ABSTRACT
The purpose of this study is to identify the various marketing strategies being adopted
in the banking industry with particular reference to Afribank Nigeria Plc and their
impact on deposit mobilization and gross earning. Gone are the days of “armchair”
banking. The introduction of Structural Adjustment Programme (SAP) by Babangida
administration in Nigeria led to increased number of banks as a result of
liberalization thereby bringing about stiff competition among banks. The aftermath
of this is that any bank which wants to remain profitable and maintain its competitive
edge must not rest on its oars but devise strategies that will enhance its share of the
market. Marketing strategies are methods adopted in determining customers needs,
and coming up with ways through which these needs can be satisfied to enhance their
customer services delivery.
Some of these strategies are branch network, interest rate
manipulation and electronic money transfer, etc. In this study, we examined how
Afribank Nigeria Plc has been able to effectively market its banking service by
employing these aforementioned strategies. It was observed that the bank is really
coping with competition in the Nigeria banking industry but there is still room for
improvement to be able to cope with the evolving market and changing desires.
Survey design methodology was adopted in this study, in which questionnaire was
constructed and administered to respondents, mainly bank staff and customers. Data
were analyzed with chi-square (X2) statistical tool. The results revealed that there is
significant customer-friendliness in the selected marketing strategies of Afribank in
its daily operations with customers. That the strategic marketing approaches used by
Afribank in delivering the services to their customers are effective and that the
strategic marketing activities of Afribank has had significant positive effects
on its corporate performance. Though that some of the strategies adopted by the
Bank do not influence the elite in the society. With these, we then recommended that
the bank needs to adopt aggressive marketing strategies which will attract people in
the rural areas who are confused on the banking system as a result of the
recapitalization policies which put most customers in jeopardy in the past. Afribank
should also move into the rural areas to re-assure the illiterate masses of the safety of
their money in the Bank and educate them on the inherent dangers of stockpiling their
funds in the houses.
