Skip to main content
SpringerLink
Log in

Determinants of retail bank choice in Nigeria: a focus on gender-based choice decisions

  • Original Paper
  • Published:
Service Business Aims and scope Submit manuscript

Abstract

As the Nigerian retail banks customers become more sophisticated, it is now very important that retail banks determine the factors that are important and relevant to the customers’ retail bank choice decisions. By using a survey of retail bank customers, this study evaluates the relative importance attached to retail banks’ choice criteria used by male and female customers in Nigeria. The results show that there are some differences in choice factors used by male and female customers in selecting a retail bank for patronage. The recommendation is that bank managers should take both female and male market segments into consideration when making retail bank strategic planning in order to become competitive. The findings can assist retail bank managers in refining their marketing strategies as a means of overcoming the intense competition that exists in the Nigerian banking system.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1

Similar content being viewed by others

References

  • Abratt R, Russell J (1999) Relationship marketing in private banking in South Africa. Int J Bank Mark 17(1):5–19

    Article  Google Scholar 

  • Adepoju BA (2005) An appraisal of the effect of microcredit schemes on poverty reduction among women in rural communities of Kano State Nigeria. Paper presented at IAABD Conference, Dar es Salaam, Tanzania, 6–9 April 2005

  • Agu CC (1992) Analysis of the determinants of the Nigerian banking system’s profits and profitability performance. Savings Dev 16(1):353–370

    Google Scholar 

  • Ajakaiye DO, Olomola AS (2003) Overview of poverty and poverty reduction. In: Ajakaiye DO, Olomola AS (eds) Poverty in Nigeria: a multidimensional perspective. Nigerian Institute of Social and Economic Research

  • Alsop R (1984) Firms try to tap growing over-50 population. Wall St J 23:21

    Google Scholar 

  • Anakwe UP (2002) Human resource management practices in Nigeria: challenges and insights. Int J Hum Resour Manage 13(7):1042–1059

    Article  Google Scholar 

  • Anderson SP, de Palma A, Thisse J-F (1992) Discrete choice theory of product differentiation. MIT Press, Cambridge

    Google Scholar 

  • Armstrong JS, Overton TS (1977) Estimating non-response bias in mail survey. J Mark Res 14:396–402

    Article  Google Scholar 

  • Ayadi OF (1996) Marketing of bank services, regulation, and bank profitability in an emerging banking system. Af Rev Money, Finance Bank 1/2:107–120

    Google Scholar 

  • Bartos R (1989) Marketing to women around the world. Harvard Business School, Boston

    Google Scholar 

  • Berry S, Levinsohn J, Pakes A (1995) Automobile prices in market equilibrium. Econometrics 63:841–890

    Article  Google Scholar 

  • Boyd WL, Leonard M, White C (1994) Customer preference for financial services: an analysis. Int J Bank Mark 12(1):9–15

    Article  Google Scholar 

  • Central Bank of Nigeria (2001) Annual economic and financial review. Central Bank of Nigeria (CBN), Abuja, Nigeria

    Google Scholar 

  • Dadzie KO, Winston E, Afriyie K (2003) The effects of normative social belief systems and customer satisfaction on rural savings programs in Ghana. Manage Decis 41(3):233–240

    Article  Google Scholar 

  • Devlin JF (2002) An analysis of choice criteria in the home loans market. Int J Bank Mark 20(5):212–226

    Article  Google Scholar 

  • Englama A, Bamidele A (1997) Measurement issues in poverty. Paper presented to the conference on Poverty Alleviation in Nigeria. The Nigerian Economic Society, Ibadan, Nigeria1, pp 41–156

  • Ezirim CB (2005) Empirical investigation of customers’ choice of retail banks in Nigeria. ICFAI J Appl Econ 4(5):31–48

    Google Scholar 

  • Garland R (2002) Estimating customer defection in personal retail banking. Int J Bank Mark 20(7):317–324

    Article  Google Scholar 

  • Haron S, Ahmed N, Planisek SL (1994) Bank patronage factors of muslim and non-muslim customers. Int J Bank Customers 12(1):32–40

    Article  Google Scholar 

  • Hisrich RD, Ozturk SA (1999) Women entrepreneurs in a developing economy. J Manage Dev 18(2):114–124

    Article  Google Scholar 

  • Hofstede G (1991) Culture and organisations. McGraw-Hill, New York

    Google Scholar 

  • Iheduru NG (2002) Women entrepreneurship and development: the gendering of microfinance in Nigeria. A paper presented at the 8th international interdisciplinary congress on women, Makerere University, Kampala, Uganda, 21–26 July

