Essay about Nigerian Banking And Financial Services

Essay about Nigerian Banking And Financial Services

Length: 852 words (2.4 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

The Nigerian banking and financial services competitive environment has changed radically. From the heydays of the financial services and banking boom of the 1990s, when the country was dotted with over 200 financial institutions – commercial banks, merchant banks, community banks, mortgage banks, finance houses - to the new dispensation in which the country progressed fully into the era of universal banking with 24 banks operating in the country (Sanusi, 2012). The faltering Nigerian economy and the banking industry experienced a systemic crisis in 2009, triggered by the global economic crunch, which was followed by the collapse of the Nigerian stock market. After the stock market collapse of 2009, during which 70% of value was eroded, many Nigerian banks had to be bailed out of financial crisis by the Central Bank of Nigeria. In order to stabilize the system and return confidence to the market and investors, the Central Bank of Nigeria (CBN) injected 620 billion Naira (N) of liquidity into the banking sector and replaced the leadership at eight (8) Nigerian banks, thereby stabilising the industry (Sanusi, 2010).

The banking, financial services and business environment in Nigeria has intensified in the last few years owing to competition and the jostling for consumer attention. Now virtually all of the banks are exploring new ways to improve processes, innovate and most importantly, attract and retain the best crop of employees. The battle to maintain reputational assets and integrity is becoming fierce. And this is perhaps more so in the way banks are now trying to re-brand and positively shape public perception in order to gain competitive advantage (Thomas, 2009). Within this intensely competitive environment, the opportuni...


... middle of paper ...


...strategic planning and be involved in not only operational efficiency but also functional effectiveness. In a bank, HR’s goal is to generate adequate and appropriate leverage to support business decision-making and contribute to strategic planning. With this goal accomplished, business partners are then able to focus their efforts to strengthening people strategies that delivers competitive advantage (Ulrich, 1997; Ulrich, 1998; Ulrich and Brockbank, 2009). The re-configuration of HR has further validated the assertion of Ulrich, that HR has become a necessity for every business because the competitive forces managers face today, and will continue to face in the future will always demand organisational excellence. HR transformation is not just a catch phrase, but also a necessary function that helps organisations achieve organisational excellence (Ulrich, 1998).



Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

A Brief Note On The Nigerian Banking Sector Essay

- In 2004, the Nigerian banking sector had undergone a significant policy change which led to the waves of consolidation and recapitalisation exercises in the financial sector and the policy in part include the increased in minimum capitalisation requirement from N2 billion naira to N25 billion. The consolidation and recapitalisation exercise that followed saw the emergent of 25 banks from the 89 banks operating in Nigerian prior to the banking policy implementation. The policy implementation not only resulted in a leaner and more robust banking sector but created a strong and solid banking sector to support the growing economy thereby strengthens the Nigerian banks to expand their operation...   [tags: Bank, Banking, Benin, Retail banking]

Better Essays
1332 words (3.8 pages)

Define Big Data And The Banking Industry Has Changed The World Of Financial Services

- DEFINE BIG DATA & IOT IN BANKING Banks hold some of the most personal information about its customers. Although it may seem like just another daily transaction on one’s bank statement, this is a very useful piece of data for banks. Traditionally, banks were used to store customer’s money and allow access at a customer’s demand. The banking industry has evolved tremendously in that it now offers any type of financial product a customer may need. A customer can establish a myriad of financial products such as a credit card, a mortgage, an auto loan, an insurance policy, and investment accounts all within one financial institution....   [tags: Financial services, Bank, Private banking]

Better Essays
2250 words (6.4 pages)

Essay on Benefits Of Mobile Banking And Mobile Money Services

- The world has transitioned into the technological era where the use of mobile phone has become remarkably important to connect people globally. Referring to Aijaz and Heikki (2014), mobile banking is often defined as an enabler allowing banks and customers to interact, while mobile money involves peer-to-peer business. To give an example of what these services offer, it would allow for financial transactions such as balance inquiries, funds transfers, bill payments, and inquiries concerning account history....   [tags: Bank, Financial services, Mobile banking]

Better Essays
1031 words (2.9 pages)

