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Marketing of banking service in Nigeria was part of the management activity, which seeks to direct the flow of banking services profitably to select customers. The future of Banking market in Nigeria will in the main depend on the ongoing integration of the country into global market with the return of international banks, multinational and foreign companies and missions are likely to favour such banking transaction. This implies that banks with little or no foreign ownership structure will gradually be forced to concentrate on the indigenous market unless the government can put its house in other quickly and ensure a stable macro economic environment for economic development. Although conventional Banking started in Nigeria in 1891 with the advert of the African Banking Corporation, which later becomes the Bank of British West African (BBWA) the bank did little marketing at that time. However, this was because the bank was in the main, established to service the foreign commercial interest then in existence in the Nigeria Colony and was thus not interested in developing new market and clients. Furthermore, having known the nature and scope of banking insurance in Nigeria, the need of marketing of banking services in Nigeria cannot be over emphasized. In view of the above facts the objectives of the study is to critically appraise the role and impact of marketing of banking services in Nigeria so as to achieve, these great objectives this research methodology has been mapped out as a historical research and this will include primary and secondary source of data. It will have a well-defined population sample, use appropriate statistical and mathematical tool also I will subject my questionnaire into testing before drawing from it my conclusion. The banking industry known now that as critical as their services are, the price should reflect cost demand and competition for they are no longer in the price giving end all the time. Indeed marketers should ensure value pricing in their mix of marketing variables based on the economic value of the services to consumer. Based on the factors stated above, the researcher is curious to carry out a comprehensive study of the scope. The researcher work is designed in a five chaptered format and this chapter will be analyzed below.




The marketing of banking services in Nigeria was part of the management activities, which seeks to direct the flow of banking service profitable to selected customers. Before the mid-1950s banks had no understanding or regard for marketing because they were supplying needed services. Marketing came into banks not inform of marketing concept in the form of advertising and promotion concept in late 1950s banks and other financial institutions were experiencing increased competitions for savings.

A few banks decided to establish budget for savings. A few banks also decided to establish budget for advertising and sales promotion and managed to attract some customers. A successful innovation provides the innovative banks with a competitive lead. However, financial services are easily copied and advantages are short-lived. But if the same bank invests in continuous of other banks in its area.

Marketing is a process by which the customer and the customer’s wants are clearly identified and understood and then satisfied by the benefit of the goods or services supplied by the organization the charted institute of marketing identified marketing as the management process responsible for identifying, anticipating and satisfying costumers requirement profitably. Briefly it can be defined as human activity that is directed it satisfying needs and wants through exchange process.

On the other hand banking services could be defined as these various services rendered by the operators in the financial markets. These include lending to supplement working capital, find management leasing business, hire purchase services, department factoring, protect financing and advisory services department administration, issuing and marketing of primary shares or securities under writing of securities, trusteeship, portfolio management, and unit trust schemes…etc.

These came into limelight with the adoption of structural adjustment programmed (SAP) in 1986 this increased competition led to the rise of the marketing concept in Nigeria banking arena. Also competition in the Nigeria banking industry is based on market perception services, quality and pricing. Banking product in Nigeria is homogeneous although some products differentiation is employed by creating brand names for some deposit and products.

Banks have focused on quality services, pricing and technology to enhance market share profitability. Furthermore, technological developments have also had impact on the changing nature of Nigeria banking arena. Marketing banking services in Nigeria has been influenced by different economic, social and political environment that is to say that the future of banking market in Nigeria will in the main

depending in the ongoing integration of the country into the global market with the return of the international banks for their banking transactions, what this implies is the banks with little or no foreign ownership structure will gradually be forced to concentrate on the indigenous. Market unless the government can put its house in order quickly and ensure a stable macroeconomics of those indigenous banks to merge their activities or be absorbed by the bring banks.

Hadejia (2004) maintained that there is no doubt that financial institutions have become price/cost sensitive. With the increase in the cost of find, banks are now notable to handle prices to reflect the cost of particular services to their customer. Hence services, are increasing, their cases is worsened by the steady increase in the CBN’s rediscount rate, unlike the Bundles Bank of Germany or bank of England in which the re-discount rate has been steadily decreasing.

However the banking Industry now know that as critical as their services are, their prices should reflect cost demand and competition for they are no longer in the prices giving end at all time. Indeed market should ensure value pricing in the mix of marketing variables bases on the economic value of service to the customer i.e. The relative value of service to specific customer in a particular application i.e.

The maximum amount a customer should be willing to pay assuming that he/she is fully inform about the services and the offerings of competitive.

Managing and responding to shifting customer’s needs in the market places is a key to success in the banking services today to achieve these, bank need to adopt the best marketing strategy of their services. Such strategy as information technology to support their customer, processing partners and customer, which this industry did by investing high in the technological solution as a stop towards responding to time to market process which consequently lead to re-engineering’s.

Apart from helping to stream line back office operation of banks, advances in marketing of banking, services in Nigeria in the area of information technology (IT) have also been influencing immensely the way banking services are delivered and distributed all it geared towards making banking more convenient for customers. In Nigeria for instances many banks now have most of three branches linked on line and real time.

The implication of this is that it is now possible for people to carry out banking operations conveniently from any branch of their bank, which is linked on-line. Also important is the fact that the ease of payment brought about by the use of information technology (IT) directly or indirectly aids commercial transactions. For instances, on-line banking could speed up payment by reducing the clearing time for cheques.

Also despite the advances made by the introduction of the rural banking scheme there was very little pressure on the banks to be aggressive in the marketing of their products this was perhaps because many of the banks then in existence were government owned and controlled.

Although there were immense opportunities for expanding and improving their services. These banks were content with their existing, distiller and some of them were know to have rejected deposits at the time. Other simply adopted policies that clearly discouraged the opening of new bank account, partly because at that time there was little risk of bank failure. Indeed the federal government was determined

to prevent any bank failure in order to ensure continued confidence in the banking sector so it was noted that the then government was unwilling to let any bank fail no matter the banks financial condition and or quality of management. Government feared the potential adverse effects or confidence in the banking system and in the economy following a bank failure, consequently government deliberately propped up a number of inefficient banks.



The research is distributed with the rising increase in bank failure and the inability of marketing of banking services to achieve the objective of customer, satisfaction through profitable sales of services, this is seriously given the researcher much concern. So all these arose the researcher’s curiosity to carry out a thorough investigation on the study and the crux of the problem including the following:

  • Low quantity products (services): The quality of services provided by the financial institutions these days are of very low quality some financial institution just because there are no readily available alternative around. Cash lodgment, withdraw, find transfer, cheque cashment etc. take much time than necessary lack of prompt services is the taste of the customer who intends to withdraw from such institutions.
  • Inadequate place or channel of services: This is one major weakness of the marketing strategy the places where these services are obtainable have not been adequate and they tend to make the banks ineffective and inefficient. The branch offices providing these services are not equitably distributed and as such needy individuals/customers cannot receive banks services promptly.

There are also those who are interested in patronizing this financial institution but cannot do so owing to lack of accessible branch network.

  • Inadequate promotional activities: Promotional activities like advertisement and publicity are still lacking people have not been enlightened enough of packages available from these financial institutions.
  • Most of the time, these banks use the wrong medium of information to promote their activities hereby making it different for the impact of the promotional activities to be felt by the population.
  • Unappealing prices: Users of the services of the banks usually consider the prices changed by those institutions for their services not appealing.
  • Also depositors consider the interest paid on deposits very low and unattractive when compared to the earning yield in other sectors of the economy.
  • Finally inadequate prizing tends to discouraged people from patronizing the banks and in turn it to reduce sales volume on the parts of the banks.


There is an acknowledgement of banks in ability to achieve it objectives of customer’s satisfaction through marketing of banking services and to embrace the modern banking policies which will lead to improve efficiencies and effectiveness which its benefits is significantly higher productivity and profit-ability.

Based on those facts, marketing of banking servicing in Nigeria is very justifiable.

  • To thoroughly appraise the marketing of banking services in Nigeria following its introduction.
  • To critically investigate the impact of marketing of banking services in the banking industry in Nigeria.
  • Also to access it contribution/successes recorded by marketing in the banking sector.
  • To determine whether marketing of banking services in Nigeria is justified.
  • To recommend some other measure to boost the efficiency of marketing the banking services, to achieve profitable sales of services that satisfy customer’s requirement and needs.


Here he researcher is more concerned with those that will directly or indirectly benefit from the study.

The study will benefit the following:

  • The Nigerian banking industry will benefits from the findings of the study as it would suggest ways of making up their shortcomings and correct some, loopholes in the course of marketing the banking services.
  • The researcher will personally benefit from it, as the study was undertaking as a partial requirement for the award of bachelors of Science degree (B.Sc) in the department of Banking and finance Ebony State University Abakaliki.
  • From this study the operational mechanism and technicalities of marketing of banking services in Nigeria will be made known.
  • This would also serve as a refers material from students who may wish to embark or further studies on the scope/subject.


The researcher here states the hypothesis of the study that is a statement of fact of a given research study, so I made use of the Null and Alternative hypothesis.

HO: The marketing of banking services in Nigeria does not lead to profitable sales of services that satisfy customer’s requirement and needs.

HI: The marketing of banking services in Nigeria leads to profitable sales of services that satisfy customer’s requirement and needs.

HO: Information Technology improvement in Banking has not resulted in savings through staff reductions and greater efficiency.

HI: Information technology improvement in the banking services has resulted in savings through staff reduction and greater efficiency.

HO: Managing information and responding to shifting customers needs in the market place is not the key to success in banking services today.

HI: Managing information and responding to shifting customer’s needs in the market place is the key to success in the banking services today.


This researcher work is limited to an appraisal of the marketing of banking services in Nigeria commercial/merchant bank using first bank of Nigeria Plc Enugu Branch. It is concerned with determine the extent at which this has lead to efficient effective banking.

          Some constrain factors has negated the success of the study. These factors include the followings.

  1. The researcher could not get some information as a result of the secret nature of some banks in releasing documents for such purpose.
  2. Financial constraints: The high cost of living in the present day Nigeria has made it difficult for the average students to carry out their research work successfully. The cost of transportation has put sure limitations to achieving my own desired objectives.
  3. Lack of research skills: The researchers lack some experiences in sure areas.

          Since this is actually the first time I am researching on the scope it is bound to have some lapses.



Global market: Market for the whole world. Information Technology knowledge on the scientific study and use of applied science, e.g. computer application.

Data: Pieces of assembled information ready for analysis

BBWA: Bank For British West African

C.B.N: Central bank of Nigeria

Parallel Mark Rate: Market rate price that is almost similar to the official rate.

SAP: Structural Adjustment Programme.

Hypothesis: An idea or suggestion based on facts

BANK: A business that keeps and lends money and provides other services

CUSTOMER: Some one who buys goods or services from a shop.

BUDGET: A plan of how a person or organization will spend the money that is available in a particular period of time.

INNOVATION: A new idea or methods

ADVERTISING: The activity or business of advertising things on television.

CONSTRAINS:  To stop some one from doing what they want to do.

MANAGEMENT: The act or skill of directing and organizing the work of a company or organization.

METHODOLOGY: The method and principles that are used when studying a particular subject.

TRANSACTION: A process of doing business.

COMPETITION: A situation in, which people or organizations compete with each other.

INSTITUTION: A large establishment or organization that has a particular kind of work or purpose.

MARKETING: The activity of trying to self a company’s product by advertising, using attractive packages.


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