STUDY OF CONTROLLING OF CUSTOMERS ACCOUNT BY THE COMMERCIAL BANKS (A Case Study Of Citizens International Bank Ltd)
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STUDY OF CONTROLLING OF CUSTOMERS
ACCOUNT BY THE COMMERCIAL BANKS (A Case Study Of Citizens International Bank
Ltd)
ABSTRACT
The aim of
this research work is to study the principles involved in controlling of
customers account by the Commercial Banks operating within the country. It also
high lights the different methods of operating various customers account that
are being operated by the Commercial Banks.
Controlling
of the operations of customers account has been regarded as the Backbone of
banking activities because customers account contributes the larger part of the
Bank’s profits. It has also been said many times that bank customers are always
eanger to find out the controlling policies that is adopted by the bank in the
operation of customer’s account.
Many people
have some ideologies on Bank policies but there is no written down principles
that have dealt on controlling of customers account by the Commercial banks.
To
accomplish the above objective, the researcher used mainly primary source of
information to arrive at a conclusion.
However,
secondary source of data was also used to an extent.
The
secondary source of information consist mainly of review of related texts,
journals and periodicals. The primary source of data collection mainly used is
the interview employed to find out the performance of controlling aspect of
management in Nigeria with particular reference to Citizens International Bank
Ltd.
The
researcher revealed that there is a great need for controlling in any
organization. It was also revealed that Citizens Int’l Bank ltd. controlling
mechanism is adequate in design effective in operation and consistency in
application. It also highlighted some areas of constraints to the controlling
aspects of Citizen’s Int’l Bank.
In order to
make the work look simple, the researcher divided the work into five chapters.
One to four dealt with introduction, literature review, research methodology
and presentation and analysis of interview respectively.
The
researcher summarized her findings and draw conclusions and made recommendation
together with suggestions in chapter five.
The project
was carried out by using Citizen’s International Bank Ltd. Onitsha Central
branch as a case study.
Table Of
Contents
Title Page
Approval
Page
Dedication
Acknowledgement
Table Of
Content
Abstract
Chapter One
1.0
Introduction
1.1
Background Of The Study
1.2
Statement Of Problems
1.3 Objective
Of The Study
1.4
Significance Of The Study
1.5 Scope
And Limitation Of The Study
1.6 Research
Question
1.7
Hypothesis
1.8
Definition Of Terms
1.9
Reference
Chapter Two
2.0 Review
Of Related Literature
2.1 What Is
A Bank
2.2 Origin
Of Banking Business
2.3
Establishment Of Citizens Internal Bank
2.4 The
Activities Of Citizens International Bank
2.5 What
Controlling Is All About
2.6 Types Of
Control
2.7 Icaen
& Noem’s System Of Control
2.8 Internal
Audit Standards For Commercial Banks
2.9 Opening
Of Current Account & Issuance Of A New Cheque Book
2.10
Operation & Controlling Of Savings Account
2.11
Operation & Controlling Of Loan Account
2.12
Operation And Controlling Of A Fixed Deposit Account
2.13 General
Method Of Controlling All The Account Mentioned Above
2.14
Reference
Chapter
Three
3.0 Research
Design & Methodology
3.1 Research
Methodology
3.2 Research
Design
3.3 Sources
Of Data
3.4 Sample
And Sampling Procedure
3.5 Method
Of Administration Of Research Instrument
3.6 Method
Of Data Analysis
Reference
Chapter Four
4.1
Presentation And Analysis Of Data
4.2 Testing
Of Hypothesis
Chapter Five
5.0 Summary
Of Findings & Conclusion
5.1 Summary
Of Findings
5.2
Recommendations
5.3
Conclusion
Bibliography
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
“Habit” is a
settled disposition or tendency to act in a certain way, especially one
acquired by frequent repetition of the same act until it becomes almost or
quite involuntary, a settled practice or established and regular standard of
behaviour.
Banking
habit as used in this study, refers to the settled practice or acquired
tendency of patronizing the Banks by frequently utilizing the various services
offered by banks and a widespread banking awareness.
Controlling
of customer’s account as known today evolved from a rather humble beginning
when the goldsmith discovered that only a small proportion of the money kept
with him for safe custody was infact required by the depositors at any one
time.
He therefore
developed a system of controlling the amount left with him and the amount led
to other people. The banking system which later inherited this found out that
controlling is a major aspect of the management of customer’s account.
In view of
the above, the Commercial Bank’s Customers account and later seeking ways to
see if the standards are being operated as prescribed is known as controlling
aspects for customers account.
Indeed,
commercial banks have been and are likely to remain the document financial
intermediaries in Nigeria for they at present account for over 51% of the
resources of the financial system tot he economy. They therefore occupy a
strategic position in the economy and are more than most other units or
sub-sectors able in all respects to influence the course of development.
No wander,
notwithstanding the deregulation of the economy, banking is still one of the
most controlled or regulated industry in Nigeria.
In the
amendment to the monetary policy circular No. 21 of January, 1987, the Central
Bank of Nigeria (CBN) stated that “in order to further enhance and achieve a
more efficient resources allocation, the following changes were made ….. all
controls on interest rates were removed in line with the emphasis on
deregulation of the economy. This goes further to show the importance of
commercial banks in the economic growth of the country, because inspite of the
deregulation the entire economy, the banks are still constantly kept in
guidelines of the Monetary Authorities.
The 1957
report of J.B. Loynes of the Bank England paved the way for the establishment
of the Central bank of Nigeria.
This act was
passed on 15th May, 1958 and the bank began operation on the 1st of July, 1959
with an authorized capital of N1.5million of which N1.25million was paid up.
