by their Bankss before, during and after the crisis epoch.

The satisfaction degree of clients with their Bankss and the extent of trueness was besides looked at based on aims. This was pooled from inquiries in the questionnaire that aimed to see how long they have been banking with their primary Bankss and if they banked with more than one bank. This helped in determining the trueness degree of clients. Independent Sample T-test as seen in Table 10. was employed to see if there was a difference in the satisfaction degrees of clients based on sex and merely to determine if the feminine gender with her apprehension, humane and empathetic features. The trial nevertheless showed that there was no important difference between the sexes, for case, males rated client dealingss on the 5 point graduated table M=4.37 SD=0.8 and females M=4.14 SD=1.1. Table 13 besides shows the satisfaction degree of clients but this clip based on those that left their Bankss for new Bankss. It was found that the figure of deserters was really small compared to the loyal 1s.

Based on that tendency, it has been forecasted that for client trueness to fall, it is will be due to economic crisis but unless Bankss adopt effectual client dealingss direction techniques to hike their client base and retain the bing clients. Management should endeavor to present advanced bundles to do banking easier and entreaty to even the novitiate that constitute a huge proportion of the Nigerian population.

Based on the findings of the research practical recommendations have been suggested to assist better client base and trueness.

Recommendation

The consequences of the survey have reported that client trueness decreased non straight as a consequence of the crisis. Unlike most other service based sector. Therefore, it is recommended that the direction of fiscal establishments should better client service, proper and thorough preparation should be given to banking functionaries so they can come up with better fiscal bundles that would farther drive involvement rates lower and refund bundles more flexible while still keeping good net income for the Bankss. It is besides recommended that selling runs and energy be harnessed towards the younger, economically active to the society scope of people. These are the people gaining and can see an up rise in the net income of the Bankss every bit good, alternatively of the pensionary ‘s advertizements that seem to be deluging the air waves in Nigeria. This is because the pensionaries ‘ money is though fixed and secured and more or less guaranteed to ever reflect, it will non vie favourably with the sort of hard currency in-flow that advanced immature heads good sponsored and financially advised can bring forth. It is besides recommended that online banking be made easier to utilize and more secure, better and spread out the ATM machines across the state for easy and fast handiness by clients, expand the types of sedimentations available to consumers, better the quality of the promotional offers to clients and supply benefits to the long term clients.

Finally, It is besides recommended that Bankss should supply soft grants and loans with minimum involvement rate to their loyal clients to better their trueness. And besides look into micro funding of enterprisers.

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