Essay on Universal Bank And The Banking System

- According to Cheang (2004), the universal bank can be defined as the banking system in which the bank offer the whole variety of financial products and services. He also states that it combines both investment banking and commercial banking, for example, lending and taking a deposit, selling insurance, issuing underwriting, investing and trading in securities. To me therefore, the universal bank refers to the banking system which operates completely financial services like a supermarket. It is impossible to against with the universal banking system....   [tags: Bank, Financial services, Banking]

Better Essays
1136 words (3.2 pages)

Traditional Financial Institutions And Alternative Financial Services Essay

- This paper will demonstrate the gap between traditional financial institutions and alternative financial services in vulnerable communities. In the past decade, low-income communities such as Baltimore City and the individuals who reside there have experienced limited access to financial services, affordable credit, and investment capital through traditional financial institutions. This is also known as “redlining” and today this limitation continues persistence of discriminatory lending practices in Baltimore city....   [tags: Financial services, Bank, Insurance]

Better Essays
2874 words (8.2 pages)

Universal Banking : An Expansion Of The Power Of Banks Essay

- It is commonly agreed that Universal Banking is an expansion of the power of banks (Macey, 1993). Institutions which offer clients an entire range of financial services of commercial banks as well as investment banks are known as universal banks (Benston, 1994). They are a superstore for financial products under one roof where firms can not only lend and deposit but can also advantage from different services such as insurance, factoring, mutual funds and housing finance (Singal, 2012). One of the defining feature of universal banking is its ability to hold equity in firms (Rajan, 1995)....   [tags: Bank, Financial services, Banking, Risk]

Better Essays
1186 words (3.4 pages)

Regulation of Banking and Financial Services Essay

- Regulation of Banking and Financial Services The Failure Process Imposed Upon Financial Institutions The concept of systemic risk sprung to the foreground of the public’s consciousness during the financial crisis of 2007-8 as the Too Big To Fail (TBTF) banks were bailed out by the various US Federal Government agencies e.g., US Treasury via the Troubled Asset Relief Program (TARP) and the US Federal Reserve via Quantitative Easing (QE). However, as it turns out, the concept of systemic risk is not so easy to define in legal terms—as illustrated by the difficulty in nailing down the definition by US Congress via the Dodd-Frank legislation or by the US Treasury and the Federal Deposit Insuranc...   [tags: Depository Institutions, Geographic Expansions]

Better Essays
1221 words (3.5 pages)

Essay on Benefits Of Banking Services For Rural And Urban Areas

- In today’s world it is very important to have different kind of products and services for people who don’t have account. Bank should provide different schemes for rural and urban areas. Schemes can be made on the basis of employment also like people who work on daily basis should be allowed to save small amount of money in the bank. Financial literacy is important for financial inclusion because people are not yet awareness about the banking facilities and they fell into the hands of non financial institutions mainly it happens in rural areas....   [tags: Bank, Financial services, Mobile phone]

Better Essays
775 words (2.2 pages)

The Financial Services Industry Essay

- The financial services industry has many facets that can pose challenges to those who choose to make this their career path. The financial services industry encompasses not only banking, but it also includes the sale of stocks and bonds, private insurance along with the real estate market. Within the upcoming years, there will be major differences in the financial services industry because of the popularity of mobile banking, internet, the idealistic age group and the ability gap. Having worked in the banking industry for more than 18 years, I have found that there are many trends within the banking industry that could affect your career paths in the years to come....   [tags: Financial services, Bank, Mobile phone, Finance]

Better Essays
706 words (2 pages)

A Review Paper of Internet Banking Services

- Today, Information Technology revolutionized our life almost in every filed. One of among several blessing of information technology is Internet Banking services that brings ease and comfort for our banking activities. Over few years Internet Banking has evolved as convenient, self-serviced technology, cost-reducing and time saving channel. Internet banking is available 24x7 across geographies. In last few years, the number of internet banking users has been increasing rapidly. In present hyper competitive environment internet banking works as a competitive differentiator among banks....   [tags: internet banking, banking sector, banks]

Better Essays
1810 words (5.2 pages)