scholarly journals LEGAL REGIME FOR THE PROTECTION OF BANKING CONSUMERS IN NIGERIA: AN OVERVIEW

2017 ◽  
Author(s):  
Salisu Malami ◽  
Zuryati Mohamed Yusoff
Keyword(s):  
Central Bank ◽  
Consumer Protection ◽  
Banking Sector ◽  
Banking Industry ◽  
Banking Regulation ◽  
Consumer Confidence ◽  
Legal Regime ◽  
Consumer Rights ◽  
A Priority ◽  
Nigerian Banking

Abstract: Bank customers/consumers are the drivers of the banking industry. Their protection should be a priority. This is because consumer protection boosts consumer confidence and enhances banking quality. This may be the reason the Central Bank of Nigeria (CBN) made consumer protection part of its reform policies in the banking industry. This paper examined the legal regime on banking regulation and consumer protection. The banking sector regulatory laws were critically examined. These included the Consumer Protection Council Act, 1992, the Banking Act 1969, and the Central Bank of Nigeria Act 2007, etc. The analysis revealed that the banking laws and the regulatory institutions provide inadequate protection for the banking consumer. This is a cause for concern to the banking consumers in the country. This state of things could be considered as the contributory fact or for growing consumer rights abuses and humiliation in the Nigerian banking industry. Keywords: Consumer abuses, Legal regime, Central Bank, Regulatory, Nigeria.   Abstrak: Pelanggan bank/pengguna merupakan  penggerak kepada industri perbankan. Perlindungan kepada mereka sepatutnya menjadi keutamaan. Ini adalah kerana perlindungan kepada pengguna akan menggalakkan keyakinan pengguna dan meningkatkan lagi kualiti perbankan. Perkara ini mungkin menjadi alasan Bank Negara Nigeria menjadikan perlindungan pengguna sebahagian daripada polisi pembaharuannya dalam industri perbankan. Artikel ini mengupas rejim perundangan berkaitan peraturan perbankan dan perlindungan pengguna. Undang-undang perintah sektor perbankan dikaji secara kritikal. Undang-undang ini termasuklah Consumer Protection Council Act 1992, Banking Act 1969, Central Bank of Nigeria Act 2007 dan lain-lain. Analisis telah menunjukkan bahawa undang-undang perbankan dan institusi-institusi berkaitan menyediakan perlindungan yang tidak mencukupi kepada pelanggan bank. Ini merupakan sebab utama kepada keprihatinan terhadap pengguna-pengguna perbankan di negara ini. Keadaan ini boleh dianggap sebagai fakta penyumbang kepada peningkatan penyalahgunaan hak-hak pengguna dan penindasan dalam industri perbankan di Nigeria.   Kata kunci: Penindasan pengguna, Rejim undang-undang, Central Bank, Peraturan, Nigeria.

CUSTOMER BANKING REGULATION PROSPECTS IN THE CONDITIONS OF FINANCIAL TRANSFORMATION

2021 ◽  
Vol 5 (11) ◽  
pp. 122-129
Author(s):  
Madina Z. Ershtukaeva ◽  
Keyword(s):  
Central Bank ◽  
Banking Sector ◽  
Banking Industry ◽  
Direct Interaction ◽  
Banking Regulation ◽  
Regulatory Changes ◽  
Regulatory Bodies

The paper examines customer banking and the prospects for regulation in the process of financial transformation. The drivers of financial transformation identified and substantiated. The activity of the regulatory bodies of the banking sector in direct interaction with the mega-regulator (the Central Bank) analyzed. The regulatory changes concerning the banking industry and the problems of the implementing process that arise with them are considered. In conclusion, the author proposed: to determine the banking regulatory agenda; carry out consistent implementation of new rules (standards), and analyze the conse-quences of their implementation; monitor and adapt to the risks posed by the financial transformation in the context of Covid-19.

scholarly journals Corporate governance compliance and its effectiveness in the Nigerian banking industry

