The banking industry is important in every economy and this has long been emphasized by replete of studies undertaken in this connection. The Nigerian banking industry, being the second largest in sub- Saharan Africa after the South African banking industry has evolved and undergone remarkable transformation over the years. The evaluation of the Performance Measurement Systems (PMS) of banks in Nigeria— to ensure they are going concerns—becomes highly desirable and merits attention, hence the place of this research. The objectives of the research were to: identify the elements of PMS; investigate the appropriateness and effectiveness of PMS; and assess the interrelationship between the PMS and strategy of the Nigerian banking industry. Statistics such as charts, percentage analysis, Wilcoxon, Chi – square, Kruskal Wallis, and Mann- Whitney U tests were employed for data analyses. Following research findings that traditional financial measures were commonly used in the Nigerian banking industry, the study recommends the adoption of more innovative PMS; the focus on non-financial measures and customer-based measures could greatly improve performance. Also, the inclusion of performance measures like innovation, continuous improvement and risk management should be effected in the PMS of the Nigerian banking industry, to strengthen monitoring and overall improvement in the industry.
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