AN APPRAISAL OF NEW CONSUMER CREDIT PRODUCT IN THE NIGERI COMMERCIAL BANKS

In this project research study (work) is a very crucial study for the Nigerian Commercial Banks, this study was actually motivated by the necessity of effects of development of new consumer credit products in Nigeria commercial banks. To solve the research problem, both primary and secondary data were collected. The research instrument used in collecting data were interview and questionnaire, the respondents were bank staff and some bank customers of the user of the product. Also in organizing and presently data collected, tables, frequencies, charts and percentages were used. The various hypothesis were tested using the chi-square. Data analysis and interpretation gave the following findings:- 1. The problems encounterable in the process of product development have effects on the commercial banks. 2. The consumer credit products of commercial banks in Nigeria have not been satisfying their customers’ needs. 3. The education of customer on the usage of products and their level of awareness has effect on the bank’s credit products development. Based on the findings, the researcher recommends that: i. The management of our commercial banks should try as much as possible to equip their research and development department and for those that have not, they should try to establish one. ii. There should be increase in product awareness mechanisms such as good adverts, seminars for bank customers on product usage by the bank customers etc. iii. These should be a good research before embarking on a new product development. In conclusion of the whole matter, one commercial banks customers credit products have not been satisfying their customers’ needs but if improved at an appealing price will satisfy their customers’ needs.