...Marketing strategy effectiveness in Nigerian banks Abstract: Motivated by the substantial changes in the Nigerian banking industry, a survey research was designed to assess the effectiveness of the marketing strategies used by Nigerian banks to cope with the changes in the industry. Overall results from the study show encouraging levels of effectiveness in many dimensions of composite marketing strategies. The findings were discussed along the relevant dimensions of the research, and managerial recommendations were made for efficient and effective marketing strategies in Nigerian banks. Subject: Sales management (Social aspects) Sales management (Political aspects) Goal setting (Social aspects) Goal setting (Political aspects) Public relations agencies (International marketing) Public relations agencies (Political activity) Public relations agencies (International trade) Public relations agencies (Social aspects) Public relations agencies (Political aspects) Marketing (Social aspects) Marketing (Political aspects) Liquidity (Finance) (Social aspects) Liquidity (Finance) (Political aspects) Decision-making (Social aspects) Decision-making (Political aspects) Marketing executives (Surveys) Marketing executives (Political activity) Marketing executives (Social aspects) Marketing executives (Political aspects) Distribution channels (Political aspects) Distribution channels (Social aspects) Marketing research (Social aspects) Marketing research (Political...
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...“Conversion of Community Banks to Microfinance Banks will enhance the assessment of women entrepreneurs to financial resources”. Discuss Evaluate the impact of SEEDS in the implementation of MDGs in Nigeria Analyze the impact of Globalization on the economic Development of Nigeria The incidence of the Niger Delta militants groups and its consequences to entrepreneurial development in Nigeria Evaluate the power, composition and functions of NDDC Assess the impact of the multinationals in the Nigerian Economy with regard to FDI and FPI Youths and entrepreneurial Development: Realty or Myth Evaluate the implementation of MDGs and the realization of the objectives by 2015. The effect of entrepreneurial development on poverty reduction The impact of privatization on Nigerian economic development and growth. Evaluate the impact of different reforms in the Nigerian reforms on the Nigeria economy. Women entrepreneurial development (WED) and poverty: what a paradox The impact of women entrepreneurs in SMEs on poverty alleviation Evaluate the cultural factors in Nigeria and entrepreneurial development. Evaluate the financial factors in Nigeria and entrepreneurial development. Evaluate the environmental factors in Nigeria and entrepreneurial development. Gender, entrepreneurship and globalization: Barriers and prospects. Intrapreneurship and achievement of organizational objectives Evaluate intrapreneurship as a motivational concept in an organization Assess the...
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...OF INFORMATION TECHNOLOGY ON BANK PERFORMANCE IN NIGERIA: A CASE STUDY OF FIRST BANK NIG PLC. TABLE OF CONTENT Title page i Approval page ii Declaration iii Dedication iv Acknowledgement v Table of content vii Abstract ix CHAPTER ONE: INTRODUCTION 1.1 BACKGROUND TO THE STUDY 1.2 STATEMENT OF PROBLEM 1.3 OBJECTIVES OF THE STUDY 1.4 RESEARCH QUESTIONS 1.5 RESEARCH HYPOTHESES 1.6 SIGNIFICANCE OF THE STUDY 1.7 SCOPE OF THE STUDY 1.8 STRUCTURE OF THE STUDY 1.9 OPERATIONAL DEFINATION OF TERMS CHAPTER TWO: LITERATURE REVIEW 2.1 INTRODUCTION 2.2 INFORMATION TECHNOLOGHY CONCEPTS 2.3 DEVELOPMENT OF INFORMATION TECHNOLOGYIN BANKING INDUSTRY 2.4 EVOLUTION OF INFORMATION TECHNOLOGY 2.5 COMPUTER TECHNOLOGY IN BANKING INDUSTRY 2.6 GLOBALIZATION, INFORMATION TECHNOLOGY AND NIGERIAN COMERCIAL BANKS 2.7 BENEFIT OF APPLYING INFORMATION...
