IMPACT OF INFECTIOUS EPIDEMIC ON THE BANKING INDUSTRY
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IMPACT OF INFECTIOUS EPIDEMIC ON THE BANKING INDUSTRY
ABSTRACT
This study used the corona virus sickness as a case study to experimentally analyse the effects of an infectious outbreak on the banking sector. Examining the prevalence of coronavirus sickness in Nigeria and looking into how it affects banking activities there were the study’s main goals.
The study’s focus is on banks in Nigeria, and a theoretical framework based on the notion of infectious disease transmission mechanisms was employed. The demographic for this study is all first banks nationwide, and the research method employed is survey research.
A cluster sampling technique was used with a sample size of 40 first bank branches, including the headquarters. A questionnaire was utilised as the study’s primary tool.
Primary sources were used to gather the data. According to the examination of the data, Nigeria has an average level of coronavirus sickness, and it has an impact on the volume of banking transactions there.
Following the findings, it was advised that steps be taken to stop the virus’s spread and a vaccination developed to stop increasing reliance on banking activities.
Banks should find a way to continue operating normally, even if it means using internet resources. The study comes to the conclusion that the banking industry is negatively impacted by coronavirus sickness. Coronavirus sickness, banking sector, Nigeria are some related terms.
CHAPITER 1
INTRODUCTION
1.1 BACKGROUND OF THE RESEARCH
Nigeria’s banking sector has few tools at its disposal to combat the COVID-19 outbreak. Nigeria’s government is compelled to strike a balance between its own debt, economic stability, and public health.
The world is currently experiencing a new global economic recession after more than ten years of unheard-of economic boom.
The Nigerian government has been implementing aid programmes over the past week to lessen the financial strain brought on by the COVID-19 epidemic and the ensuing, unavoidable economic slowdown.
An important responsibility of the public health sector and the government of any country is to control the spread of influenza to lessen the effects of infection on a community. The banking industry and the private sector in Nigeria are both impacted.
The respiratory illness coronavirus disease 2019 (COVID-19) can be passed from one person to another. The new coronavirus that causes COVID-19 was initially discovered during an inquiry into an outbreak in Wahan, China.
In China, COVID-19 is spreading from person to person, and in certain nations outside of China, like Nigeria, a minor spread among intimate contacts has been identified. Neither a vaccination nor a dedicated antiviral therapy are currently available to treat COVID-19.
Banks are the focus of public interest despite not being affected by the new coronavirus disease as severely as other organisations. The financial engine of the economy, banks finance both businesses and people. For the system to continue to function, their stability is essential.
The capacity to conduct banking transactions is constrained while people are being quarantined or put under lockdown. Additionally, business loans, particularly to small and medium-sized businesses, are in danger owing to forced closure.
Due to government mandates, banks have generally started waiving fees and offering loan payment holidays. However, it is necessary to reevaluate the risk profile of their clients.
This choice will progressively become unworkable if the COVID-19 problem continues. Banks will start to struggle unless the government steps in and imposes a moratorium on debt.
Therefore, the purpose of this study is to evaluate the effects of an infectious epidemic—in this case, the corona virus disease—on the banking sector.
1.2 STATEMENT OF THE PROBLEM
Given that a healthy population produces the desired results, the state of human health is regarded as being the most important to the survival of any nation.
The 2019 coronavirus illness (COVID-19), which was identified in 2019, was transmitted from person to person. Nigeria has been confirmed as the location of the first COVID-19 case in Sub-Saharan Africa.
According to the evidence we have, COVID-19 is currently in Nigeria.
The patient who first introduced it to Nigeria is an Italian national who lives and works there. On February 25, 2020, he flew into the commercial hub of Lagos from Milan. 2020 (BBC News).
More than 800,000 people worldwide have contracted the disease in around 150 nations. The majority of the deaths—over 45,000—took place in the countries of Spain, Italy, and China’s Hubei province. Two deaths and more than 150 infections have been reported in Nigeria.
