Banks Scurry For More Specialized Products To Stay Afloat

Nigerian banks in recent times have gravitated towards more inventive strategies that offer competitive edge through a thoughtful product mix and sophisticated customer segmentation approach.

This move by the banks is coming as a result of the myriad of challenges plaguing the sector in recent times.

Also, the external and internal financial situation, alongside the strict supervision of the banking industry by the Central Bank of Nigeria, CBN have driven competition uphill in the country.

Consequently, banks have had to adjust to the policy driven environment and compete for funds to stay afloat.

Although many banks have responded appropriately to the current industry situation, by designing inventive products and services, experts have posited that this dynamics is expected to continue even as authorities further tighten liquidity, particularly as elections draw closer.