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This project research study (work) is a very important study for Nigerian Commercial Banks; this study was originally driven by the necessity of the effects of developing new consumer credit products in Nigerian commercial banks.

Primary and secondary data were gathered to tackle the study challenge. Interviews and questionnaires were utilised to collect data for the study, and the respondents were bank employees and some bank customers of the product’s user. The population and population sample sizes are 50 and 40, respectively.

Tables, frequencies, charts, and percentages were also utilised to organise and show data obtained. The chi-square test was used to test the various hypotheses. The following conclusions were drawn from data analysis and interpretation:-

The challenges encountered during the product development process have an impact on commercial banks. Commercial banks’ consumer loan offerings in Nigeria have not met the needs of their consumers.

The education of customers on product usage and their degree of awareness has an impact on the creation of credit products by the bank. Based on the data, the researcher suggests that:

The management of our commercial banks should attempt to equip their research and development departments as much as possible, and those who have not, should endeavour to establish one.

Product awareness strategies such as good advertisements, seminars for bank clients on product usage, and so on should be increased. Before commencing on new product development, these should be thoroughly researched.

In conclusion, one commercial bank’s credit products have not been satisfying their customers’ wants, but if enhanced at an attractive price, they will satisfy their customers’ needs.



Background Of the Study 

When banking began in Nigeria in 1892, there was no demand for the development of new consumer credit products because there were few banks in operation. However, with the introduction of the Structural Adjustment Programme (SAP) by the federal government of Nigeria in 1986, a new era of banking deregulation began.

Worse, deregulation allowed for the establishment and licencing of countless new command and merchant banks. However, this resulted in what we call fierce competition among commercial banks, which eventually resulted in the launch of new consumer credit products in Nigerian commercial banks.

This period saw the abolition of armed char banking in Nigeria. As new banks sprouted up, fierce rivalry became the norm. According to a report provided by the Central Bank of Nigeria,

this with commercial banks and approximately 190 branch offices in 1960, there emerged no fewer than 124 commercial and merchant banks (with 2076 branches) as of the end of December, 1994.

As a result of this new face of change, the only way out is to plan out strategies for new credit products in order to keep customer happiness and retention, the only way out is to bring new products changes in the market, which a bank is capable of;

i. Maintain its current consumer base

ii. Find new clients

iv. Emphasising the dangers

iv. Be tough in the face of competition

v. Strengthening and broadening its corporate image

vi. Make use of some idle resources and waste stuff

vii. Increase consumer selection and satisfaction and

viii. Expand its revenue base for increased profitability and growth.

The purpose of this research is to identify the consumer and its products available in Nigerian commercial banks, how they could be developed,

to understand some of the tasks of marketing management of new consumer credit products to Nigerian commercial banks, and to identify some of the bank marketing management philosophies/concepts that will help conduct their new consumer credit products activities, using Intercontinental Bank Plc as a case study.

Statement of the Problem 

To improve the effectiveness of banking services, commercial banks in Nigeria have started offering new brands of consumer credit products. Each month is followed by a fantastic consumer credit product in Nigerian commercial banks.

Despite this, clients are dissatisfied with the loan products that have been launched into the financial market. Furthermore, many people (customers) are unaware of some of the older consumer credit products, and new ones are constantly being developed; furthermore, those who are aware of such current ones do not use them.

What are the major reasons why, despite all of these innovations, individuals do not accept such new credit products?

The Goal of the Research

This work titled “an appraisal of the new consumer credit products in 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 Nigerian commercial banks. In order to properly fulfil this main purpose, this paper has the following objectives:

a. To identify the challenges encountered in the process of product development in commercial banks.

b. To determine whether or not bank customers are satisfied with the banks’ products, and why. (Quality of the product).

c. Determine the best methods for educating customers on the usage of bank credit products and raising knowledge of the presence of such products.

d. To determine the best strategy to segment the banks’ consumers’ credit products market for a profitable endeavour.

e. To offer viable solutions or answers to such difficulties, as well as to make recommendations that may lead to improved bank-customer relationships.

The following are examples of how we might translate the stated objective in 1.2 into research questions for the resource question:

a. Have commercial bank credit products been meeting the needs of their customers?

b. Do the challenges experienced throughout the product development process have any impact on Nigerian commercial banks?

b. Does customer education on usage and degree of awareness have any effect on consumer credit products?

d. Does incorrect market segmentation of new consumer credit products have an impact on marketability?

The Significance of the Research

Given the aggressive competition among Nigerian commercial banks, this research will assist bank managers and their staff in understanding that they will only retain their customers through the process of establishing unique consumer credit products.

Furthermore, the project will inform bankers that not all products are of good interest to their customers. Finally, the project will demonstrate the best way of making bank credit products known to their customers.

This study will also demonstrate how poor quality financial services lead to bank failure and, as a result, will look for ways to prevent it from happening. Finally, this project fulfils a portion of the requirements for a National Diploma (ND) Certificate in Banking and Finance.


The following are my research hypotheses based on my research topic, “An Appraisal of the New Consumer Credit Products in Nigerian Commercial Banks” a case study of Intercontinental Bank Plc.

Commercial banks’ new loan offerings have not met the needs of their customers.

Commercial banks’ new loan offerings have been meeting the needs of their customers.

 Definition of Terms

A bank is an organisation or location that provides financial services.

Deregulation is the systematic removal of regulatory restraints and operational guidelines that were deemed to be impeding the orderly and systematic growth of Nigerian banks.

Customer credit products: Any service that a bank can provide to its customers for consumption.

Financial services: These are the numerous services provided by financial market participants.

SAP: Changing the way things have been done in the past.

Product development is the process of turning an idea on paper into a physical product with need-satisfying features.

Marketing mix: This is one of the memories that marketing professionals use to remind themselves of the marketing variables that they employ when implementing their marketing decisions.

A hypothesis is an intellectual guess of a solution to the research topic.

The null hypothesis asserts that there is “no difference” or link between two variables.

Alternative Hypothesis: It asserts that there is a difference or relationship between two variables.

Protocol is a set of rules that govern formal gatherings.

A fund is a sum of money saved or made accessible for a specific activity, goal, or purpose.

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