IMOISI Anthony Ilegbinosa
Department of Entrepreneurship
Faculty of Management and Social Sciences
University of Agriculture and Environmental Sciences, Umuagwo, Imo State
mcanthonyby@yahoo.co.uk
+2348034525743
Emmanuel I. Ajudua
Department of Economics
National Open University of Nigeria
ajuduaemmanuel@gmail.com
+2348037438778
Pascal Ibeh
Faculty of Management and Social Sciences
University of Agriculture and Environmental Sciences, Umuagwo, Imo State
ibehpascalo@gmail.com
+23464655625
ABSTRACT
The study investigates the impact of Covid-19 lockdowns and digital marketing on Nigeria’s Banking
Sector. The lockdown caused countless difficulties that led to retrenchments, inflationary pressures,
and increased economic contractions that caused job losses and other economic hardships as well as
changes in the mode of participating in economic activities. This research adopts the survey method
and a purposive sampling method was used in selecting 3 banks, namely Fidelity Bank, Zenith Bank,
and United Bank for Africa (UBA), representing the sample size for this study. Our findings showed
that COVID-19 had an effective impact on the banks’ digital marketing strategies with a significant
rise in account opening, an easier platform to reach clients and a diversification of revenue through
digital marketing. Based on our findings, the following recommendations were proffered: banks that
use traditional marketing strategies should implement pilot projects for their digital marketing
campaigns and the management of banks should foster an environment where employees can learn
about digital marketing effectively and receive the necessary training.
Keywords: COVID-19; Lockdown; Banking Sector; Digital Marketing; Retrenchments