alexa Determining the Equality of Customer Loyalty between Tw
ISSN: 2151-6219

Business and Economics Journal
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Research Article

Determining the Equality of Customer Loyalty between Two Commercial Banks in Anambra State-Nigeria

Arewa Ajibola1*, Nwakanma Prince C2 and Torbira Lezaasi Lenee3

1 Faculty of Management Sciences, Department of Accounting and Finance, Lagos State University, Lagos, Nigeria

2 Faculty of Management Sciences, Department of Finance and Banking, University of Port-Harcourt, River State, Nigeria

3 Faculty of Management Sciences, Department of Finance and Banking, University of Port Harcourt, Port Harcourt, River State, Nigeria

*Corresponding Author:
Arewa Ajibola
Faculty of Management Sciences
Department of Accounting and Finance
Lagos State University, Lagos, Nigeria
Tel: 08060962048; 08090733989
E-mail: [email protected]

Received date: December 16, 2013; Accepted date: March 20, 2014; Published date: March 27, 2014

Citation: Arewa Ajibola, Nwakanma Prince C and Torbira Lezaasi Lenee (2014) Detecting Market Anomalies: Do Evidences Hold in Nigeria? . Bus Eco J 5:91. doi: 10.4172/2151-6219.100092

Copyright: © 2014 Ajibola A, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

This study examined the equality of customer loyalty between two Banks in Anambra State- Nigeria. The objective of this study is to determine if there exists significant difference between loyalty of customers in two commercial banks in Anambra State. The data used for this study is primary data collected through the aid of administered questionnaire. The statistical tool used in analyzing the data was the permutation method for Hotelling T-Squared. The result of the analysis showed that there is no significant difference between customer loyalty of the two commercial banks. This result could be attributed to the improved supervision of the apex bank in Nigeria (Central Bank of Nigeria) on the activities and operation of the banking sector. Since, customer loyalty can help firms develop strategies to grow the right customers and in turn customers can be viewed in terms of their lifetime value. We recommend studies on determining the retention and lifetime value of commercial banking customers in Nigeria as a fruitful area for future research, for it appears that the banking industry is one of the most profitable within the Nigerian economy, hence, higher performance could be attained in terms of customer retention and loyalty there by creating wealth to her shareholders and rendition of social obligations to the larger society. Also, managers in the banking industry should note that failure to recognize the power of customer satisfaction, especially customer emotions, could destroy the power of customer retention and loyalty

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