The Dynamics Of The Consumer Segment Of The Nigerian Banking Industry

Abstract

This paper provides a comprehensive framework for understanding the nature, scope, history and challenges facing the banking industry in Nigeria. It provides a detailed analysis of a recent field research conducted on the banking industry, which captures consumers' general perception of the industry. In the structural analysis of the industry, the paper reveals that the industry though highly competitive is very profitable. But to be profitable, it is recommended that banks should understand segmentation and operate within a segment that best suits their operation. Another recommendation is the age-old concept of consumer marketing strategies that successful FMCG Companies such as P&G and Coca-Cola have used as a model for the banking industry.


LBS Management Review Vol.8(1) 2003: 7-20