ABSTRACT
In
a highly competitive environment, innovation is the essential key to a firm
obtaining a dominant position as the understanding of strategic innovation
management practices leads to an improved organizational performance signifying
its importance. In the present era of economic instability, the banking
industry has emerged as one of the major and vital service industries, which
affects lives of several people all over the world which leads to the need to
study the effect of innovation strategy on organizational performance of
selected deposit money banks in Lagos state, Nigeria. The study in achieving
this purpose explored the effect of variables of innovation strategy which
include product innovation, process innovation, marketing innovation,
organizational innovation on variables of organizational performance which
consists of product performance, return on equity, market orientation and
return on investment.
Descriptive
survey research design was adopted for the study. The population of the study
consists of management staffs at the strategic and operational management level
from five selected deposit money banks in Lagos State giving a population of
665 which was chosen as our sample size. A structured questionnaire was
administered which gave a response rate of 85.4%. The instrument was validated
and the Cronbach;s Alpha reliability for the major constructs. The data
gathered was analyzed through descriptive, linear and multiple regression
analysis.
Findings revealed there is a
positive and significant relationship between innovation strategies and
organizational performance (R = 0.79.3, at p<0.05). The model R2 (coefficient
of determination) was 0.629, constant value (alpha) of 4.212,
the coefficient of independent variable (beta = 0.764) and F-Value yielded 626.633. Product innovation had
significant effect on product performance and this effect was statistically
significant at (R = 0.768, R2 = 0.589, p < 0.05). There is also a
significant and positive relationship between market innovation and market
orientation (R = 0.634, R2 = 0.402, p < 0.05). The effect of
process innovation and return on equity shows a positive and significant
relationship at (R2 = 0.751, R = 0.563, p < 0.05). A positive and
significant effect was established between organizational innovation and return
on investment with R2 = 0.725, R = 0.525, p < 0.05.
In conclusion, innovation
strategies have a strong positive relationship on organizational performance of
deposit money banks in Lagos State, Nigeria. Innovation strategies have been
shown to be vital to boosts the output of organizations and the study has
recommended that deposit money banks should adopt innovation strategies to
increase their returns on investment, product performance, market orientation
and return on equity which together will lead to their increased organizational
performance.
CHAPTER
ONE
INTRODUCTION
1.1 Background to the Study
In
a highly competitive environment, innovation is the essential key to a firm
obtaining a dominant position and gaining higher profits (Cerulli, 2014).
Therefore, the understanding of which strategic innovation management practices
lead to an improved organizational performance is important. When looking at
innovation strategy, Pinoy (2015) posit that an effective strategy must
correctly inform which job executor, job, and segment to target to achieve the
most growth, and which unmet needs
to target to help customers get the job done better. Siep (2010) states that
when it comes to creating the solution, an innovation strategy is expected to
impact positively on the organizational performance. It is worthy of note that
some innovation strategies fail in these regards, which is why innovation
success rates are perceived to be wishy-washy. Innovation in service-based
industries has not been considered in details at the organizational level
(Thomke, 2007). However, the banking industry is an attractive environment for
innovation studies on organizations, due to its complex and important nature
(Pennings & Harianto, 1992).
In
the present era of economic instability, banking industry has emerged as one of
the major and vital service industries, which has affected millions of lives of
people all over the world. It is unique in its service, socially and
economically. In 2008, many countries witnessed reformations in the state of
affairs of the banking industry. These reformations are fallouts of change in
technology, financial environment, and financial globalization and deregulation
(Francisco & Emili, 2002).
According
to Frances (2010), the banking industry has been continuously reforming with
respect to market share, technology, competition and consumer demands. Frances
(2010), in addition added that the vital force of this industry is the fast
paced evolution of consumer requirements, wants and desires because there is a
high demand by the consumers for the delivery of financial services in addition
to an increased variety in investment and deposit products. Therefore, there
has been a need for deposit money banks to amend their competitive strategies for
products and marketing, in a wider context.
Deposit Money banks are financial institutions that
consummate transactions with currency and credit, accepting deposits from the
public and organizations alike, some of which are easy to withdraw on demand by
cheques (Basu & Ghosh, 2016). Deposit money banks are commercial companies
owned by stakeholders or investors. Their primary objective is to maximize
profit by money transaction. Basu and Ghosh (2016) also state that deposit
money banks are different from other banking institutions, for instance, bank
of industry, insurance institutions, Microfinance banks and brokerage
institutions etc. because they honor cheques drawn by the customers on demand
deposit.
