Complete project materials on Evaluation of the Effectiveness of New Financial Products in Nigerian Commercial Banks from chapter one to five with references and abstract
PREFACE
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The basic objective underlying this study was the evaluation of the study of the ability of the new financial products by commercial banks in fund generalization or mobilization.
This study has been structured into five chapters to make for easy reading and comprehension.
Chapter one dealt with the background of the prevailing circumstance in the economy that necessitated the introduction of program intended to correct the imbalance in the economy. It also gives an insight into the measure, both monetary and fiscal policies established to build as strong and viable economic base for the country’s economy.
TABLE OF CONTENT
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
PREFACE
TABLE OF CONTENT
CHAPTER ONE
Introduction
1.1 Background of the study
1.2 Statement of the problems
1.3 Objective of the study
1.4 Research Questions
1.5 Significant of the study
1.6 Hypothesis
1.7 Scope, limitations and determination of the study
1.8 Definition of terms
CHAPTER TWO
2.1 Review of related literature
2.2 Historical background of banks financial products
2.3 Innovations in the Nigerian financial system
2.3.1 Weekend Banking services
2.3.2 Union bank farners guide Agricultural Lending
2.3.3 Union bank express and VIGO money transfer
2.3.4 First Bank western union money transfer system
2.3.5 First Bank value card
2.3.6 UBA money gram
2.3.7 UBA Easy card
2.3.8 UBA save for school
2.3.9 First education savings scheme (FESS)
2.4 The degree of responsiveness of depositors of these products
2.4.1 Ascertain of the extent these financial products have contributed in profit generation.
2.4.2 Factors influencing the use of these financial products
2.4.3 Analysis of prospects of existing instruments and possibilities of introducing new one in the market.
References.
CHAPTER THREE
3.0 Research Design and Methodology
3.1 Sources of Data
3.2 Method of presentation of data
3.3 Sample used
3.4 Techniques of Data Analysis
References
CHAPTER FOUR
4.0 Data Presentation of financial products
4.1 Design and features of financial products
4.2 Benefits to Banks
4.3 Testing Hypothesis
References
CHAPTER FIVE
5.0 Summary, Recommendations and Conclusions
5.1 Findings
5.2 Recommendations
5.3 Conclusion
Bibliography
Questionnaires
CHAPTER ONE
INTRODUCTION
This chapter deals with the background of the study statement of problem, objective of study, research questions, significance of the study, hypothesis, scope, limitation of the study and definition of terms.
1.1 BACKGROUND OF THE STUDY
The era of oil boom in 1970’s in Nigeria economy lead to the nations over reliance on oil as its main source of revenue and there by ignoring other sectors of the economy hence a mono-product economy. Because of this, most of the industries established during this period depended on imported components and raw materials for their operations, and the upsurge in oil revenue during the period in question and structural distortions, it engendered assumed crisis proportions in 1986 because of the severe decline in crude oil price of that year.
A number of measures were taken by the various governments to correct the situation, but unfortunately these measures failed because the country was on mono-product economy where there are heavy dependence on oil exports and other sectors of the economy were neglected.
It would also be recalled that monetary policies within this period were designed for short term crises control management, but by 1986 till date, the situation has been getting out of control which necessitated a long term crises management of the structural adjustment programme (SAP).
The policy was to facilitate attainment of a lost objectives and to correct various distortions in the economy, (SAP) sought within a two year-period to correct the distortion and imbalance inherent in the economy by de-emphasing the unhealthy reliance of the country economy on oil as its main source of revenue.
The banks were chosen as main avenue through which the objectives of SAP and second tier foreign exchange market (SFEM) operation could be met, the effect of this was an unprecedented growth in the Nigeria financial sector. SAP bough to eliminate all the complex administrative both necks and this encourages reliance on market force in all sectors of the national economy.