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...Developing a Hybrid Savings/ Current Account for Zenith Bank Plc Table of Contents 1.0 : Introduction 3 2.0 PEST Analysis 4 2: 1 Market Evaluation 6 3.0 Product Development 9 4. 0. Marketing Mix 11 4.2 Targeting 14 4.3 Positioning 14 4.0 Conclusions 14 1.0 : Introduction Zenith Bank Nigeria Plc was founded in May 1990 with the headquarters in Victoria Island, Lagos State Nigeria under the management of Macaulay Pepple, who was the pioneer chairman and Jim Ovia, who was the chief executive officer (ZenithBank.com). However, they are rated the second biggest Finance Industry in Nigeria and the best bank for a consistent 2 year period from 2008-2010 as well as the most respected bank in Nigeria (ZenithBank.com). Since 1990, Zenith Bank has operated in Nigeria and now operates in five other African countries in addition to the United Kingdom. It offers varied financial services such as current account, savings, commercial letter of credit, credit cards, mortgage, loan,investment banking and other financial products and services (ZenithBank.com). For several years, Zenith Bank has consistently announced profits from its wide ranging operations as a result of the growing opportunity offered by the Nigerian market. Nigeria is a nation of 150 million people with less than 50% bankable population as of 2000 (CBN, 2010). In 2010, over 65% of the population have become customers to one bank or another, thus presenting a growth opportunity for financial...
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...doctrines are daily sold to us. Financial services (and intangible product) is one of the important services provided by banks in the economic sub-sector in Nigeria and whose employment of marketing service is becoming more noticeable and acknowledge. The financial services is becoming more noticeable and acknowledge. The financial services sector has in recent years been among the fastest growing areas in the Nigerian economy. Progressive deregulation, starting with free banking ad decentralized foreign exchange market to the lifiting of interest rates ceiling and structural adjustment programme had dramatically altered the operating environment facing suppliers of financial services. These changes in conjunctions with decreases in personal income and wealth, contraction in other sectors of the economy, trends towards globalization and developments in information technology have created an increasingly competitive and demand driven financial sector. As a consequence of these changes, the sector has witnessed considerable innovation not only in terms of products but perhaps more importantly, in terms of processes and marketing arrangement. Initially, the pattern of deregulation probably had its greatest impact in the corporate banking sector and was fuelled by the expanding role of multinational firms. Consequently, many banks, particularly the new generation banks tended to follow their...
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...AN ASSESSMENT OF THE BANKING HABITS OF NIGERIAN RURAL POPULACE: A CASE STUDY OF KUDAN LOCAL GOVERNMENT AREA OF KADUNA STATE. By MALACHY, GIMBA SOLOMON (U08BA1132) A Project Submitted to the Department of Business Administration, Faculty of Administration, Ahmadu Bello University, Zaria, in Partial Fulfilment of the Requirement for the Award of Bachelor of Science (B.Sc.) Degree in Business Administration (Banking and Finance). September, 2012. DECLARATION I earnestly declare that this study has been carried out by me, that it is a record of my own research and other review of related literature. It has not been presented in any previous application for any degree. The various sources of information are duly acknowledged in the references. __________________________ _______________ MALACHY, GIMBA SOLOMON DATE CERTIFICATION This project entitled “An Assessment of the Banking Habits of Nigerian rural Populace: a case study of Kudan Local Government Area of Kaduna State”, written by Malachy, Gimba Solomon, has been read and approved by the relevant authorities as meeting the regulations governing the award of Bachelor of Science degree in Business Administration, Ahmadu Bello University, Zaria and for its contribution to knowledge and literary presentation. ___________________________ _______________ Mallam Dalhatu Bashir Iman Date (Project Supervisor) ___________________________ _______________ Mallam Aminu Gumi Date (Project...
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...Risk Management Still at Rudimentary Stage in Nigeria’ Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Dr. Chiedu K. Moghalu, recently spoke on “Risk-Ability: Risk Management Knowledge and Infrastructure for Nigeria’s Financial Services Industry,” at a Chief Risk Officers’ retreat. Obinna Chima, who was there presents the excerpts: Financial Crisis From the tulip mania in Holland in the mid-1630s to the ultimately disastrous speculative rush for the shares of the Mississipi Company promoted by John Law and his Banque Royale in Paris in the early 1700s, from the South Sea Bubble in London in the same period (to which Sir Isaac Newton lost a princely £20,000) to the great Wall Street Stock Market boom of the 1920s that preceded the Great Crash of 1929 and the Great Depression and on to the global financial crisis of 2008 – 2009, the history of finance over the past 500 years has been marked by frequent booms and busts. Historical evidence suggests, as the famous American economist John Kenneth Galbraith put it, “that the financial memory should be assumed to last, at a maximum, no more than 20 years. This is normally the time it takes for the recollection of one disaster to be erased and for some variant on previous dementia to come forward to capture the financial mind.” If this is so, and we are condemned to cycles of financial implosions that wipe out economic value, is the modern science of risk management doomed? It isn’t. The future...