1.2
STATEMENT OF PROBLEMS
Organizations
are formed to achieve some of the organizational goals. In a private or profit
making as much s possible while public enterprises are mainly created to render
services tot he public. which ever role, the organization is set to achieve, it
must need some resources to go about it. Those resources includes money, man,
material and machine.
Usually,
these resources are entrusted in the hands of some employees of the
organization.
The tendency
is that some of the resources are misappropriated and the policy, rules and
legal requirements not complied with.
As a check
on this, management may set up a controlling aspect, which will be charged with
the responsibility of monitoring the activities of the employees and effecting
management control.
The
application or to what extent these roles are carried out by the controlling
arm of management is hence the problem which this work is set to investigation.
The study also centres on finding out how to improve the bank controlling policies
of customer’s account as a means of increasing the chances of average Nigerians
in opening an account with the commercial banks.
In summary,
the problem of this research is to find out the extent to which the sample back
(CIB) has installed an adequate controlling system over customer’s account as a
means of guarantee customers trust and patriotism.
1.3
OBJECTIVES OF THE STUDY
This
research work studies the controlling of customer’s Account by the commercial
bank using Citizens International Bank as a case study. More specifically, the
objective of the study are: -
To find out
the roles which management can play in controlling of customer’s account.
To find out
the ways that the bank operates various customer’s account..
To find out
the effect of not having a good management policy for controlling customer’s
account.
1.4
SIGNIFICANCE TO THE STUDY
The
significance of the study is that it will highlight the importance and
consequences of not having an adequate design of controlling thing principles by
the commercial bank.
Some of the
benefits that may accrue from this research work are as follows: -
Banks will
benefit from this study through the increase in patronage of their services to
their various customers.
The banks
are in business to make profit and will face immediate collapse if their
services are not patronized. This study, by seeking the means of increasing
patronage of the various bank services through improved controlling policies
therefore has a lot of significance to the banking industry.
The masses
will equally benefit from this study because implementations of the findings
and recommendations in this study will ultimately lead to improved standard of
controlling customer’s account which will make the masses to have trust on the
commercial banks.
1.5 SCOPE
AND LIMITATION OF THE STUDY
This study
basically covers the controlling policies of commercial banks. However, the
researcher being a student combining this research with other academic work and
also as a result of other constraints such as communication barrier, time
factor, money and so on, the scope of this study has been limited to only CIB
Ltd.
The
researcher believes that the findings and recommendations made herein will be
applicable to other commercial banks in Nigeria because the commercial banks of
study has some features which are representative of a typical commercial bank
in Nigeria.
The
researcher was faced with a number of problems in the process of carrying out
this research study and much obstacles had contributed to the limitations of
the entire research work. Some of the constraints encountered includes:
(a). SECRECY
AND RELUCTANCE OF RESPONDENTS:
The
unwillingness of the Bank officials to disclose some piece of information that
are vital to this study which they classified as being secret. They reminded
the author of the professional and promised secrecy in their business ethics.
The
researcher tried many times to ascertain various piece of information from the
bank but was turned back on the condition from Onitsha central the head office
for south east 2.
The
researcher visited that branch and Enugu branch and this solved the problem to
an extent.
(b). TIME
FACTOR:
Time was one
of the greatest limiting factor in carrying out this research work because the
research had be to carried out concurrently with the normal lecture hours.
(c).
FINANCE:
Availability
of funds certainly contributed in determining the researchers area and spread
of investigations, obviously, the number of visits to the bank’s branch
offices. Secondly, prices of all materials needed for the work and its
production had sky-rocked to almost 12 times their prices in the recent past due
to inflation.
(d). LOW
LITERATURE RATE:
Banking
education being relatively new in Nigeria, not much work has been done directly
in the area of this study. As a result, the researcher mainly relied on
personal interview marathon lectures. Inspite of all these constraints, it is
hoped that this research study will make meaningful contributions into the
controlling policies of customers account in Nigeria.
1.6 RESEARCH
QUESTIONS
1. Do the
control of customers account help the customers in any way?
2. Does it
have any effect on the side of the bank?
3. Do you
think that the measure mapped out by the commercial banks will help in any way
to control or curtail fraud and irregularities in the bank?
4. Which of
the measures – like the cuterial control, operations, customers services unit
etc. do you think will be best for this control.
5. What are
the hindrances to the commercial banks in controlling the customer account?
1.7
HYPOTHESIS
There is one
major hypothesis that forms the root of this study. The findings will lead to
acceptance or rejection of these hypothesis i.e. Null hypothesis (Ho) which
will be rejected or accept the alternative hypothesis (Hi). For the purpose of
this study the under listed statement of hypothesis will be tested.
(i). Null
hypothesis (Ho): The control of customers account do not help the customers.
(ii).
Alternative hypothesis (Hi): Control of customers account helps the customers.
B(i): Ho:
The controls has an effect on the side of the bank
Hi: The
controls has no effect on their side.
1.8
ASSUMPTION OF THE STUDY
In compiling
the findings from this study, it is assumed that all the information supplied
by the people interviewed and that the responses are true and fair
representation of their opinion about the issue raised.
1.9 DEFINITION
OF TERMS
1. BANK: It
is an establishment which deals with money, receiving it on deposit from
customers honouring customer’s drawing against such deposit on demand,
collecting cheques from customers and lending or investing surplus deposits
until they are requested for payment.
2. CBN:
Central bank of Nigeria
3. CIB:
Citizens International Bank Limited
4. ICAEW:
Institute of Chartered Accountants in England and Wales.
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