The financial sector being very strategic for progress and development was given the latitude and encouragement to grow. This was aimed at inducing competition so that it’s full potentials particularly in areas of credit expansion and general overall good of the economy.
Prior to this period, banking institution was characterized by the arm chair banking and true to their conservative tradition inherited the clearing banks of London, made modest effort, offered limited traditional product rate of growth and in order to this, deregulation has changed permanently the face of the banking industry, and has been characterized by a number of developments which sparked off stiff competition among banks which were the
principal actors in the foreign exchange market operation made pretentious profit in their transactions and theirs rose significantly as a result of the boost in the naira hoping of financial institution when their foreign balance were converted to naira.
STATEMENT OF PROBLEM
The environment in which the commercial Banks operate has been the direct result of the financial sector explosion in the number of commercial Banks and the deregulation of the financial sector of the Nigerian economy. There is keen competition among Banks and non-Bank financial institution, it is now the survival of the fittest. There is more scrambles for deposit now than before, since deposits form the major raw materials for their operation.
A good number of new financial products have been introduced since 1988 till date in the Banking industry for the fear of losing their deposits to some fraud stars that find their way into the industry. The banks have to wake up from their slumber by mapping out measure to enable them stand the test of time.
It would be necessary here to lift a few of the regulatory measures that have shaped the industry and lengthened competitive stake they included the series of direct measures applied by the CBN to mop up excess liquidity, sectoral credit allocation guidelines, interest payment on current accounts, allocation of foreign exchange.
There was of course the large number of commercial Banks and financial institutions in the country of which each should distinguish herself from others to plan for this, the first was to accept that the business environment changed and would continue to change with the century and only the institutions that are able and willing to make tough decisions and sacrifices necessary thing to become flexible, efficient and productive would survive.
Another development that increased competition was the widening of the sphere within which Banks could operate. The general deregulation permitted banks to do a lot of more business, and particularly by the distinction between merchant and commercial Banking became very thin.
Other subsequent issues at the guideline like the increase in the statutory deposits of banks to the CBN, high cash and liquidity ratio absolution of foreign guarantees as collateral for naira denominated loans, stabilization securities, increase in capital adequacy ratio and the prudential guideline went further to aggravate the cash squeeze thereby tightening the already stiff competition.
In addition to the competition between Banks, individuals, the industry as a whole has been competing with non-Bank financial intermediacies (NBFI) with this development, the service provided by non-Bank financial institution have now become similar to those provided by commercial Banks. As a result of the competitive environment, Banks have been scrambling for deposits which formed the main raw material for their operations.
Banks traditionally perform the function of an intermediary between savers and investor, they mobilize deposit from the surplus sector which is made up of those with many investment projects requiring more funds than they have. They also act as a catalyst in capital formation which is regarded as the major fact governing the rate of economic growth and self reliance. In addition, they occupy a primed sensitive position in accelerating the development of other units in the system by Nigeria Banks into the money market.
The problem is evaluated to whether these new financial products have effectively mobilized deposits for Banks and at the same time benefited the depositors. This work is aimed at finding the right answers to the questions raised above.
OBJECTIVE OF THE STUDY
- To identify the various types of new financial products of the commercial Banks.
- To determine the degree of responsiveness of the depositors of these products.
- To ascertain the extent these financial products have been contributing to profit generation of banks.
- To identify the factors influencing the use of these new products.
- To analyze the prospects of existing instruments and the possibility of introducing new ones in the market.
- To make recommendations which may assist commercial banks is solving the problems militating against the development of these new financial products.
RESEARCH QUESTIONS
- What are the various types of new financial products of the commercial Banks?
- What is the degree of responsiveness of depositors towards these products.
- To what extent have theses financial products contributed to the profit generation of Banks?
- What are the factors influencing the use of these new products.
- What are the prospects of existing instruments and the possibility of introducing new ones in the market?
- What are the recommendations which may assist commercial banks in solving the problems militating against the development of these new financial products?
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