First Bank Of Nigeria Plc Case Study

* Total quality management (TQM): This model is concerned with the performance of all processes in an organisation, and the products and services that are the outcomes of those processes. It seeks continuous improvement and will involve everyone in the quest for quality.

FBN continue to execute on previously articulated regional expansion strategy being consistent in their objective of effectively maximizing shareholder value while harnessing the benefits of diversification. First bank plc have only pursued expansion into countries that will disproportionately add economic value over the medium to long term and bolster the banking group’s strategic positioning in the Su-Sahara Africa (SSA) financial landscape (FBN, 2012). First bank of Nigeria brand of being dependably dynamic is one of its major selling points. Aside being the largest banking group by assets in SSA, the fact that a significant proportion of the banking public has business relationship with the bank attest to the strength of its brand. Part of their strategy is to be dominant financial services group across middle Africa. Having established itself over a 120 years history as the largest bank in Nigeria and already as the largest private sector banking group in Sub-Sahara Africa (Meristem, 2011).

A core definition of total quality management (TQM) describes a management approach to long–term success through customer satisfaction. In a TQM effort, all members of an organization participate in improving processes, products, services, and the culture in which they work.

When determining the bank’s future over the next five years, one must analyze what the bank needs to focus on in order to achieve the individual goals. The bank’s mission is to work towards offering its customers the one-stop financial shop concept delivered with an unexpected, unsurpassed level of customer service. In order to achieve this mission, FirstBank must be able to continue to strive to be better and never settle.

Total Quality Management (TQM) is the theory of continuous improvement that involves all workers in a business from upper management to production line workers. The focus of the improvement program is to improve customer service and reduce waste in the business (Kelchner, 2015). There are 8 key elements that TQM is built upon. These 8 elements

The total quality management (TQM) incorporates quality into all the activities of the organization through an ongoing process. This control makes sure that there is a continuous improvement in all the activities and there will not be any chances for defects. TQM ensures safety and helps improve customer satisfaction (Daft, 2014).

TQM is an approach for continuously improving the quality of goods and services delivered through the participation of all levels and functions of the organization. TQM aims to do things right the first time, rather fix problems after they emerge or fester. It is a combination of quality and management tools aimed at increasing business and reducing losses due to wasteful practices.

This created great pressures on organizations and made them willing to create and innovate so that they can gain competitive advantage over their rivals in the world markets. Adding quality to the final products may be one element that attracts and satisfies the customers. However, elements there have been numerous elements or factors that started to occur in the management and organizational domains. These included TQM or Total quality Management and COQ or Cost Of Quality. These concepts and more became dominant aspects that required concentration from companies. TQM is not only a strategy to be applied; it is an approach of management that must prevail all over the whole organization. The practices of the TQM are essential to exist in the

TQM involves the entire organization, from the most junior employee to the CEO. In particular, TQM provides management with the ability to ensure quality through more effective improvement channels

FNB’s position in relation to the Banking Industry Life Cycle is between the growth phase and maturity phase, as depicted in Graph 2. One of FNB’s core value propositions of entrenching their competitive advantage and increasing their

Total Quality Management (TQM) is an improvement tool that is widely used in many companies. It consists of many aspects including Managing people as well as business processes in order to maintain customer satisfaction. With TQM, Businesses starts to do the right thing from the start and to ensure zero error. Therefore, it is important to learn the principle of TQM and how it acts in organizations with its advantages and disadvantages.

It is against this background, that besides the introduction other parts of the paper are structured as follows. Next to the introduction, the paper takes a look at the structure and development of the Nigerian financial system before explaining the role of the financial system in the Nigerian economy. Next to this is the section that addresses the history of banking reforms in Nigeria and the nature of the reforms. The last part concludes the paper after a critical look at development implications of banking sector reforms.

The fact that globalization has expanded the market for organizations means that TQM is more important than ever before. Customer demands are higher and if a company does not create products and services that meet their expectations they can easily access the same or similar products and services from another company. If managers do not implement TQM into their company procedure then they will fail to meet the high standards of customers all over the world and eventually lose their business. When it comes to implementing TQM, it’s the mangers responsibility to create an environment where people can work together to improve their work processes. If the ownership or senior management does not buy into this concept you will never succeed. Many people in leadership roles are either too set in their ways or closed minded to the necessary change needed to really improve the way things get done. You have to buy into the concept that there is always a better way to do something. By tapping into all the knowledge and experience your employees possess, you develop solutions that not only improve your execution, you provide everyone with a sense of accomplishment.. These "process improvement teams" give employees a chance to help steer the future direction

After multiple attempts, I succeeded in making contact with the Special Assistant to the Executive Vice Chairman of the Nigerian Communications commission, Mr Edoyemi Ogoh. However, he seemed quite busy, and could not give me much time, but we were able to have a brief discussion on the factors, from the regulatory point of view, impacting the growth of mobile money in Nigeria. He was of the opinion that the bank-led model for providing mobile financial services in Nigeria, as opposed to the operator-led model could be

In Nigeria today, a number of banks wanting to merge may run into difficulties, because most Nigeria banks are not quoted on the stock exchange and the assets of some are really bad. The effect of the merger is that merging banks in the country, under the current dispensation may lose their licenses and be issued new ones to reflect the new consolidated outfit. As we go on in the subsequent chapters, further critical look shall be taken on the effect that this development is likely to or will have on the Nigeria banking industry and the economy at large.