IMPACT OF INFECTIOUS EPIDEMIC ON THE BANKING INDUSTRY
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IMPACT OF INFECTIOUS EPIDEMIC ON THE BANKING INDUSTRY
ABSTRACT
This study investigated the influence of an infectious outbreak on the banking industry using a case study of coronavirus illness. The goals of this study were to explore the prevalence of coronavirus disease in Nigeria and the influence of coronavirus sickness on banking transactions in Nigeria.
The study focused on Nigerian banks, and the infectious disease transmission mechanism idea served as a framework. This study’s research design is a survey, and the demographic addressed is all first banks across the country.
The sample size was set at 40 first bank branches, including the headquarters, and the cluster sampling technique was used. This study’s instrument is a questionnaire. Data were acquired from original sources.
The study of the data reveals that the level of coronavirus disease in Nigeria is average, and that coronavirus disease has an impact on the level of banking transactions in Nigeria.
Following the findings, it was advised that steps be developed to slow the spread of the virus and a vaccination be developed in order to minimise increased reliance on banking activities.
Banks should establish a way to function normally, even if it means using online methods. The study shows that coronavirus illness has a detrimental impact on the banking sector.
Chapter one
INTRODUCTION
1.1. Background for the Study
Nigeria’s banking system has limited weaponry to deal with the COVID-19 outbreak. Nigeria’s government is under pressure to strike a balance between citizen health, economic stability, and debt repayment.
Following more than a decade of extraordinary economic prosperity, the world is experiencing another global economic downturn. In the last week, the Nigerian government has implemented humanitarian measures to alleviate the economic pressures caused by the COVID-19 epidemic and the ensuing economic crisis.
Controlling the spread of influenza to decrease the impact of infection on a community is a critical responsibility of the public health sector and any nation’s government. The Nigerian private sector and banking industry are affected. Coronavirus disease 2019 (COVID-19) is a respiratory ailment that can be transmitted from person to person.
COVID-19 is caused by a novel coronavirus, which was discovered during a study of an outbreak in Wahan, China. COVID-19 is spreading from person to person in China
And very little transmission among close contacts has been observed in certain countries outside of China, such as Nigeria. There is presently no vaccine to guard against COVID-19 and there is no particular antiviral treatment for COVID-19.
Although banks are not as directly affected by the novel coronavirus disease as other organisations, they remain at the centre of public attention. Banks are at the centre of the economy, providing finance to corporations and individuals.
Their stability is critical to the system’s continued operation. Individuals are being placed under quarantine or lockdown, which limits their capacity to conduct banking activities. Business loans are also at risk as a result of the forced shutdown, particularly for small and medium-sized businesses.
In general, banks have begun to waive fees and give loan payment holidays in response to government mandates. However, they should reassess their consumers’ risk profiles. If the COVID-19 crisis continues, this choice will become increasingly untenable. Unless the government steps in and imposes a debt moratorium, banks will start to struggle.
The purpose of this study is to examine the impact of an infectious outbreak on the banking industry using a case study of coronavirus sickness.
1.2. Statement of the Research Problem
Human health is seen as the most important aspect of any country’s survival, as a healthy population achieves the desired results. The Coronavirus Disease 2019 (COVID-19), found in 2019, spreads from person to person. The first case of COVID-19 in Sub-Saharan Africa has been identified in Nigeria.
According to the data accessible to us, COVID-19 is currently in Nigeria.
The patient who initially introduced it to Nigeria is an Italian national who works in Nigeria and arrived in the commercial hub of Lagos from Milan on February 25, 2020. (BBC News; 2020).
More than 800,000 people have been infected worldwide, spanning approximately 150 nations. More than 45,000 people have died, the great majority in China’s Hubei region, Italy, and Spain. In Nigeria, there have been two deaths and approximately 150 infections.
In Nigeria, the capacity to contain this virus depends on the populace’s compliance with official guidelines. Against this backdrop, the researcher considered the consequences of an infectious outbreak on the banking industry, using coronavirus sickness as a case study.
1.3. Study Objectives
The purpose of this study was to look at the influence of an infectious outbreak on the banking industry using a case study of coronavirus sickness. Specific aims are to:
Examine the incidence of coronavirus illness in Nigeria.
Investigate how coronavirus illness affects financial transactions in Nigeria.
1.4. Research Questions.
This study will be led by the following research questions.
What is the incidence of coronavirus illness in Nigeria?
How does coronavirus sickness affect financial transactions in Nigeria?
1.5 Research Hypothesis
The research is guided by the following hypothesis:
H0: There is no substantial association between coronavirus illness and the banking industry.
1.6. Significance of the Study
The study will help relevant institutions responsible with eradicating COVID-19 in Nigeria understand the effects of coronavirus disease on the banking sector. This empirical study investigates the influence of an infectious outbreak on the banking industry.
This study will be critical for investors, the government, and researchers since it will provide policy suggestions to various Nigeria stakeholders for implementing suitable measures in the banking industry to accelerate capacity investment.
The changing nature of the banking business has had an impact on it in recent years, and studies on the impact of infectious epidemics on the banking industry will require new evidence(s). It will add to the existing literature on the subject. This study will be beneficial to:
Members of the academic community will find the study useful because it will serve as a foundation for future research and a reference tool for academic work.
Government: This study will provide the government with information about industry developments. Formulating and implementing rules based on these findings would secure the industry’s growth.
Investors: This study will also benefit investors, particularly those with a research interest, as it will drive their private investment selections.
1.7. Scope of the Study
This study aims to investigate the influence of an infectious outbreak on the banking industry using a case study of coronavirus disease, with a focus on First Bank of Nigeria in 2020. The study examines the first bank of Nigeria across the country.
1.8. Operational Definitions of Terms
The terms listed below have been defined operationally.
Epidemic: the widespread presence of an infectious disease in a community at a certain time.
Disease is a structural or functional condition in a human, animal, or plant, particularly one that causes specific symptoms or affects a specific place and is not just the result of physical injury.
Infectious: (of a disease or disease-causing organism) capable of spreading to humans, other creatures, and so on via the environment.
Banks are financial institutions that accept public deposits and create demand deposits.
Lending operations might also be undertaken.
An industry is a component of the economy that manufactures goods or provides related services.
1.9. Structure of the Study
The study is organised into five chapters. The first chapter is an introduction, which includes the study’s history, statement of problem, research questions, research hypotheses, study objectives, the study’s importance, scope and constraints, and lastly the study’s organisation.
The second chapter is a survey of the literature, which includes conceptual, theoretical, and empirical material, as well as the theoretical framework.
The third chapter discusses research methodology, which includes research design, study population, sample size, sampling strategy, data collection method, data analysis instrument, data analysis method, and instrument validity/reliability.
The fourth chapter presents and analyses data, as well as discusses the findings. Chapter five includes a summary, conclusion, and recommendations.
Chapter two.
Literature Review
2.1 Introduction.
The chapter presents a literature analysis on the topic of the influence of viral epidemics on the banking industry, with a case study of coronavirus sickness. This includes alternative definitions of a bank, COVID-19, the Nigeria case of COVID-19, an examination of empirical investigations, a theoretical evaluation, and a theoretical framework.
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