The ability to contain this infection in Nigeria also depends on the support of the public in following governmental instructions. In light of this, the researcher viewed the investigation into the effects of an infectious outbreak on the banking sector as a case study of the corona virus sickness.
1.3. OBJECTIVES OF THE STUDY
This study’s goal was to look into the effects of an infectious outbreak on the banking sector using the corona virus sickness as a case study. The precise goals are to:
Analyse Nigeria’s coronavirus disease prevalence.
Examine how the coronavirus infection affects banking in Nigeria.
1.4 RESEARCH QUESTIONS
The following research questions will serve as a guide for this study:
How widespread is the coronavirus illness in Nigeria?
What effects does the coronavirus sickness have on Nigerian banking operations?
1.5 RESEARCH HYPOTHESES
The following premise serves as the study’s compass:
H0: The banking sector and coronavirus illness are not significantly related.
1.6. SIGNIFICANCE OF THE RESEARCH
The study would make it possible for pertinent organisations working to eradicate COVID-19 in Nigeria to understand how the disease’s effects on the banking sector. This study is being conducted empirically to find out how an infectious outbreak will affect the financial sector.
Due to the fact that it will offer policy suggestions to the many Nigerian stakeholders taking appropriate steps in the banking industry for quick capacity expansion, this study will be of the utmost relevance to investors, the government, and the researchers.
Studies on the effects of infectious epidemics on the banking industry will require fresh evidence as a result of the banking sector’s evolving nature, which has recently had an impact on the sector. It will add to the body of knowledge already available on the subject. This investigation will be helpful to;
The Academic Community: The study will be useful to academics because it will serve as a foundation for future research and a source for their written work.
Government: This study will make industry developments known to the government. The development of the industry would be ensured by the formulation and execution of policies based on these results.
Investors: This study will also be helpful to investors, particularly those who may be interested in research, as it will help them make judgements about their own investments.
1.7. SCOPE OF THE STUDY
In 2020, this study aims to investigate the effects of an infectious outbreak on the banking sector using First Bank of Nigeria as a case study of the corona virus sickness. First Bank of Nigeria is included in the study nationwide.
1.8 OPERATIONAL DEFINITION OF TERMS
The terms listed below have operational definitions.
An infectious disease that spreads widely through a community at one particular moment is called an epidemic.
Disease is a structural or functional disease in a person, an animal, or a plant, particularly one that causes particular symptoms or affects a particular area and is not just a direct result of physical injury.
Infectious: (of a disease or disease-causing organism) susceptible to environmental transmission to individuals, organisms, etc.
A bank is a type of financial institution that accepts public deposits and issues demand deposits. Activities related to lending can also be done.
An industry is a segment of the economy that generates commodities or services that are related to them.
1.9. ORGANIZATION OF THE STUDY
There are five chapters in this research project. The background of the study, the statement of the problem, the research questions, the research hypotheses, the aims of the investigation, the significance of the study, the scope and restrictions of the study, and ultimately the organisation of the study are all included in the first chapter,
which is the introduction. The literature review, which is covered in Chapter 2, includes conceptual literature as well as theoretical literature, empirical literature, and theoretical framework.
The research methodology is covered in detail in Chapter 3, including the research design, sample size, sampling procedure, data collection method, data analysis instrument, and validity/reliability of the instrument.
In chapter four, data are presented, analysed, and conclusions are discussed. The summary, conclusion, and recommendations are presented in Chapter 5.
CHAPTER TWO
LITERATURE REVIEW
2.1 INTRODUCTION
In this chapter, a case study of the corona virus disease is discussed together with a literature analysis on the idea of the influence of infectious epidemics on the banking industry.
Various definitions of a bank, COVID-19, the Nigeria COVID-19 case, a review of empirical investigations, a theoretical study, and a theoretical framework are all included in this.
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