An Evaluation of the Role of Retail Banking in Economic Development: A Case Study of Keystone Bank, Plateau State
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Background of the Study
Retail banking is integral to economic development by mobilizing savings, facilitating investments, and providing credit to stimulate growth. Keystone Bank in Plateau State has played a pivotal role in this process by offering a wide range of financial products tailored to the needs of individuals and small businesses. Through branch networks and digital platforms, the bank has significantly contributed to local economic activities by providing essential financial services that support entrepreneurship, employment, and overall community development (Uche, 2023).
The bank’s initiatives include microcredit programs, savings schemes, and educational outreach, which collectively help bridge the financial inclusion gap. By channeling funds into productive sectors, Keystone Bank supports the creation of jobs and the expansion of businesses, thereby driving economic progress. Moreover, the bank’s efforts to modernize its retail operations through digital transformation have further enhanced its role in promoting economic development. Improved access to finance has empowered communities, stimulated innovation, and encouraged responsible financial management (Ogunleye, 2024).
Despite these advances, challenges such as inadequate infrastructure, limited financial literacy, and regulatory constraints hinder the full realization of retail banking’s potential in driving economic development. This study critically evaluates the impact of Keystone Bank’s retail banking services on the local economy, identifying both strengths and gaps. The insights gained will inform policy and strategic recommendations aimed at enhancing the bank’s contributions to economic growth in Plateau State (Adekunle, 2025).
Statement of the Problem
Although Keystone Bank has made commendable strides in fostering economic development, significant challenges persist. Many small business owners and low-income earners continue to face barriers to accessing finance due to stringent lending criteria and limited outreach in rural areas. The bank’s retail banking services, while robust, sometimes fail to address the unique financial needs of all community segments, particularly in remote areas with underdeveloped infrastructure (Uche, 2023).
Moreover, insufficient financial literacy among potential borrowers limits the effective utilization of available credit facilities. The gap between the bank’s service offerings and the actual needs of the local economy has resulted in underperformance in driving economic development. Regulatory constraints and bureaucratic processes further impede swift credit delivery, undermining the bank’s impact on local business growth. This study seeks to explore these issues, assessing how well Keystone Bank’s retail banking services are aligned with the economic development needs of Plateau State. It also examines the extent to which external factors, such as market dynamics and policy limitations, influence the bank’s effectiveness in contributing to economic development (Ogunleye, 2024).
Objectives of the Study
- To evaluate the impact of Keystone Bank’s retail banking services on economic development in Plateau State.
- To identify barriers that limit the effectiveness of retail banking in promoting local growth.
- To propose recommendations for aligning retail banking strategies with economic development goals.
Research Questions
- How do Keystone Bank’s retail banking services contribute to economic development in Plateau State?
- What are the key barriers affecting the delivery of effective retail banking services?
- How can retail banking strategies be enhanced to better support economic growth?
Research Hypotheses
- H₁: Retail banking services have a significant positive impact on local economic development.
- H₂: Financial literacy is positively associated with the effective utilization of banking services.
- H₃: Addressing infrastructural challenges will enhance the contribution of retail banking to economic development.
Scope and Limitations of the Study
This study examines the role of Keystone Bank in Plateau State, focusing on its impact on economic development. Limitations include geographical constraints, potential sample biases, and the dynamic nature of economic variables.
Definitions of Terms
- Retail Banking: Banking services provided to individual consumers and small businesses.
- Economic Development: The process of improving economic well-being and quality of life.
- Financial Inclusion: The access to and usage of financial services by all segments of society.
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