A STATISTICAL EVALUATION OF FACTORS THAT ATTRACT CUSTOMERS TO BANKS IN LAGOS, NIGERIA

Abstract

Economists consider the banking system the heart of a country’s economy because it pumps the money through the economy thus driving production, exchange and its growth. Competition in banking industry has become acute since the late 1980s liberalisation of the sector; it was intensified after 2005 consolidation, the keenest aspect of the competition is the competition for deposits. Nigerian banks have deployed an array of tools to position themselves for this battle for deposits, ranging from glitzy branding and marketing campaigns to the deployment of smart marketing staff. These banks also attract customers with the deployment of e-banking solutions and the construction of an ever-increasing number of branches. This work set out to find out the factors that affect the decision by individuals to open bank accounts in a particular bank, with a view to using statistical tools to evaluate the relative importance of each factor that attracts customers to a particular bank, determine the strongest factor, and also depict some types of products/services banks should include in their array.

A Study of Conflict Issues Affecting Ugandan Housemaids who Migrate to Saudi Arabia and How to Mitigate them

March 10, 2026

This study aims to comprehensively analyse the complex interplay between