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...RISK MANAGEMENT THE NIGERIAN BANKING SECTOR FOR ABI ALCHEMY BUSINESS INTELLIGENCE BY OYINDAMOLA OMOSEBI CONSULTANT ALCHEMY BUSINESS INTELLIGENCE 5TH MAY 2012 Table of Content 1.0 Overview of Risk Management 1.1 Principle of Risk Management 1.2 The Risk Management Process 1.2.1 Risk Identification 1.2.2 Risk Assessment/Measurement 1.2.3 Risk Mitigation 1.3 Risk Management Plan 1.3.1 Implementation 1.3.2 Review and Evaluation of Plan 2.0 A Review of Risks in Banking 2.1 Overview of Risk Management Practices in Nigerian Banks 2.1.1 Reputational Risk and Confidence Crisis in the Nigerian Banking Industry 2.1.2 Operational Risk 2.1.3 Credit Risk 2.1.4 Human Resources Risk 2.1.5 Risk Associated with Mergers and Acquisition 2.2 Current Regulatory and the Way Forward 3.0 Summary and Conclusion 1.0 Overview of Risk Management There is risk in every business because of uncertainty about future events and exposure, almost everything we do in the business world involves risk. This is the probability that organization or an individual will be unable to meet some expectations set for itself during a given period or could incur a financial loss because of some known or unknown threats or events outside his immediate control. Therefore, Risk Management is the identification, assessment, and prioritization of these risks followed by coordinated and effective application of resources to minimize, monitor, and control the probability and/or impact...
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...culture in the recent years. Many companies are gradually coming to the awareness that the business culture practiced in an organisation amongst other factors plays a very major role in determining whether or not an organisation achieves success or fails in its ventures. The emergent of globalization trends has particularly had many businesses re-evaluate and re-structure their strategies to fit into ever dynamic- advancing economy. With the Nigerian banking industry seeing a considerable large amount of local and foreign banks coming into the market everyday, it has become evident and crucial that, in order to survive and achieve competitive edge, a holistic differentiation strategy has to be adopted and this strategy has to start from within the organisation in order to achieve effective performance. In as much as the need for differentiation amongst firms can not be over emphasised, intercultural collaboration is vital to the survival and sustainability of any enterprise and particularly to any banking business (Brown, 2007). Hence, this calls for the need for strategic repositioning of Nigerian banks. According to Fard et al (2009), traditional method of business practices has shifted and this result in a necessity for companies to change the way they conduct their businesses. The rapid change and increasing competitive environment in the banking market is one that calls for financial institutions to be more educated in the ongoing developments in the banking industry giving...
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...THE IMPLICATIONS OF CENTRAL BANK OF NIGERIA (CBN) CASH-LITE POLICY ON FINANCIAL/CORPORATE MANAGEMENT Introduction Owing to the huge cost of cash handling by Deposit Money Banks (DMBs) in the country, the Central Bank of Nigeria introduced Cash-lite policy to drive people towards alternative e-Channels to reduce the handling cost. The policy was introduced last year. It has officially taken off in Lagos with effect from 1st March, 2012 to commence in other states by 1st June, 2012. The Cash-lite policy is aimed at reducing the volume of cash transactions in the Economy through Point of Sales terminals (PoS), web payment, mobile money and Near Field Communications (NFC) transactions. This enables the payment for goods and services via Point of Sales (PoS) without handling cash. The policy stipulates a cumulative daily limit of N150,000 for individual accounts and N1,000,000 for corporate accounts for withdrawal and deposit into a bank account. On exceeding this limit a cash handling cost of N100 for every N1000 (i.e. 10% of the excess amount) is charged. For instance: If you withdraws/deposits N1,000,000 in a day, the initial N150,000 will be processed free but you will be charge 10% handling cost for the excess N850,000, this means you will be paying N85,000 as charges. So, under the cashless policy you will be debited for N1, 085,000 if you withdraw N1, 000,000 and credited for N915, 000 if you deposit N1, 000,000. With the policy, a private/individual account can only...
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..........................................................10 12. EXHIBIT-2............................................................................................................................................................12 13. REFERENCES......................................................................................................................................................13 To: Mr. David Larson From: Mr. Dadhich Bhatt Date: January 6, 2004 Subject: Detail analysis report on future course of action for business operation of Larson Inc. in Nigeria. As detail analysis required regarding Nigerian business environment to take decision about Nigerian subsidiary, this analysis contains feasibility study and evaluation of possible options against defined criteria. Abbreviation NIPC – Nigerian Investment...