  • Imam AM (1987) Ideology, women and mass media: a case study of Kano, Nigeria, Research Report (Mimeo) AAWORD

  • Javalgi RG, Belonax J, Robinson AM (1990) Mature consumers in the financial services marketplace – potential market segments. J Prof Serv Mark 6(1):81–107

    Article  Google Scholar 

  • Kaynak E, Whiteley A (1999) Retail bank marketing in Western Australia. Int J Bank Mark 17(5):221–232

    Article  Google Scholar 

  • Kinsey J (1988) Marketing in developing countries. Macmillan Education Ltd, Basingstoke

    Google Scholar 

  • Laroche M, Rosenblatt JA, Manning T (1986) Services used and factors considered important in selecting a bank: an investigation across diverse demographic segments. Int J Bank Mark 4(1):35–55

    Article  Google Scholar 

  • Mba N (1995) Kaba and khaki: women and the militarised state in Nigeria. In: Prah M (ed) Women studies with a focus on Ghana: selected readings. Jerry Bedu-Addo Publication, Heidelberg

    Google Scholar 

  • Obbe C (1980) African women: their struggle for economic independence. Zed Books, London

    Google Scholar 

  • Ogenyi VO (1997) Cultural and societal impediments on the performance of female personnel managers in Nigerian work environment. Unpublished dissertation, Thames Valley University, London, UK

  • Ojo JAT (1994) An overview of the Nigerian banking system, Working Paper, Department of Finance, University of Lagos, Nigeria

  • Omar OE (2005) Retail bank choice among male and female Nigerian consumers. Paper present to the International Academy of African Business and Development (IAABD), Dar es Salaam, Tanzania, 6–9 April

  • Omar O, Ogenyi V (2004) A qualitative evaluation of women as managers in the Nigerian civil service. Int J Public Sect Manage 17(4):360–373

    Article  Google Scholar 

  • Omar OE, Ogenyi OO (2006) Determinants of pay satisfaction of senior managers in the Nigerian civil service. Int J Public Sect Manage 19(7):687–701

    Article  Google Scholar 

  • Owusu-Frimpong N (1999) Patronage behaviour of Ghanaian bank customers. Int J Bank Mark 17(7):335–341

    Article  Google Scholar 

  • Rogers B (1984) The domestication of women: discrimination of women in developing countries. Routledge & Kegan Paul Publishing, London

    Google Scholar 

  • Rosener J (1990) Ways women lead, Harvard Business Review. November/December, pp 199–225

  • Schein V (1973) The relationship between sex role stereotypes and requisite management characteristics. J Appl Psychol 57(2):95–100

    Article  Google Scholar 

  • Stafford MR (1996) Demographic discriminators of service quality in the banking industry. J Serv Market 10(4):6–22

    Article  Google Scholar 

  • Trubik E, Smith M (2000) Developing a model of customer defection in the Australian banking industry. Managerial Audit J 15(5):1–12

    Google Scholar 

  • Turner R, O’Connor P (1994) Women in the Zambian civil service: a case of equal effectiveness. Women Manage Rev 15(5/6):261–271

    Google Scholar 

  • Vilkinas T (2000) The gender factor in management: how significant others perceive effectiveness. Women Manage Rev 15(5/6):261–271

    Article  Google Scholar 

  • Woldie A, Adersua A (2004) Female entrepreneurs in a transitional economy: businesswomen in Nigeria. Int J Soc Econ 31(1/2):78–93

    Article  Google Scholar 

  • Woodward D, Ozbilgin MF (1999) Sex equality in the financial services sector in Turkey and the UK. Women Manage Rev 14(8):325–332

    Article  Google Scholar 

  • World Bank (1995) Towards gender equality: the role of public policy. World Bank, Washington

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Marketing & Tourism Management, Business School, University of Hertfordshire, Hatfield, Herts, AL10 9AB, UK

    Ogenyi Ejye Omar

Authors
  1. Ogenyi Ejye Omar
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Ogenyi Ejye Omar.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Omar, O.E. Determinants of retail bank choice in Nigeria: a focus on gender-based choice decisions. Serv Bus 2, 249–265 (2008). https://doi.org/10.1007/s11628-008-0039-1

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11628-008-0039-1

Keywords

Search

Navigation