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As far back as 1892 when banking started in Nigeria, the need for the development of new consumer credit products was not much needed as few banks then were in operation.  But as of 1986 when the Structural Adjustment Programme (SAP) was introduced by the federal government of Nigeria a new era characterized by deregulation of the banking system took place.  Worse still, deregulation gave room for the formation and licensing of numerous new command and merchant banks.  This however brought what we call aggressive competition among the commercial banks, which finally led to the introduction of new consumer credit products in the Nigeria commercial banks.

 This period brought a total disappearance of armed char banking in Nigeria.  As new banks sprang up, heavy competition becomes the order of the day.  This with commercial banks and about 190-branch offices in 1960, there emerged no fewer than 124 commercial and merchant banks (with 2076 branches) as it the end of December, 1994 according to report released by the Central Bank of Nigeria.

As this new face of change took place, the only way out is to map out strategies for new credit products in order to retain customers satisfaction and their stay, the only way out is to introduce new products changes in the market, a bank is enable to;

  1. Keep its old customers
  2. Attract new customers
  3. Lesson its risks
  4. Be strong to face competition
  5. Building up and broaden its corporate image
  6. Utilize some idle resources and waste material
  7. Increase consumers selecting and satisfaction and
  8. Increase its revenue base for consequent profitability and growth.

This research work is aimed at identifying the consumer and its products available in Nigeria commercial banks, how they could be developed, to know some of the task of marketing management of new consumer credit product to the Nigeria commercial banks, to find some of the bank marketing management philosophies/concepts that will help conduct their new consumer credit products activities, taking intercontinental bank Plc as a case of study.

 1.1            STATEMENT OF PROBLEM

Commercial banks in Nigeria have been introducing new brand of consumer credit products to enhance effective banking service.  Each month that comes is followed by wonderful consumer credit product in Nigeria commercial banks.  Despite this, customers are not yet satisfied with the credit products introduced in the financial market.  Also, many people (customers) don’t have knowledge of some of all these old consumer credit product and still, new ones are been introduced, more still, those that have the knowledge of such existing ones don’t patronize them.  What are the main reasons why people don’t pass such new credit products despite all these innovations?

 1.2            OBJECTIVE OF THE STUDY

This work titled “an appraisal of the new consumer credit products in the Nigerian commercial banks: a case study of intercontinental bank plc” has the purpose of critically and positively assessing the impacts of the development of consumer credit products in the Nigeria Commercial Banks, in order to properly fulfill this main purpose, this paper has the following objectives they are as follows:

  1. To identify the difficulties encountered in the process of produced development in commercial banks.
  2. To determine whether bank customers are really satisfied with the banks’ product or not and why? (Product quality).
  3. To find out the best ways to educate the customers on the use of the bank credit products and the best way to create awareness of the existence of such products.
  4. To identify the best way the banks consumers credit products market could be segmented for a fruitful venture.
  5. To equally offer possible solution or suggestions addressable to such problems and or make recommendations that may lead to better banks customer relationship.

Transforming the above objective in 1.2 into research questions we can have in the resource question are as follows:

  1. Have commercial bank credit products been satisfying their customer’s needs?
  2. Do the difficulties encountered in the process of products development have any effect in Nigerian Commercial Banks?
  3. Do customer education on the usage and level of awareness has any effect on the consumer credit products.
  4. Do improper market segmentation of the new consumer credit products have effect to the marketability.


Having seen that there is aggressive competition among the Nigerian commercial banks, this research will help bank managers and their staff to know that, they will only retain their customer through the process of establishing unique consumer credit product more still, the project is to let bankers know that it is not all products that is of good interest to the customer also, the project will show the best way of making bank credit products known to their customers moreover this project will equally ex-ray the main reason behind non-patronage of bank new consumer products in the financial market.

 This project will equally show non-quality of good banking services leads to bank failure and there fore seek for means of avoiding it occurrence.  Finally, this project serves as a partial fulfillment for an award of Higher National Diploma (HND) Certificate in Accountancy.


A hypothesis is an intelligent guess, the following are my research hypothesis based on my research topic which says “An Appraisal of the new consumer credit products in the Nigerian commercial banks” a case study of intercontinental bank plc.

H0:    The commercial banks new credit products have not been satisfying their customer’s needs.

H1:    The commercial banks new credit products have been satisfying their customer’s needs.


The research work covers the consumer credit product development in all Nigeria commercial banks, using intercontinental bank plc nation wide as my case study.

The researcher encountered some set backs in carrying out this research and such set backs are listed thus:

  a.       Time

Time interval due to short semester programme from the academic calendar is equally a set back to the researcher the semester was so short that the researcher found it difficult to cover his wide range of work as he taught it to be.

b.      Protocols

This is also another problem which made the researcher not to cover the wider range for the research people who were supposed to give good responses as sources of information were doing come-today come-tomorrow to the researcher despite the limited time the research has.

c.       Fund

The researcher would have like to ex-ray all the customers of the whole commercial banks in Nigeria over credit product development but will not do so as his little fund will not reach up to that level therefore, he will basically do that within her reach by using intercontinental bank plc as her case study and using three branches out of the fifty-six branches of the bank.

d.      Security

Some staff of the case study organization refused to disclose some of the relevant information the researcher needed for the project for security reasons that are best known to them.

 1.6            DEFINITION OF TERMS

Bank:  An organization or place that provides a financial service.

Deregulation: The systematic dismantling of regulatory controls and operational guideline which were considered to have hindered orderly and systematic growth of banks in Nigeria.

Customer credit products: This refers to any service which the bank can offer to the customers for consumption.

Financial services:  These refer to the various services rendered by the operators in the financial markets.

SAP: Making alternation of adjustment on how things have been before

Product development:  This is the conversion of the idea on paper into physical product with need satisfying attributes.

Marketing mix:   This is one of the memories used by marketing people to remind themselves of the marketing variables which they use in implementing their marketing decisions.

 Hypothesis:  A hypothesis is an intelligent guess of solution to the research problem.

HO: Null Hypothesis:   It posits that “no difference” or relationship exist between two variables.

H1:   Alternative Hypothesis: It posits that difference or relationship exist between two variables.

Protocol: A system of rule governing formal occasions.

Fund: A sum of money saved or made available for a particular project, objective or purpose.


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