Deposit
money banks offer financial services and products that empower individuals and
organizations to be a part of a broader economy. They offer possibilities for
investment of savings, risk management and extension of credit. These banks
support the modern capitalistic society. While the vital functions performed by
these banks have remained relatively constant over the years, the structure of
the industry has been dramatically transformed. This change has been a result
of independent domestic regulation, intense international competition,
innovations witnessed within financial instruments, and an exponential growth
in information technology. With the use of new financial regulations, the
global economy is more interconnected, technology use is more crucial for
banking operations, thus, bringing a suffocating pressure on managers and the
institute workers (Tidd & Hull, 2003).
According
to Cainelli, Evangelista
and Savona, (2004) employment of survival measures have become vital for the
banks due to growing competition. Innovation is the need of the hour in
banking industry, as there has been a spur brought about by the rapid change
particularly with respect to new distribution channel systems, such as internet
and mobile banking (Cainelli, 2004). Being that these banks provide more
convenient ways for their customers to access their accounts, it has generated
significant additional operational costs to generate revenue. With the
incremental cost element as a result of the added distribution channels and
renewed efforts towards making all the possible cuts in the back office, banks
have discovered that the secret of gaining profit is revenue enhancement
(Aliber, 2007).
Deposit
money banks are currently being forced to consider new ways to be on a
competitive advantage (Werner, 2014). One way to ensure it is by increasing
customer’s transaction fees on credit facilities and transaction interests. The
speedy improvement of primary revenue-enhancement innovations is embedded in
platform automation processes for the branch and offices’ employees, and in the
latest channel technology systems, internet and mobile banking. While these
technological innovations may have some similarities, they meet different needs
in the distribution strategy of deposit banks (Mansury & Love, 2008). It’s
because such banks deal principally with the services like innovation of
products and improvement of existing ones, and are consequently required to
remain relevant even as the business environment experience changes (Porter,
2008).
Deposit money
banks play a vital role in business and entrepreneurial growth, and it’s
essential for organizations to understand its processes of innovation in order
to be able to compete in the challenging environment. An imperative factor in
developing and sustaining competitive advantage is based on the ability of an
organization to innovate (Tidd, 2003). Now, doing novel things in a better way
is more important than just doing things better. A lot of prominence has been
put on building of creative organizations and the management of the innovative
processes, as essential elements of organizational survival (Brown, 1997).
McAdam (2000) suggests that an effective innovation must incorporate all areas
of an organization that possess the potential to affect every discipline and
process. Innovation may be transformational, far-reaching or increment reliant
on the nature and the effect of the change.
One
way of achieving growth and sustaining performance is to provide an atmosphere
which encourages and appreciates creativity within an organization. Certainly,
there must be a level of cooperation and commitment from the senior management
to expedite an innovative working environment. Tidd, Bessan and Pavitt (1997)
defined innovation as a process of utilizing opportunity by turning it into new
ideas, and placing these ideas in areas of wider use. Afuah, (1998) proposed
that innovation is the usage of novel administrative and technical knowledge to
provide a new product or service to customers. The present study intends to
examine how deposit money banks generate innovative ideas for new products and
services; strategically apply creative strategies to the performance of their
organization to bring about change.
1.2 Statement of the Problem
The inability of the
banking sector to cope with challenges is reflected in its dismal performance
over the years and performance indicators for the sector are negative (Sana,
Mohammad, Hassan, & Momina, 2011).Innovation comes with its challenges and
uncertainties and many banks approaches towards innovation for increasing product
performances have not yielded the desired returns (Siam, 2006). Uncertainties
have affected the orientation of organizations towards innovation and its
activities making innovation not being implemented leading to reducing
organizational returns on investment, equity and performance generally (Abdi,
2014).
Product innovation in
banks involves means such as the introduction of new credit, deposit,
insurance, leasing, hire purchase, derivatives and other financial products
such as e-banking, investment and retail banking have been largely neglected
and this have caused a reduction in the banks income as they mostly depend on
customers deposit which have been on the decrease making it hard for banks to
operate efficiently (Adams, 2014).
Larsen, Markides and Gary (2002) asserted that strategic innovation
centers on changing strategy on organizational level over time, to pinpoint
untapped position in the industry ahead of competing organizations. Its
inability to bring capital growth in market by differentiating competences that
provide coherence, thus, enabling the organization to promote increased revenue
growth is a major bottleneck affecting the profitability of banks. The decrease
in overall productivity, global competitiveness therefore minimizes the organization’s
value. The impacts of these strategic innovations are absent in most banks as
they are streamlined to their conventional approaches to tasks hence their not
being able to perform optimally (Larsen, Markides & Gary, 2002).
In spite of the
implication of innovation in translating organizational performance in banks,
the impact is yet to be understood because of the vague understanding of the
aim of innovation. Its impact on the performance of a bank remains a key
ingredient of research (Mabrouk & Mamoghli, 2010). The process of
innovation can integrate incremental and radical changes. Incremental changes
produce small continuous improvements within organizations (Bessant &
Caffyn, 1997). The need for innovation is like the lifeline for deposit money
bank operating in an uncertain and competitive environment.
The survival and
success of Deposit money banks in this present competitive global financial
environment demands the incorporation of innovation by producing a regular stream
of innovative processes in order to gain competitive advantage (Robbins
&Coulter, 1999). Many banks at some point have undertaken some form of
incremental innovation initiatives. Some of these banks consider that a
cumulative gain in efficiency is greater overtime than that, which comes from
occasional radical changes (Raymond, 1998). However, many of these short and
medium term profits quickly vanish and get absorbed into the industry standard
and as such cannot be relied upon as a prerequisite for its growth and survival
(Unger, 2005).
Huynh & Lin (2013)
stated that in today’s business environment, business organizations are facing
a fierce competition in domestic and global markets and a primary factor
causing this is lack of innovative strategies. To survive and develop, they
must implement innovative strategies in order to increase their competitiveness
and get more advantages which will lead to increasing performance but they
don’t possess this leading to their business failure. Doyle (1994) stated that
some banks adapt to these environmental changes and adopt new ideas and
business methods which guarantee the survival and a competitive advantage. Some
of the change agents that pushed financial institutions to be more creative
include an intense competition, regulation, and technological advancement.
Deposit money banks operating in Nigeria operate in a much regulated
environment requiring a certain degree of uniformity in disclosing critical
information. Continuous change, intense competition, demographic changes and
customer needs affects these abilities of banks to build adaptability
competency for their survival and organizational performance fostering.
Due to lack of
organizational innovativeness, many organizations spend most of their time realizing
and reacting to ill expected changes and problems instead of anticipating and
preparing for them. Organizations caught off guard may spend a great deal of
time and energy playing catch up. They use up their energy coping with inundate
problems with little energy left to anticipate and prepare for the next
challenges and this vicious cycle locks
many organizations into a reactive posture and stifle their performance
(Akinyele & Fasogbon, 2010). Innovative strategy is practiced for survival
as well as sustenance (Aliber, 1987).
Prior studies have not focused directly on the effect of innovation
strategy, an all-inclusive perspective of innovation for enhancing
organizational performance. Similarly, such study on Nigeria’s deposit banks
has never been done before either. Some researchers are of the opinion that
innovation strategy has a very significant contribution in the enhanced
performance of any organization others are the opinion that it does not
contribute the performance of an organization. These uncertainties forced the
need for a research study in this area taking Nigerian perspective as a
case-study in order to explore the impact of strategic innovation on the
performance of Deposit money banks in Lagos State.
Organizational
performance involves the recurring activities to establish organizational
goals, monitor progress toward the goals, and make adjustments to achieve those
goals more effectively and efficiently and most banks have not been able to
remain viable and relevant to its stakeholders over time thereby they requiring
change though innovative practices (Njagi & Kombo, 2014).
Most banks do not
realize the impact of properly managing its processes and therefore leave
policies in the hands of line managers and board of directors who are non-experts
to implement or enforce strategies, policies, processes, programmes and
practices and hence the values that would have accrued to such banks by
properly managing their processes are lost in such banks (Soomro Gilal &
Jatoi, 2011). Uncertainties as regards innovation strategy and organizational
performance forced the need for a research study in this area taking Nigerian
perspective as a case-study in order to explore the impact of strategic
innovation on the performance of Deposit money banks in Lagos State.
1.3 Objective of the Study
The
main objective of this study is to evaluate the effect of innovative strategies
on the performance of selected deposit money banks in Lagos State, Nigeria. The
specific objectives are to:
1. identify
the effect of product innovation on performance of selected deposit money banks
in Lagos State;
2. evaluate
the effect of market innovation on the performance of selected deposit money banks in Lagos State;
3. identify
the effect of process innovation on organizational performance of selecteddeposit
money banks in Lagos State and
4. investigate
the effect of organizational innovation on organizational performance of
selected deposit money banks in Lagos State.
1.4
Research
Questions
1. What
is the effect of product innovation on organizational performance of selected
banks in Lagos State?
2. How
does market innovationaffect the organizational performance of the selected
deposit money banks in Lagos State?
3. What
is the effect of process innovation on organizational performance are, of selected
deposit money banks in Lagos State?
4. What
effect does organizational innovation have on organizational performance of
these selected deposit money banks in Lagos State?
1.5 Hypotheses
H01– Product
innovation has no significant effect on the organizational performance of the
banks in Lagos state.
H02 – Market
innovation has no significant effect on the performance of the deposit money
banks selected in Lagos state.
H03 – Process innovation has no
significant effect on the organizational performance of the deposit money banks
in Lagos state.
H04 – Organizational innovation has a
non-significant effect on the organizational performance of the selected
deposit money banks in Lagos state.
1.6 Scope of the Study
This research focused
on the effect of innovation strategies on performance of selected deposit money
banks in Lagos State of Nigeria which were selected based on their assets, profit before tax and customer deposit
in the financial year of 2014 (2014 Nigerian Stock Exchange Financial Report).
The selected banks were ranked among the top 10 banks of Nigeria post banking
recapitalization in 2014 (Oleka & Mgbodile, 2014). The financial reports of
all these banks were reported by the Nigerian Stock Exchange. The five banks
selected for the purpose of this study are Zenith Bank, Guaranty Trust Bank,
Eco Bank, Skye Bank, and United Bank for Africa. The study is intended to focus
on employees in five different departments across each of these banks. The
departments that was the focus of the study were Corporate Strategy, Human
Resources, Business Process re-engineering, Strategic Management, and
e-Channels, employing a total of 665 workers. This total population of
employees in the various departments and units served as the sample size for
this study. Due to time and financial constraints, this research was only
limited to the head offices of these banks that are located in Lagos State,
Nigeria and because decisions affecting the organizations are usually made at
the headquarters. Lagos state was chosen as the area of focus for the study
because it is known to be the commercial nerve center of Nigeria, as the
deposit money banks have their head offices situated.
1.7 Significance of the Study
This
study would prove to be beneficial and important for the banking sector in
Nigeria, and other similar stakeholders/institutions as highlighted below.
The Management of
Deposit money banks: This research would provide the bank management and financial
organizations with more insight on the influence and the importance of the use
of innovation strategy, not only on the economy but also on the performance of
banks. It would show intelligent ways to penetrate new markets effectively with
new products and innovative strategies.
Industry: The findings of the
current study can further be used by decision makers in industries in the field
of innovation, strategy and organization performance. Strategic innovations are
viewed as a way to improve financial inclusion to achieve economic development
for the attainment of vision 2020 in Nigeria. The industry and its regulators
can use the research findings to design policies to encourage strategic
innovation but at the same time instill an effective regulatory environment.
Government:
Government policy makers would find the findings of this study useful while
devising new policies that would help to create an enabling environment, thus,
ensuring supportive strategic innovation in products, process markets and
organization in the government.
Academics:
This
study would provide additional knowledge on the concept of innovation strategy
and give more empirical findings on its effect on organizational performance.
This would provide more valuable material to scholars, students and future
researchers. This study could also be used as a basis for further research and
also academically in the field of strategic innovation.
1.8 Operationalization of Variables
The
following two variables are being considered for this research:
X
= Independent Variable
Y
= Dependent Variable
Y
= f(X)
Where: X = Innovation Strategy
Y = Organizational Performance
X
= (x1, x2, x3, x4)
x1
= Product Innovation (PDI)
x2
= Market Innovation (MI)
x3
= Process Innovation (PCI)
x4
= Organizational Innovation (OGI)
In regression:
Y
= f(x1)……….…………………………………...... Equation
1
Y = f(x2)……….…………………………………...... Equation 2
Y = f(x3)……….…………………………………...... Equation 3
Y = f(x4)……….…………………………………...... Equation 4
H01: Y = α0
+ β1x1 + µi ……………………………… Equation 1
H02: Y = α0
+ β2x2+ µi ………………………………
Equation 2
H03: Y = α0
+ β3x3+ µi ……………………………… Equation 3
H04: Y = α0 + β4x4+ µi ……………………………… Equation 4
Y = α0 + β1x1
+ β1x2
+ β1x3
+ β1x4
+ µi ……………….. Equation
5
1.9 Operational
Definition of Terms
Deposit money bank: An institution that
renders financial services to its customers or public, like accepting deposits,
granting loans, and providing basic investment products.
Innovation:
innovations refers to a critical way in
which an organizations respond to either technological or market challenges
using new
and creative ideas and techniques.
Innovation
Strategy: are strategies designed by an organization in identifying current and future plans which the organization
can employ to maintain and improve their market share.
Market Innovation: It is the usage of new
techniques in marketing that focus on identifying and
meeting the stated or hidden needs or wants of customers through its product
mix.
Organizational Innovation: A new
organizational method in business practices, workplace organization or external
relation, which are discontinuous from previous
practice, and. provide new pathways to creating public value.
Process Innovation: Process
innovation means the implementation of a new or significantly improved
production or delivery method (including significant changes in techniques,
equipment and/or software).
Product innovation: Product
innovation is the creation and subsequent introduction of a good or service that
is either new, or an improved version of previous goods or services.
Organizational
Performance: is an analysis of a company’s
performance as compared to their goals and objectives.
Return
on Asset: provides an idea about how efficient
management is at using its assets to generate earnings
Return
on Equity: is defined as net income divided by stockholders
equity and measures an organization’s profitability by revealing how much profit a
company generates with the money invested by shareholders
Market
Orientation: It is the systematic management of
marketing resources and processes to achieve measurable gain as a result of
investment in a business and efficiency, while maintaining quality in customer
experience
Product
Performance: This is the capacity of
a system to meet demands for deliveries or performance. Product availability
and deliverability can be used to express product performance.
1.10 Overview of History of the Selected Banks in
the Study
1.10.1 Zenith Bank
Established in May
1990, Zenith Bank Plc. started its operations in July of the same year as a
commercial bank. It became a public limited company on June 17, 2004 and on
October 21, 2004, was listed on the Nigerian Stock Exchange (NSE) following a
highly successful Initial Public Offering (IPO). Zenith Bank Plc. currently has
a shareholder base of about one million and is Nigeria’s biggest bank by tier-1
capital. In 2013, the Bank listed $850 million worth of its shares at $6.80
each on the London Stock Exchange (LSE) (Okeke, 2012).
Headquartered in
Lagos, Nigeria, Zenith Bank Plc. has over 500 branches and business offices in
prime commercial centers in all states of the federation and the Federal
Capital Territory (FCT). The Bank was licensed by the Financial Services
Authority (FSA) of the United Kingdom in March 2007, to establish Zenith Bank
(UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc. Zenith Bank
also has subsidiaries in: Ghana, Zenith Bank (Ghana) Limited; Sierra Leone,
Zenith Bank (Sierra Leone) Limited; Gambia, Zenith Bank (Gambia) Limited.
Representative offices of the bank are also present in South Africa and The
People’s Republic of China. The customer base of the bank consists of corporate entities mainly, many
of which are subsidiaries of multinational corporations and large indigenous
companies. The lending strategy of the bank stresses rational procedures and
transparency. As a result, the Bank's credit portfolio has the best asset
quality in the Nigerian banking industry.
Zenith Bank’s customer base, cuts across the following sectors: Oil and
Gas, Power and Infrastructure, ICT and Telecommunications, Real Estate,
Building and Construction, Transport, Shipping and Aviation, Commodities and
General Commerce, Entertainment (Zenith Bank, 2017).
1.10.2 Guaranty Trust Bank
Guaranty
Trust Bank plc. is a financial institution with expanded business outlays
spanning West Africa, East Africa and the United Kingdom. The Bank presently
has an asset base of over 2.54 Trillion Naira, shareholders’ funds of over 385
Billion Naira and employs over 10,000 people in Nigeria, Cote d'Ivoire, Gambia,
Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United
Kingdom. Since its inception in 1990 it has a strong service culture that
has enabled it to record a year to year growth in clientele base and major
financial indices. Guaranty Trust Bank is recognized as one of the most
profitable and well managed financial institutions in Africa. It provides
quality service, ethics, professionalism, integrity, innovation and internationally
accepted corporate governance standards (Guaranty Trust Bank, 2017).
1.10.3 Eco-bank
Transnational Incorporated (ETI)
Eco-bank Transnational Incorporated was established as a bank holding company in 1985 under a
private sector initiative by the Federation of West African Chambers of
Commerce and Industry with the support of ECOWAS. During the early 1980’s the
banking industry in West Africa was dominated by state-owned and foreign banks.
In West Africa, there was hardly any Deposit money bank owned and managed by
the African private sector. Eco-bank
Transnational Incorporated was established to fill this vacuum.
The Federation of West African Chambers of Commerce initiated and promoted a
project for the establishment of a private regional bank in West Africa.
Eco-promotions S.A. was incorporated in 1984. Its founding shareholders raised
the seed capital and the promotional activities leading to the creation of Eco-bank Transnational
Incorporated which had an authorized capital of 100 million US Dollars
in October 1985. In 1985, a Headquarters’ Agreement was signed with the
government of Togo which granted the status of an international organization to
Eco-bank Transnational
Incorporated, with the rights and privileges necessary for it to operate
as a regional institution, including the status of a non-resident financial
institution (Eco-Bank, 2017).
1.10.4 Skye Bank Plc
Skye
Bank Plc is one of Nigeria's leading retail and Deposit money bank, having over
400 branches and cash centers across Nigeria, offers premium financial
services, with subsidiaries in Sierra Leone, The Gambia and Guinea. The bank
started its operations in 2006, becoming one of the most important financial
institutions in the banking industry of Nigeria. It has played a pivotal role
in many businesses, created wealth and promoted entrepreneurship. Skye
Bank has earned a reputation for its exceptional customer service. The bank
invested significantly in acquiring and deploying Information Technology for a
better customer experience across its multiple service delivery platforms which
includes mobile banking, ATMs, POS and online platforms. Skye Bank won the bid
to acquire 100 per cent ownership stake of Asset Management Corporation of
Nigeria (AMCON) in 2011; a deal that placed the bank as one of the top four
banks in Nigeria in terms of customer reach, balance sheet size and
profitability (Skye Bank, 2017).
1.10.5 United Bank for Africa (UBA)
United Bank for Africa has been functional for more than 65
years, providing uninterrupted banking operations. It dates back to the year
1948 when the British and French Bank Limited (BFB) started business in
Nigeria. BFB was a subsidiary of Banque Nationale de Crédit (BNCI), Paris,
which turned its London branch into a separate subsidiary known as the British
and French Bank. Banque Nationale de Crédit and two British investment
organizations, S.G. Warburg and Company and Robert Benson and Company also held
it shares. A year later, BFB opened its offices in Nigeria, making it the 3rd
British bank in Nigeria along with the two existing British owned banks
operating in Nigeria. Right after Nigeria’s independence from Britain, United
Bank of Africa was assimilated on 23, February 1961 to take over the business
of British and French Bank. In 1970, it became the first Nigerian bank to
subsequently undertake an Initial Public Offering (IPO) and it eventually
listed its shares on the Nigerian Stock Exchange (NSE).
United
Bank of Africa opened its New York Office (USA) in 1984 to offer banking
services to Africans living there. The present United Bank of Africa came into
existence as a result of a merger of the Standard Trust Bank, incorporated in
1990 and United Bank of Africa, one of the biggest and oldest banks in Nigeria.
The merger was completed on August 1, 2005. United Bank of Africa eventually
went on to acquire Continental Trust Bank in the same year, to further expand the
United Bank of Africa brand. United Bank of Africa subsequently acquired Trade
Bank in 2006 as well. The shareholders of United Bank of Africa unanimously voted for the bank to be restructured into a
Monoline Commercial Banking Model on 13 December 2012 in order to make it
compliant with the new Central Bank of Nigeria guidelines for Deposit money banks in Nigeria. Now the
United Bank of Africa Group is working in the forefront of the African economy and
is functional as a one-stop financial services institution, with an ever
growing reputation in Africa (United Bank for Africa, 2017).
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