The outbreak of COVID-19 is a global epidemic. It began in the Chinese city of Wuhan in December 2019 and has quickly spread to most regions of the globe (James 2020). Due of its extremely contagious nature, COVID-19 has affected and continues to influence all global areas and regions (Ayomide 2020).

COVID-19, also known as Coronaviruses (CoV-19), is a huge virus family that causes health problems ranging from the common cold to more severe infections including Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV) (SARS-CoV).

Because of the virus’s lethal nature and the necessity to take responsibility, most governments have been obliged to implement restrictive measures and restraints in order to contain the infection, which has affected the lives of many people, organizations, and institutions (Ezeh 2020). Movement restrictions, the closure of various organizations (even personal enterprises), lock-downs, and other measures are among the restrictions. These limits, however, had a negative impact on various sectors of the economy, including small and medium-sized firms, social organizations, and banks.

A bank is a type of financial institution that handles money and credit. It is a financial institution that offers a wide range of financial services. It receives public deposits and distributes the funds to productive sectors.

It also offers a remittance service that allows you to send money from one location to another (Simion 1998). A bank, according to Chiowen (2000), is a financial institution that is licensed to accept deposits and provide loans. Financial services such as wealth management, currency exchange, and safe deposit boxes may be offered by banks. Retail banks, commercial or corporate banks, and investment banks are among the several types of banks.

During the Covid-19 restrictive measures, a large number of banks’ services were not used, causing many downturns. As a result, the goal of this study is to determine how Covid-19 has impacted Nigeria’s banking system.


The outbreak of Covid-19 resulted in the closure of individual firms, national and international business groups, academic institutions, and other institutions. As a result of this situation, many of the banking industry’s revenue-generating services were underutilized, including Business Investment, Business Loans, Loans for Rents, and School Fee Loans. Furthermore, Naira to Dollar transactions fell, and loans granted to businesses were not repaid, among the factors that banks suffered. Based on this, this research will look into the impact of the Covid-19 epidemic on the banking sector.


The study’s holy grail is to look at the influence of Covid-19 on banking sectors. Among the other important goals are:

To determine the impact of the Covid-19 pandemic and widespread infection on the banking sector.

To determine the extent to which Covid-19 impacted bank revenue.

To see if Covid-19 had an impact on banking operations.


1. What is the impact of the Covid-19 outbreak and widespread infection on the banking industry?

2. How much of a financial impact did Covid-19 have on banks’ revenue?

3. Has Covid-19 had an impact on banking operations?

4. Did you use all of your banking services during the Covid-29 limits and lockdown?


This study on the impact of Covid-19 on banking sectors will undoubtedly be of enormous importance to the entire banking industry, as the study was conducted after many truama banks suffered as a result of this unplanned Covid-19 outbreak. Furthermore, this research will provide recommendations for how banks might mitigate the impact of any future pandemic. Furthermore, this research will serve as a source of knowledge for all academic personnel who may be involved in academic research on the subject at hand.


The scope of this research is limited to determining how Covid-19 has impacted Nigeria’s banking sector. As a result, the research was conducted at First Bank Nigeria Plc in Lagos, where the Covid-19 outbreak was more severe.


The major constraints the researcher faced during the course of this study were time, funds, and availability of materials on this research domain, as well as validating respondents’ responses to interviews and questionnaires.


Coronavirus disease 2019 (COVID-19) is a contagious respiratory disease produced by a new coronavirus strain that causes illness in people.

Banks are financial institutions that are licensed to accept deposits and provide loans. Commercial/retail and investment banks are the two most popular types of banks.

Banking Operations: Banking operations refers to a bank’s methods and procedures for ensuring that clients’ transactions are completed correctly and appropriately.

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