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...CAPITAL MARKET AND MANUFACTURING SECTOR FINANCING IN NIGERIA Ewa, Efa Okoi Department of Business Management University of Calabar, Nigeria +234-8037-796-936 efa_ewa@yahoo.com Abstract This paper discusses mainly the role of the capital market in financing the manufacturing sector in Nigeria. The discussion centered on the state of the Nigerian manufacturers, background, challenges and the imperatives of the capital market meeting the financial and investment challenges of the sector in the face of recent economic reforms and increasing competition posed by globalization. The study sought to determine the extent to which the Nigerian capital market contributes to the development of manufacturing industries. An attempt was made to highlight government intervention in funding the sector and the reality of the country’s manufacturing sector. The study revealed that the Nigerian manufacturing sector has been on the decline owing mainly to government reliance on the oil industry, the decaying infrastructural facilities in the country and non-access to investment fund by local manufacturers. The study concluded that the capital market, despite the problems and challenges it may faced, is a veritable tool in the growth and development drive of the country’s manufacturing sector. 1. Introduction The manufacturing sectors in any country of world rely on medium and long-term fund to carry out its productive activities. Equity capital alone is never adequate and external...
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...being". Amaucheaz, in his submission stated that, development is a multi-dimensional process involving the totality of man in his political,, economical, psychological, social relations among others. Development as a concept is multi-dimensional phenomenon that embraces economics, political and socio-cultural aspect of a nation. When the political, social and economic conditions of a state are in good shape, that state qualifies to be termed developed or developing state. 3.2 NATIONAL DEVELOPMENT STRATEGIES, NEED AND ECONOMIC DEVELOPMENT. The national development strategy is a means, way, and plan in which the government formulates and implements its policies in order to accelerate the rate of development in the policy. Obasanjo administration made series of efforts to lay a solid foundation for the socio-economic growth of the country. This he did through the National Economic Empowerment and development Strategy (NEEDS) and economic diplomacy. NEEDS is a development strategy to consolidate on the gains of previous years, unlock Nigeria’s dormant potential and provide the basis for sustained development of the country. Obasanjo reform on the 1999 constitution anchored on NEEDS. The NEEDS encapsulates...
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...culture in the recent years. Many companies are gradually coming to the awareness that the business culture practiced in an organisation amongst other factors plays a very major role in determining whether or not an organisation achieves success or fails in its ventures. The emergent of globalization trends has particularly had many businesses re-evaluate and re-structure their strategies to fit into ever dynamic- advancing economy. With the Nigerian banking industry seeing a considerable large amount of local and foreign banks coming into the market everyday, it has become evident and crucial that, in order to survive and achieve competitive edge, a holistic differentiation strategy has to be adopted and this strategy has to start from within the organisation in order to achieve effective performance. In as much as the need for differentiation amongst firms can not be over emphasised, intercultural collaboration is vital to the survival and sustainability of any enterprise and particularly to any banking business (Brown, 2007). Hence, this calls for the need for strategic repositioning of Nigerian banks. According to Fard et al (2009), traditional method of business practices has shifted and this result in a necessity for companies to change the way they conduct their businesses. The rapid change and increasing competitive environment in the banking market is one that calls for financial institutions to be more educated in the ongoing developments in the banking industry giving...
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...utilization of IT to drive efficiency in organizations as well as the linkages between the organization and its internal and external stakeholders. Though technology in advanced economies of the world has become embedded in the everyday life of people especially in the way they define strategy and how business is defined, not much can be said for the advancement of such new technologies in developing Nations due to so many reasons. The main reason for the hitherto poor penetration and utilization of IT in developing countries can be attributed to various factors including poverty, inadequate infrastructure, poor Internet penetration, high cost of energy, corruption and an unstable political system. However the trend seems to be changing since the mid 2000s. Economic index and a potential growth market Nigeria is an example of a developing economy that is embracing IT systems in organizations due to the rapidly growing trend of consumers utilizing the Internet. Internet usage has increased as a result of the increasing use of smart phones, which has in recent years become more accessible to a mostly young and educated population. With a 2013 estimated population figure of 173,615,345 (The World Bank, 2015) and a population growth rate of 2.47% (CIA, 2014), a 2013 figure for GDP of over $502 billion and a GDP growth rate of about 5% (CIA, 2014) Nigeria stands out as Africa’s largest economy. With an estimated $4.9 billion inflow of Foreign Direct Investment (FDI) in...
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