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Bank Name: FCMB Bank

Account Type: Savings
Account number: 7749601025

Bank Name: Access Bank

Account Type: Current
Account number: 0107807602



This study was carried out on the  effect of covid-19 on banking system in Nigeria using access bank Yaba branch Lagos state as case study. To achieve this 4 research questions were formulated.  The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of the entire Staff of Access bank Yaba branch Lagos state. In determining the sample size, the researcher purposively selected 35 respondents while 30 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. While the hypothesis were tested using Chi-square statistical too. SPSS v23.

The result of the findings reveals that; 1.There is a significant effect of Covid-19 on Nigeria Banking sector; The Nigerian Government enacted series of measures on banking sectors among which include; Limit imprudent capital distributions, Liquidity buffers, Loans Restructuring, Review supervisory priorities, Capital buffers and to mention but a few; Banking staffs client customers were complied to covid-19 safety measures and monetary policies in a high extent; The challenges banking sector will likely face evenafter Covid-19 include the following;  Inadequacy in customer service, Retrieval of funds allocated for business and no business loans, Inadequate human capital supply and many more.

Based on the findings, the researcher recommended that from a prudential perspective, banks should follow certain requirements related to restructured loans, using the flexibility embedded in the regulatory framework and Loan classification and provisioning rules should not be relaxed.

The use of capital buffers, liquidity buffers and supervisory approach should come to play.




A pandemic is a disease outbreak that spreads across countries or continents. It affects more people and takes more lives than an epidemic, which according to the World Health Organization (WHO) declared COVID-19 to be a pandemic when it became clear that the illness was severe and that it was spreading quickly over a wide area.

The shocking and sudden outbreak of the Coronavirus pandemic (Covid-19) in late 2019 and early 2020 left countries of the world in a confused state. Nigeria joined most countries of the world to witness a health pandemic in 2020, . Economic pandemic are normal Nigeria situation but health pandemic was definitely not part of her experience. However, the Covid-19 was declared by the World Health Organization (WHO) on 30th January 2020 as a Public Health Emergency of International Concern (PHEIC). On 27th February 2020, the Federal Ministry of Health announced the confirmation of the first case of Coronavirus disease in Lagos State, Nigeria. In the same communication, the Minister of Health announced that the Multi-sectoral Coronavirus Preparedness Group led by the Nigeria Center for Disease Control (NCDC) has immediately activated its National Emergency operations Center.

The Coronviridae family is subdivided into Torovirinae and Coronavirinae subfamilies. Coronavirinae is further sub classified into alpha, beta, gamma, and delta. Phylogenetic clustering accounts from the classification of these subtypes of viruses. It can be isolated from different animal species. In 1960 first case of coronavirus was notified and Canadian study in 2001 was identified approximately 500 patients as Flu-like system in which 17 to 18 cases were confirmed as infected with Coronavirus by polymerase chain reaction. These include livestock, birds, and mammals such as bats, camels, masked palm civets, dogs, mice, and cats.

To reduce the spread of the novel COVID-19, governments enacted mitigation strategies based on social distancing, national quarantines, and shutdown of non-essential businesses. The halt to the economy represented a large shock to the corporate sector, which had to scramble for cash to cover operating costs as a result of the revenue shortfall. The financial sector, and banks in particular, are expected to play a key role absorbing the shock, by supplying much needed funding (Acharya & Steffen, 2020; Borio, 2020). Under these unprecedented circumstances, central banks and governments enacted a wide range of policy interventions. While some measures were aimed to reduce the sharp tightening of financial conditions in the short term, others sought to support the flow of credit to firms, either by direct intervention of credit markets (e.g., government sponsored credit lines and liability guarantees), or by relaxing banks’ constraints on the use of capital buffers. While credit institutions are being called to play an important countercyclical role to support the real sector, these actions also have a series of implications for the future resilience of the banking sector. For instance, as lenders exhaust their existing buffers, they might also experience deterioration of asset quality, threatening the systems’ stability. As the crisis is expected to continue, even after the lockdowns are lifted and economies start to reopen, the net effect of these policy measures on the banking sector is irrecoverable. .


The covid-19 pandemic has brought the world into exceptionally difficult and largely uncharted waters. Banks are feeling the strains alongside their clients, their employees and the societies they serve. Even so, it is an important responsibility to sustain essential Banking services, while protecting the health and well-being of your staff. Digital capabilities and an effective allocation of resources will be key to meeting shifting demands. Challenges ranging from low patronage, poor liquidity and returns, staff reductions and loss of customers were the scenarios banking sectors witnessed. However in the lime light of this prevalent effect of covid-19, it is the responsibility of bank directors and stakeholders to ensure proper strategies are put in place to remedy the situation.


The objective of this study is geared in four exclusively fold:

  1. To examine the impact effect of Covid-19 on banking sector in Nigeria.
  2. To examine the impact of the measures implemented by monetary supervisory authorities during the pandemic.
  3. To determine the level of compliance among staffs and clients of banking sector during the pandemic.
  4. To examine the challenges banking sector are likely to encounter even after Covid-19.




The research will examine the effect of Covid-19 on banking sector. What it is compelled to do to during this sensitive situation. It would take bank directors and stakeholders to the drawing board in order to come up with feasible strategies to ensure things do not go from bad to worse. It will enlighten government and key policy makers on process and policies to put in place to redeem the banking sector from these drastic effects.


  1. Does Covid-19 have any effect on banking system?
  2. What are the monetary policies and measures enacted by Government on banking sector during covid-19?
  3. To what extent did banking staffs client customers complied to covid-19 safety measures and monetary policies?
  4. What are the challenges banking sector are likely to face even after covid-19?


The following hypotheses will be tested in this study:

H0: There is no significant effect of Covid-19 on banking sector

H1: there is a significant effect of Covid-19 on banking sector


For the purpose of the study, this study will examine the effect of covid-19 upon banking system in Nigeria using Access Bank Nigeria Plc, Lagos as a case study.




During the course of the study challenges encountered were exclusively but not delimited to the following numerous. These are

Inadequate finance: the research was face with problem of inadequate fund which hinder the researcher from shuttering to Access Banks within Lagos more so in printing and collation of questionnaires

Time: time factor pose another constraint since having to cope in this research which went simultaneously within the time schedule of other academic work making it impossible to undertake this study in large more representative skill.


Effect: According to Collins dictionary, an effect is a change, reaction, or impression that is caused by something or is the result of something

COVID-19: Coronavirus disease 2019 (COVID-19) is defined as illness caused by a novel coronavirus called severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2; formerly called 2019-nCoV), which was first identified amid an outbreak of respiratory illness cases in Wuhan City, Hubei Province, China.

Banking Sector: The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth.