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CHAPTER ONE
1.0 INTRODUCTION
Banking in Nigeria was carried out devoid of any electronic devices until the middle of 1980s. The operations of bank were mostly manual and fraught with attendant problem of poor services delivery.
The era of new generation bank brought into the banking industry competition and need to provide quality services to the banking public.
This brought about the need for some form of automated system. Kyari (2002), acknowledged this fact when he admitted that banks began to invest in computer for basic office in automation and processing, and then later extended to provision of banking services.
This era also brought about massive installation of computer system and the introduction of the first set of electronic banking system devices such as automated teller, machine (ATM) to the banking public with the establishment of more bank in the early 1990s that led to the integration of banking system and ledger bank were replaced by computing system.
The growing need for better services made it mandatory for banking to develop faster settlements among banks that lead to the funding of Nigerian inter-settlement scheme- granting owned by banks.
The central bank in response to this also began the computerization of its system and processes. The introduction of the Magnetic Ink Character- Recording (MICR) check in the number of days it takes to clear a cheque through the Nigerian banking system.
The Magnetic Ink Character Recording (MICR) was yet to be very successful through by middle of 1990s, most banks had introduced some forms of automation or computerization in their operation.
Before financial globalization become popular, financial liberalization efficiency in the financial sector, many African countries embarked on financial liberalization reforms as part of their recommend.
Structural Adjustment Programme:
The crucial message of the financial liberalization, thesis (Mekinnum 1973), show that it is lack of competition that bring inefficiency to this sector, interest rate liberalization is a first step, but it is recognized that this alone is not likely to generate competition in the market because of the already oligopolistic nature of it.
Consequently, not only is there a need to increase the number of players in this market for which a country may be required to go beyond its own domestic boundary.
To increase the number of players there is need to remove entry restrictions, so that non- financial intermediaries as well as foreign banks can enter the market easily. In order to top a large post of savings, there is a need, not only to remove control, but also to relax laws relating to takeover and merging activities.
This implies that there is need to liberalize the external sector of the bank sector. Forced with the gravity of financial crises that occurred in several countries between 1994 and 2002, a number of questions have been raised regarding the underlying basis of financial globalization especially cross-boarder capital movement.
1.1 BACKGROUND OF THE STUDY
The background of this study is to evaluate the effect of globalization in banking operation in Nigeria with particular reference to First Bank Nigeria Plc, Kaduna, Kakuri branch Kaduna South.
The specific objectives of this study are as follows:
1. Io assess the extent at which globalization has influenced services delivery in the banking sector in Nigeria.
2. To examine how globalization has influenced banking operations in Nigeria whether positively or negatively.
3. To examine the extent at which globalization has influenced the management of banking industry in Nigeria.
1.2 STATEMENT OF THE PROBLEM
The provision of quality services has been the major problem facing the Nigerian banking system.
The Nigerian banking customers are becoming more demanding in terms of quality services. Some of the problems facing the Nigerian banking operations are as follows:
I. Time spent when collecting cash from the bank.
II. It takes some days before funds can be transferred from branch of the bank to another.
III. It takes quite some times before cheque are being cleared.
IV. Value data is not efficient in the banking sector.
All these problems need to be addressed so that banking operations could be more, efficient.
1.3 PURPOSE OF THE STUDY
The purpose of the study is to evaluate the effect of globalization on our banking operation in Nigeria with particular reference to First Bank Nigeria Plc, Kaduna, Kakuri branch, Kaduna South.
1.4 SIGNIFICANCE OF THE STUDY
The study shall serve as a reference point to students of banking and finance, bank practitioners and policy formulation in banking industry.
Through this study the inefficiency that exist in the banking operation are thrown opened to the public and researchers in the discipline. It also helps to understand how globalization could bring efficiency in services delivery to customers through the introduction of modern technology into banking operations.
Through the study, one shall be able to know why First Bank Nigeria Plc, is performing better than some other Banks in Nigeria through the adoption of new technologies in its operations.
1.5 RESEARCH QUESTIONS
The study used primary data that were generated through the administration of questionnaires and oral interviews.
Sample population from staffs and customers of First Bank Nigeria Plc.
The statistical technique used in the study is chi-square (X2) and t-test was used.
1.6 STATEMENT OF HYPOTHESIS
H0: Globalization of banking operations has not improved services delivery of First Bank Nigeria Plc.
H1: Globalization of banking operation has improved services delivery of First Bank Nigeria Plc.
1.7 DELIMITATION OR SCOPE OF THE STUDY
The scope of this study is that, it focused on the effect of globalization on banking operation in Nigeria.
The study specifically examines the effect of globalization on First Bank Nigeria Plc.
The limitation of the study is that the researcher was not been able to visit all branches of the bank in the country due to financial constraints and time availability for the study.
1.8 DEFINITION OF TERMS
Ø Banking: It is a bank business whose principle operations are concerned with the accumulation of the temporary, idle money of the public for advancing some to others for expenditure.
Ø Bank Transfer: Is a method of making payments in which payment made at any branch of any bank for the account of a payee with an account at any branch of the same bank or another bank.
Ø Globalization: Is the integration of trade relation and production, the decision across the globe by economic agents who employ investment capital and technology around to take advantage of environments where there is competition and which can manifest to a higher return.
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