The
problems affecting the strategies adopted to tackling the threats to
profitability, growth and sustainability of the Nigerian banking industry
within the last 5 years are insufficient fund; failing technology; massive sack
of staff which has led to the lack of moral which may result to poor
performance of staff and of the sector; fraud from alternative channels;
economic recession; and inability to lend to business, individuals, blue chip
organization such as government organization; etc. Other problems to the
strategies adopted to tackling the threats to profitability, growth and
sustainability of the Nigerian banking industry within the last 5 years as
stated by the respondents of this study include network challenges in operating
alternative banking channels; inconsistency of policies; cybercrimes; high
interest rate; mismanagement of funds to finance the banking industry;
inadequate staffing; bad government policies and programmes; inadequate
training of personnel; lack of basic amenities; inaccessibility to the masses;
increase in the lending interest rate; creation of multiple exchange rate which
have scared away foreign investors; information and communication technological
challenges; liquidity challenges; external factors such as drop in global oil
price. This implies that there are several problems that have affected the
strategies adopted to tackling the threats to profitability, growth and
sustainability of the Nigerian banking industry within the last 5 years, thus
could hamper these strategies effectiveness and also the Nigerian banking
industry.

Some
of the prospects of the strategies adopted to tackling the threats to
profitability, growth and sustainability of the Nigerian banking industry
within the last 5 years include the a more stable financial institution after
bank consolidation in Nigeria; there is also increase financial performances by
the banks and restoration of confidence to the general public on security of
funds; the reduction in embezzlement of funds; record keeping was introduced;
management of funds; BVN was introduced to checkmate frauds as individual
accounts are being managed; prospective improvements in technological use and
also network development and improvement; future onboarding of most customers
to alternate channels has improved income and also reduce overhead cost of
production; low government spending; rising debt; falling revenues; over
regulation; increase in non-performance loan; weak capital base; bad ethics and
professionalism; reliance on the public sector funds.

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Others  include introduction of e-mobile transaction;
customers have been enabled; stress among staff have been reduced in the
banking sector; there is also accountability; increase customer confidence;
stable market system; reduced interest rates; creation of awareness; creating
and innovation of new products and services; staff are known to understand
their job function more; discipline has been introduced in the banking sector
among staff; rules and regulations have been well articulated to govern the
banking system; stabilization of goods in the market; recapitalization;
regulatory framework and implementation; rising global oil prices; investing
more in the real sector other than government funds; costs saving measures are
adopted; recapitalization; etc.  This
implies that, within the last five years, there have been several prospects of
the strategies adopted to tackling the threats to profitability, growth and
sustainability of the Nigerian banking industry.  The findings of this study buttressed the
works of Asogwa (2005); Olokoyo (2011); Obamuyi (2012); Ayanda et al. (2013); Kalu and Mgbemena  (2015); Achimugu et al. (2015); Adekola
(2016) among others

5.3     Limitation of the Results

 

A
major limitation of this result is that the study adopted only a qualitative
method and does not give room for quantitative analysis of data. In addition, a
small frame (20) was drawn from staff of banks using a convenience sampling
method which shows that staff in the banking sector of the Nigeria economy were
not fully represented in the study however, to an extent, the result of this
study could be used to draw inference from the sample size used to the
population of study. In addition, only the staff of the banking sector was used
and the study tends to neglect the views from the customers of the banking
sector and other stakeholders in the economy.