CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
It is unnecessary to state that the new corona virus has had an impact on countries’ social, political, and economic sectors. In the course of providing financial services to their clients and consumers, financial institutions, which are a sensitive sector of the economy, are among the most vulnerable groups to the Covid -19 infectious disease. The banking sector is an industry and a segment of the economy dedicated to holding financial assets for others and investing those financial assets in order to produce more wealth through leverage. In such extraordinary times, it is expected that management, staff, and consumers follow the established safety guidelines in order to prevent the Coronavirus from spreading. Coronavirus disease 2019 (COVID-19) is a new disease caused by a highly contagious novel Coronavirus that mostly affects the respiratory system. It was originally spotted in China’s Hubei province in December of this year. On March 11, 2020, the World Health Organization (WHO) declared the sickness a global public health emergency (UNICEF 2020). Fever, cough, difficulty breathing, and other flu-like symptoms such as runny and stuffy nose, sneezing, and sore throat are all indicators of the sickness. In most situations, the disease manifests itself in a mild to moderate manner, but in some sensitive persons, such as the elderly and those with underlying medical disorders, it can result in serious consequences and/or death.
. COVID-19 virus is spread between persons by respiratory droplets, according to existing findings (particularly when coughing). Another mode of infection includes direct contact with an infected individual or indirect contact (touching a surface or object contaminated with respiratory secretions and then touching one’s own mouth, nose, or eyes).
COVID-19 could pose a threat to the financial sector’s operations. On the one hand, banks have had to quickly modify their operations in response to waves of lockdowns and re-openings that vary by state and even county. Migrating so many people to entirely remote work costs money and can lead to operational issues (Pricewater, 2020). Aside from the restoration of bank operations in the country, there is a growing necessity to adhere to safe procedures in order to prevent the spread of covid-19. Hand washing with soap and water, the use of hand sanitizers, a face mask, and a screening device at the bank’s entry are among the safety measures. The board of directors and stakeholders are solely responsible for providing the facilities required to comply with the safety measures.
STATEMENT OF PROBLEM
Banking sectors as a whole have never had to modify so much of their operations in such a short period of time and throughout their whole footprints to changing circumstances. Despite the fact that change can introduce new risks into a workplace, it is vital for both clients and employees to internalize the new safety guidelines and alter their routines to comply with the Covid-19 safety standards. In pandemic situations, the potential risk of infectious disease spread is dramatically decreased if every employee and client adopts new personal routines and behaviors at the same time as the banking industry. As a result, the purpose of this study is to look into the amount of Covid-19 safety compliance in the banking sector.
OBJECTIVES OF THE STUDY
In summary, the goal of this study is to analyze the level of covid-19 safety compliance in the banking sector. It will, in particular:
Examine the various covid-19 safety precautions that have been implemented.
Examine the numerous COvid-19 security mechanisms used by the banking industry.
Determine the amount of Covid-19 compliance in Nigeria’s banking sector.
RESEARCH QUESTIONS
What are the various Covid-19 safety procedures put in place by the Center for Disease Control?
What are the different covid-19 security procedures that Firstbank and Access Bank follow?
SIGNIFICANCE OF THE STUDY
This study aims to raise awareness among bank personnel and employees about the importance of adhering to the Covid-19 safety precautions, as they are at a high risk of contracting infections when providing financial services. It will oblige financial institution board of directors, bank stakeholders, and top management to ensure that facilities and equipment are in place to facilitate efficient compliance with the Covid-19 safety standards. It will allow the government to ensure that agencies engaged, such as the CDC task force, conduct regular checks on financial institutions to ensure that a high level of compliance is maintained, so limiting the spread of this new disease. This research will also act as a baseline for future studies.
SCOPE OF THE STUDY
Using First Bank Nigeria Plc and Access Bank Plc in Asaba, Delta State, this study will analyze the extent of COVID-19 safety compliance in the banking sector.
RESEARCH HYPOTHESIS
H0: The banking industry has a low degree of covid-19 safety compliance.
H1: The banking sector has a high degree of covid-19 safety compliance.
LIMITATION OF THE STUDY
Several problems were faced over the course of the research, including but not limited to the following. These are the ones.
Inadequate funding: The research was hampered by a lack of funds, which prevented the researcher from accessing banks in Lagos, as well as printing and collating questionnaires.
Time: Another constraint is time, as this research had to be completed while also juggling other academic responsibilities, making it hard to conduct this study in a larger, more representative sample size.
DEFINITION OF TERMS
COVID-19: Corona virus disease 2019 (COVID-19) is a sickness caused by a new corona virus known as SARS-CoV-2 (severe acute respiratory syndrome corona virus 2).
BANKING SECTOR: The banking sector is an industry and a segment of the economy that is dedicated to holding financial assets for others and investing those financial assets in a leveraged fashion to create more wealth. Government regulation of banking activities, insurance, mortgages, investor services, and credit cards are all included in this sector.
SAFETY: the state of being free and unaffected by danger or anything harmful.
COMPLIANCE: This term refers to following the rules, specifications, processes, policies, and laws that have been established.
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