Investigating the Equality of Customer Loyalty between Two Commercial Banks in Anambra State, Nigeria: Hotelling T-square Approach

Aims: This study examined the equality of customer loyalty between two Banks in Anambra State,
Nigeria. The objective of this study was to determine if there exists significant difference between
loyalties of customers in two commercial banks in Anambra State.
Methodology: The data used for this study was primary data collected through the aid of
administered questionnaire. The statistical tool used in analyzing the data was the permutation
method for Hotelling T-Square.
Results: The result of the analysis found a test value of 1.03 and a corresponding p-value of 0.43
which indicates that there is no significant difference between customer loyalties of the two
commercial banks. This result could be attributed to the improved supervision of the apex bank in
Nigeria (Central Bank of Nigeria) on the activities and operation of the banking sector. Since,
customer loyalty can help firms develop strategies to grow the right customers and in turn customers
can be viewed in terms of their lifetime value.
Conclusion: Based on the outcome of this study, studies on determining the retention and lifetime
value of commercial banking customers in Nigeria is recommended as a fruitful area for future
research, for it appears that the banking industry is one of the most profitable within the Nigerian
economy, hence, higher performance could be attained in terms of customer retention and loyalty
thereby creating wealth to her shareholders and rendition of social obligations to the larger society.