AFRINVEST 2022 NIGERIAN BANKING EXPERIENCE SURVEY REPORT
(2 minutes read)
OVERVIEW
It has been two years since the pandemic hit the Nigerian banking sector, leading to risk asset deterioration, depressed yields, and sub-optimal earnings performance. In that time, banks have reorganized and leveraged digital channels to stay resilient while customers are adjusting accordingly. While the imprint of Covid on the sector has resulted in some positive changes, plugging existing gaps in technology and customer services is paramount to enhancing the overall banking experience.
As part of our 17th annual Banking Sector report, we conducted a survey to evaluate the Nigerian banking experience. We received a total response of 1,946 across the country for a diverse experience though, Lagos (56.1%) and Abuja (7.0%) formed the bulk of it. Also, millennials (60.0%) and generation X (24.7%) represented a larger part of our respondents while the males (53.0%) had a higher engagement relative to females. Finally, the majority of respondents have attained a graduate degree, full-time employment, and an average deposit size of ₦100,001 - 500,000.
Notable findings from the survey are:
Service quality, convenience, and digital efficiency remained customers' top priorities for choosing a bank.
The majority of respondents preferred mobile banking channels, closely followed by internet and USSD banking.
Bank visit remains customers’ most preferred channel for enquires and query resolutions.
About 50.0% of the respondents that have conducted international banking transactions over the last 12 months encountered issues, notably, transaction limits.
Over 60.0% of respondents have not applied for or received loans in the past 12 months, suggesting a weak retail credit appetite.
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