UNIVERSAL BANKING IN AFRI BANK
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ABSTRACT
Universal banking has been of controversial issue among practitioners and regulation of financial sub-sector of Nigeria economy.
However most of these decisions have been flamed by lack of common understanding of what universal banking is and what its implication might be for the country’s financial and economic well being.
The research attempt to redress that situation by presenting a well accepted understanding of the system.
Secondly, discussing its applicability or lack thereof to Nigeria commercial services and industry and assessing how effective such system could be in Nigeria.
Interview was conducted by the researchers to understand the profile of the case study: Afri bank plc. And how the bank practices universal banking.
Both primary and secondary data was used to also carryout the research work.
TABLE OF CONTENT
CHAPTER ONE: INTRODUCTION
- Background of the study 1
- Afribank plc profile and location 3
- Universal banking as practiced by Arfribank. 4
- Statement of the problem 4
- Purpose of the study 5
- Research questions 6
- Significance of study 7
- Scope and limitation and delimitation 7
- Definition of terms/concept 8
Reference 10
CHAPTER TWO: LITERATURE REVIEW
- Definition of universal banking 12
- Before the introduction of universal banking in Afribank. 17
- Origin of universal banking in Afribank 17
- Universal banking concept in Afribank. 20
- Universal banking and supervisory authorities 22
- Argument for and against universal banking 24
- The merits of universal banking 25
Reference 27
CHAPTER THREE: RESEARCH METHOD AND DESIGN
- Research method and design 29
- Sources of data 29
- Population 30
- Sampling method 31
- Method of analysis 32
Reference 34
CHAPTER FOUR: DATA PRESENTATION AND METHODOLOGY
- Testing questionnaire analysis and methodology 35
- Hypothesis testing 39
Reference 43
CHAPTER FIVE: FINDINGS, RECOMMENDATIONS AND CONCLUSION
- Findings 44
- Recommendations 45
- Conclusion 46
Bibliography 48
Appendix 50
CHAPTER ONE
- BACKGROUND OF THE STUDY
The concept of universal banking has in recent times remained a contemporary subject of discuss especially on the readiness of the Nigerian banking industry for the system. The universal banking systems is expected to give the bank right (depending on its corporate objective and core competence) to engage in any financial service ranging from accepting deposit, lending, trading in financial instruments, foreign exchange transaction, underwriting of debts, equity issues, brokerage, real estate mortgage, leasing, investment management and possibility insurance.
This concept is obviously a direct consequence of the globalization wake, which is now turning the world into global village for operators in different sectors of human endeavours. The expectation is that such universal banking would be allowed to engage in all fields of financial services comparable to that of any part of the world.
The banking industry in Nigeria has remained on the cutting edge and trying always to keep pace with the world’s standard, hence the reason for the quest by bank operators for the introduction of universal banking to give an additional leverage to methodology their customers needs and expand operation.
Universal banking operation is no doubt necessary for Nigerian bankers if they want to remain relevant in the international community. Universal banking amongst other things encourages operations with adequate capitalization, which would find profitable diversification into related areas that would add value to customers and improve profitability.
The universal banking concept would also encourage banks to operate in manners, which will bring all financial service. under one roof for the convenience of the customer with all these in mind, a bank which operated like a merchant bank could aspire to expand to a full fledge commercial bank status, embracing both investment and securities operation within group, expand to have insurance brokering arm, acquire an insurance brokering company where necessary to operate in its group.
It could be also decide to remain an investment bank or a merchant bank if it has core competence in this area. (Bullion 2000).
- AFRI BANK PROFILE AND LOCATION
Afribank plc is located at Opara Avenue along Abakaliki express road Enugu. It was registered as a banking industry in 1959. the bank did not change from a merchant bank to a commercial bank rather it started going into universal banking scheme gradually before other banks started clamoring for universal banking.
The bank comprises of seven (7) department named as follows:
- The accounts/clearing department
- The cash unit
- The transfer department
- The credit department
- The customers services
- The administrative department
- The internal control department
The bank has a staff strength of fifty seven (57).
- UNIVERSAL BANKING AS PRACTICED BY AFRIBANK PLC.
Insurance represented by its Afribank insurance Ltd, Trustee Activities represented by the Afribank trusteeship Ltd (ATL), Stock brokerage, which is represented by the Afribank brokerage ltd. As can be seen from the above, the bank is also into merchant, commercial banking and insurance.
- STATEMENT OF PROBLEM
The issue of universal banking as a recent phenomenon in the Nigerian banking environment, and as such the practice of the system has been hampered by series of problem.
The first problem
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