2013 ◽  
Vol 10 (3) ◽  
pp. 63-75
Author(s):  
Achuzia Somuawine Azani ◽  
Mei Yu ◽  
Osita Chukwulobelu
Keyword(s):  
Corporate Governance ◽  
Central Bank ◽  
Commercial Banks ◽  
Banking Industry ◽  
Low Frequency ◽  
Independent Directors ◽  
Executive Directors ◽  
Corporate Governance Code ◽  
Compliance Level ◽  
Nigerian Banking

This paper examines the extent of compliance to the Central Bank of Nigeria (CBN) 2006 Corporate Governance Code by 24 Nigerian commercial banks and reveals a compliance level of 76.6%. The major non-compliance areas include non-constitution of a board committee consisting of non-executive directors, that regulates the compensation for executive directors, and the non-inclusion of independent directors on the main boards of many banks. Furthermore, the analysis shows that the benefits resulting from the changes for compliance outweigh the additional layers of supervisory checks and bureaucratic overbearing associated with the Code. The Code has brought about more effective corporate governance, accountability and greater transparency despite a low frequency of supervision and examination of the banks by the CBN.

scholarly journals Troubles with the Chf Loans in Croatia: The Story of a Case Still Waiting to Be Closed

2021 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
Ana Kundid Novokmet
Keyword(s):  
Interest Rate ◽  
Central Bank ◽  
Consumer Protection ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Supply And Demand ◽  
Holistic Approach ◽  
Negative Consequences ◽  
Credit Boom

In numerous Central and Eastern European (CEE) countries, the global financial crisis as well as the unpegging of the foreign exchange rate of the Swiss franc (CHF) against the euro amplified the repayment troubles of households with the outstanding CHF-linked debt. In Croatia, the CHF loans were approved mainly as mortgages to unprotected and subprime household borrowers without sufficient credit capacity for long-term euro-linked loans, which also contained a possibility of an incremental interest rate change, i.e., the so-called administrative interest rate. This article aims to disclose the reasons behind the credit boom of these loans, the unsustainable CHF debt hardship that the household sector consequently faced, and how it was/could have been resolved, with the Croatian banking sector at the center of the research. Although the CHF case of Croatia has some specificities concerning the prudential regulation and government-sponsored loan conversion, the findings about the supply and demand determinants of the CHF credit boom, as well as a critical assessment of the Croatian government and central bank interventions, might be useful for timely noticing universal threats from the exotic currency-linked loans for the systemic risk and financial stability, and for minimizing the negative externalities from probable debt relief measures. Based on the descriptive and univariate statistics conducted on Bloomberg and the Croatian National Bank (CNB) data, it was found that interest rate differentials and carry trading behavior were the main reasons for the rapid CHF credit growth in Croatia. Nevertheless, according to the financial experts’ opinions obtained via a questionnaire survey, and the court verdicts reached since, the financial consumer protection when contracting these loans was severely violated, which implies that the central bank must enhance its consumer protection role. By adopting a single-country and holistic approach, this is the first paper that deals with the socioeconomic dynamic of the CHF credit default issues in Croatia, which might be interesting as a case study or for making comparison with other CEE countries that have been coping with negative consequences of Swiss francization.

scholarly journals FRAUDS AND FORGERIES ON THE PERFORMANCE OF THE NIGERIAN BANKING INDUSTRY

2018 ◽  
Vol 1 (1) ◽  
pp. 61-68
Author(s):  
Abdullahi Shehu ARAGA ◽  
Sufian Babatunde JELILI
Keyword(s):  
Deposit Insurance ◽  
Banking Sector ◽  
Banking Industry ◽  
Bank Performance ◽  
Regulatory Body ◽  
Ex Post ◽  
Small Measure ◽  
Ex Post Facto ◽  
Policies And Programs ◽  
Nigerian Banking

