Effects of New Financial Products on The Performance Of Selected Commercial Banks In Nigeria

The study examines effects of introduction of new financial services on the performance indicators of deposits, Profit and sales volume of selected commercial banks in Nigeria. A number of seven (7) commercial banks were selected through purposive sampling technique while questionnaire was administered on some 400 respondents, both staff and customers, selected through random sampling method. Both descriptive and inferential statistical tools of frequencies, ratios, percentages and regression analyses, were used in analyzing the data. Findings revealed that introduction of new financial services accounted for 65.9% growth of customer deposits, 54.5% growth in gross earnings, and while to profit, it was just 35.4%.This was not an adequate reflection of the tremendous growth in the profit declared by banks. Thus, Introduction of new finances designed as customer support services are very vital to improve performance of commercial banks. Keywords: Financial products, Customer deposits, Profits, Gross earnings