Authors:
Paul Oluwaseun Mathias, Basheerah Adewumi Qazeem
Addresses:
Department of Banking and Finance, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria.
Abstract:
This study examined the influence of marketing strategies on the performance of Microfinance Banks (MFBs) in Ijebu-North, Ogun State, Nigeria, with emphasis on promotion, price, place, and product. Using a descriptive survey research design, data were collected through structured questionnaires and analysed to assess the extent to which these strategies affect customer base growth. The findings revealed that promotion and placement (branch location) strategies significantly and positively impact the growth of MFBs’ customer bases, underscoring the importance of effective awareness campaigns and strategic branch networks. Product strategy showed a positive but statistically insignificant effect, while price had minimal direct influence on customer growth. These results align with the existing literature on the role of marketing in microfinance institutions and also highlight the need for a broader performance assessment that includes profitability, customer satisfaction, and operational efficiency. The study concluded that promotion and place remain critical drivers of MFB performance and recommended allocating resources to targeted promotional campaigns, carefully selecting branch locations, training staff for quality service delivery, adopting innovative product bundling, and adopting comprehensive performance indicators. It further suggested exploring digital marketing and technology to enhance customer engagement and competitiveness.
Keywords: Microfinance Banks; Marketing Strategies; Customer Growth; MFB Performance; Digital Marketing; Operational Efficiency; Customer Engagement; Financial Services; Economic Development.
Received: 09/06/2024, Revised: 28/07/2024, Accepted: 07/10/2024, Published: 05/06/2025
DOI: 10.64091/ATIML.2025.000139
AVE Trends in Intelligent Management Letters, 2025 Vol. 1 No. 2 , Pages: 97-111