OYEDELE, Oyeladun Opeyemi and Covenant University, Theses (2018) ASSESSING CUSTOMERS’ AWARENESS OF THE LEVEL OF BANK CHARGES BY DEPOSIT MONEY BANKS IN NIGERIA. Masters thesis, Covenant University.
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Abstract
In 2013, the Central Bank of Nigeria refunded N2.9billion excess bank charges to customers which were drawn on customer’s account by Deposit Money Banks (DMBs) in Nigeria. These bank charges drawn by DMBs have become an area of concern as full disclosures are not made to their customers about hidden charges. Therefore, this study evaluates the extent to which customers of various banks are knowledgeable about charges on bank’s products. This study was motivated by two factors (i) lack of clarification on charges drawn on customer’s accounts without due publicity and (ii) the recent announcement by CBN that withdrawal and deposits made by customers of DMBs beyond certain amounts will attract varying degree of charges. The population of the study comprised various age groups, educated and non-educated. The questionnaire and interview method were used to elicit data for the study. The data were analyzed using analysis of variance (ANOVA). There exist a significant difference between bank customer’s awareness and the various charges on the bank account. There study revealed that there is no significant difference between effective disclosure on bank charges and customer’s awareness. The study also reveals that there exists a significant difference between bank customer’s awareness of the existence of regulatory bodies charged with the responsibility of protecting them from unwarranted charges. The study also revealed that there is no significant difference between bank customer’s education background and the awareness of bank charges. The study revealed that there is no significant difference between customer satisfaction and bank charges. Based on findings, we therefore recommend that there is a need for more enlightenment on bank charges levied on customers by regulatory bodies in Nigeria.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | Bank products, Deposit Money Banks, Bank charges, Bank customers, full disclosure. |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Social Sciences |
| Depositing User: | Mrs Hannah Akinwumi |
| Date Deposited: | 13 Jul 2020 11:52 |
| Last Modified: | 13 Jul 2020 11:52 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/13477 |
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