Abstract
Nigeria as a country has recorded significant efficiency in bank service delivery considering her history of banking services. This assertion reflects in the views of banking sector stakeholders in the country and foreign assessors. One milestone was the introduction and effective use of electronic banking system in the last two decades which eliminated hurdles overt with the conventional banking era. Today, banking activities in Nigeria are possible at any time of the day and anywhere without any stress. This is not to say that it has fully complied with global best practices as there are still pockets of complaints from stakeholders especially customers which have expressed dissatisfaction in the quality of banking services rendered to them. In spite of the level of customers’ dissatisfaction, bank service delivery is better than what it was, and the Nigerian banking sector is presently at the front burner in terms of banking service delivery in Africa. Although challenges of employees’ knowledge gaps, technology, inadequate legal framework, incompetent manpower and staff improper attitude remain contentious in the Nigerian banking system, efforts from stakeholders especially the regulator to eliminate these challenges would bring about improved banking service delivery in Nigeria and make it close to global best practices, if not achieve it.
Highlights
Nigeria is the most populous black nation with about 190 million people on an approximate area of 923,769 square kilometres situated between 40 and 140 north latitude and 30 and 140 east longitude in sub-Saharan Africa
There has been poor and inconsistent bank service delivery in Nigerian banking sector over the years, and that was why a series of reforms had evolved in the sector [3, 4]
Knowledge gaps of bank personnel: As established in the work of [19], representatives of the bank which are “frontline employees” have not been adequately trained to provide and exceed service required by customers due to knowledge gap in the areas of banking services and regulatory rules that guide the provision of the services
Summary
Nigeria is the most populous black nation with about 190 million people on an approximate area of 923,769 square kilometres situated between 40 and 140 north latitude and 30 and 140 east longitude in sub-Saharan Africa It is currently the second biggest economy and the tenth oil producer in the world. The country’s banking sector like others is meant to allocate savings to improve productivity and promote economic growth This has not been possible through economic changes of the country whether during the pre-independence epoch or post-independence epoch. During these epochs, the Nigerian economy has undergone a series of economic reforms and policies to address banking failures such as undercapitalisation, delays of transaction, congestion and long queues in and outside of the banking hall, among others. This chapter discuses salient issues to provide background knowledge on the subject before taking positions
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