This study focused on Frauds and Forgeries and the Performance of the Nigerian Banking Industry. The research method adopted is the Ex-Post-facto method. Data were sourced from the various publications of the CBN Statistical Bulletins and the Nigeria Deposit Insurance Corporation (NDIC)Publications. These data were analyzed using regression analysis. The period for this study covered between 1994 and 2016. The study established that: the number of reported frauds and forgeries cases has a significant positive on bank performance in Nigeria, the total amount involved in frauds has negative sign and is a significant determinant of the level of bank performance in Nigeria in the period under investigation and the actual losses to frauds does not have significant impact on bank performance in Nigeria. Based on the above findings, the following recommendations are proffered. Accurate and timely reportage of cases of frauds and forgeries activities in the banking sector should be vigorously pursued by bank’s management and regulatory body in Nigeria. This will in no small measure help to reduce and scare from fraudsters and prospective fraudsters from engaging in bank’s fraudulent activities. Finally, in view of the observed inverse relationship between frauds and the performance of the Nigerian banking industry, deliberate efforts with respect to appropriate policies and programs should be made by the respective regulatory authorities in the country to help curtail the incidences of bank related frauds and forgeries.

scholarly journals Digital Finance and the Future of Nigerian Banking System: A Review

2020 ◽  
Vol 6 (16) ◽  
pp. 24-35
Author(s):  
Gbenga F. Babarinde ◽  
◽  
Matthew O. Gidigbi ◽  
Julius T. Ndaghu ◽  
Idera T. Abdulmajeed ◽  
...  
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Banking Industry ◽  
Banking System ◽  
Financial Service ◽  
Digital World ◽  
Services Delivery ◽  
The Future ◽  
The Impact ◽  
Nigerian Banking

Digital finance is a type of financial service that employs digital products like personal computers, the internet, mobile phones, cards linked to a digital payment system. Innovations in the digital world cannot be divorced from Nigerian financial services most notably the banking sector. Therefore, it means that banking industry cannot but embrace digital innovations in their services delivery. Hence, there is a need to review the impact of digital finance in the Nigerian banking sector. Desk research method was used to examine how innovations in the digital world could impact the future financial service delivery in the Nigerian banking sector. From the review, it was that the digital world is quickly changing and this impacts banking in all ramification. It is recommended that the banking industry should try to keep pace with the digital innovations, for them to be able to meet up the demands of their digitally-savvy customers.

scholarly journals Customers Satisfaction towards Housing Finance of Commercial Banks in Chennai City

2019 ◽  
Vol 8 (4S3) ◽  
pp. 141-144
Keyword(s):  
Commercial Banks ◽  
Banking Sector ◽  
Banking Industry ◽  
Banking Regulation ◽  
Performance Level ◽  
Housing Finance ◽  
International Expansion ◽  
Public And Private ◽  
New Era ◽  
Chennai City

Housing generally refers to the social problem of ensuring that members of society have a home in which to live, whether it is a house or some other kind of dwelling or shelter. Globalization of banking industry has sparred a new era of international expansion of financial markets. In India, the Banking Regulation Act was passed in the parliament in 1949 and the globalization of banking sector was open for private bankers and foreign bankers to banking industry. The monopolies of public sector banks were broken. Little formal research appears to have been conducted which attempts to ascertain the various key concepts in housing finance. An attempt is made in this research paper to analyze the various factors which lead to customer’s satisfaction and this sector is effective in their performance level and there is much more to be achieved. Well framed questionnaires were circulated in different parts of Chennai city and the data from 100 respondents were selected from 5 banks of both public and private sectors are analyzed. Now present scenario, with the entry of commercial banks in the industry, the competition has become severe. The commercial banks are bringing the various strategies of performance to succeed the ultimate goal of customers’ satisfaction and this sector is effective in their performance level and there is much more to be achieved.

scholarly journals Coopetition and customers’ experience in the Nigerian banking sector: The moderating effect of technology

2020 ◽  
Vol 10 (2) ◽  
pp. 111-123
Author(s):  
Powel Maxwell Worimegbe
Keyword(s):  
Risk Management ◽  
Survey Research ◽  
Value Creation ◽  
Strategic Alliance ◽  
Banking Sector ◽  
Banking Industry ◽  
Jel Classification ◽  
Network Governance ◽  
Service Encounter ◽  
Nigerian Banking

Coopetition, which is a combination of competition and collaboration, has engendered a lot of discussions in recent times. The study examines the effect of coopetition on customers’ experience in the banking industry using technology as a moderator factor. The study utilised common risk management, strategic alliance, common network governance, sales of common financial product and common central procedure as measures of coopetition. Employing the survey research design, customers from 21 deposit money banks were sampled. 1,537 structured questionnaires were administered to the customers of these deposit money banks. The study applied the PLS-SEM in the analysis of data. The results reveal that the dimensions of coopetition have a significant effect on customers’ experience as it relates to service encounter. The study concludes that coopetition and technology are significant drivers of customers’ experience. It recommends that banks should engage in coopetition to improve their service delivery and enhance positive customers’ experience. Firms should also invest more in technology to enhance their coopetition strategy.   Keywords: Collaboration, competition, coopetition, customers’ experience, value creation. JEL Classification: C12, D12, D21, D46, L12.

E – Banking, Service Quality and Customer Satisfaction in Selected Nigerian Banks

2018 ◽  
Vol 4 (2) ◽  
pp. 51-57
Author(s):  
Hindu J. Amin ◽  
Pauline E. Onyeukwu ◽  
Hope I. Osuagwu
Keyword(s):  
Quality Of Service ◽  
Customer Satisfaction ◽  
Banking Sector ◽  
Banking Industry ◽  
Positive Impact ◽  
Training And Development ◽  
Banking Service ◽  
The Relationship ◽  
Nigerian Banking

Electronic banking is an important tool for all banks to survive in the competitive Nigerian Banking Industry. This study examines the relationship between the quality of service and customer satisfaction in the e-banking era. A sample of 398 respondents was selected, out of the total number of 66,895 customer population. Structured questionnaires and interview were used in collecting the data. Descriptive statistics was adopted in analyzing the data from the respondents. The results revealed that there is a significant relationship between quality of service and customer satisfaction. The paper concludes that E-banking has a positive impact on the quality of service in the Nigerian banking sector, but not on customer satisfaction. The study suggests that staff training and development should be enhanced in the banking industry in order to render quality and timely services to their customers.

scholarly journals Portfolio Diversification and Performance of Deposit Money Banks: Analysing the Nigerian Banking Industry

2021 ◽  
pp. 12-27
Author(s):  
Ihejirika Peters Omeni ◽  
Aderigha Ades George
Keyword(s):  
Central Bank ◽  
Banking Industry ◽  
Portfolio Diversification ◽  
Foreign Investments ◽  
Treasury Bills ◽  
Return On Equity ◽  
Long Run ◽  
Short Run ◽  
And Performance ◽  
Nigerian Banking

The focus is on Portfolio Diversification and Performance of Deposit Money Banks: analyzing the Nigerian banking industry for the period 1990-2019. The study measured treasury bills, ordinary shares, investments in subsidiaries, and foreign investments outside Nigeria as proxies for Portfolio Diversification while Return on Equity as proxy for performance of deposit money banks for the periods under review. In the course of the study, data were obtained from the website of Central Bank Statistical bulletin and annual report of Nigerian Deposit Insurance Corporation (NDIC). The Augmented Dickey Fuller (ADF) test option was used to test for unit roots. The ARDL and Bounds test were used to estimate the short and long run relationships respectively. The study discovered that at short run, treasury bills, and ordinary shares are negatively related and not significantly related to return on equity while investments in subsidiaries and foreign balances outside Nigeria are positively related to return on equity of DMBs at most lag periods. However, it was further observed that at different lag periods the variables do not significantly predict the direction of return on equity of DMBs. Long run relationship was also observed to exist amid treasury bills, acquisition of ordinary shares, investment in subsidiaries, ,foreign investments outside Nigeria and performance of all deposit money banks in Nigeria for the period 1990 – 2019.at short run, DMBs should diversify into investments in subsidiaries , as this would improve return on equity. Deposit Money Banks should also diversify into foreign holdings that would yield positive net present values. Deposit money Banks in Nigeria should diversify into foreign investments with the right mix   that would increase performance. These were some of the recommendations proffered, to the Government, monetary authorities, Central Bank of Nigeria, researchers and Deposit Money Banks in Nigeria.

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