An Evaluation of Regulatory Compliance in the Nigerian Banking Sector: A Study of Commercial Banks in Nasarawa State
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Background of the Study
Regulatory compliance is essential for maintaining stability, transparency, and public trust in the banking sector. In Nigeria, banks must adhere to guidelines set by regulatory bodies such as the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to ensure sound financial practices (Adeyemi & Umar, 2024).
In Nasarawa State, compliance with regulatory standards directly impacts the operational efficiency and reputation of commercial banks. Noncompliance often results in penalties and erosion of public trust, emphasizing the need for robust governance frameworks (Aliyu & Mohammed, 2023). This study evaluates regulatory compliance in commercial banks in Nasarawa State.
Statement of the Problem
Despite regulatory frameworks, many commercial banks in Nasarawa State struggle with compliance challenges, including inadequate reporting, risk management lapses, and ethical violations. These issues jeopardize financial stability and customer trust (Baba & Musa, 2023).
Existing research often addresses compliance at the national level, leaving gaps in understanding its dynamics within specific states like Nasarawa. This study aims to assess compliance practices and their implications for the banking sector.
Objectives of the Study
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To evaluate the level of regulatory compliance in commercial banks in Nasarawa State.
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To identify factors influencing compliance practices.
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To propose strategies for improving regulatory compliance in commercial banks.
Research Questions
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What is the level of regulatory compliance in commercial banks in Nasarawa State?
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What factors influence compliance practices in commercial banks?
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How can regulatory compliance be improved in commercial banks in Nasarawa State?
Research Hypotheses
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Regulatory compliance is not significantly adhered to in commercial banks in Nasarawa State.
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Factors influencing compliance practices do not significantly affect regulatory adherence.
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Strategies to improve compliance practices do not significantly impact regulatory adherence.
Scope and Limitations of the Study
The study focuses on commercial banks in Nasarawa State, evaluating regulatory compliance between 2015 and 2025. Limitations include restricted access to compliance reports and variability in enforcement.
Definitions of Terms
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Regulatory Compliance: Adherence to laws and regulations governing banking operations.
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Commercial Banks: Financial institutions providing services like loans and deposits to businesses and individuals.
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Nasarawa State: A region in central Nigeria, serving as the study location.
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