Chapter Four

Presentation of Data, Analysis and Interpretation

4.0 Introduction
The chapter presents the result of the fieldwork conducted by the researcher. The result is mainly
the responses of the questionnaires administered to the study participants, which include
ECoBank management staff, customers, and BSL commercial bank department staff. Statistical
Package for Social Scientists (SPSS) version 23.0 was used to perform the analysis and
Microsoft Excel 2016 was used to generate the charts to explain the results. The questionnaires
were administered to 50 respondents. Out of the 50 questionnaires administered, 40 were
obtained but 35 were valid for analysis while 5 were invalid as a result of improper and double
responses. The valid questionnaires which formed the analysis yielded 66% response rate. The
findings of this chapter is generalized to reflect the ultimate views of the whole population of the
study. Hence the findings provide a significant basis for relevant recommendations made in
chapter five, which is the final chapter of this study.

4.1 Demographic Profile of the Study Participants

The researcher collected information pertaining demographic profile of the study participants.
Gender of participants was considered to be very relevant because it greatly influences financial
intermediation and customer satisfaction strategies in Sierra Leone as confirmed by earlier
studies (Rogers, 1995). The comprehensive outcome of each of the demographic characteristics
is presented in the table below.

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Table 4.0: Sex of Participants
Sex Number Percentage (%)
Male 39 78%
Female 11 22%
Total 50 100
Source: Researcher’s Field Work, Nov, 2022.

Table 4.0 above depicts the sex of the sampled participants of the study. From t he table, it is
revealed that the majority of the participants were men. The statistics demonstrated that 39 of the
respondents, constituting 78%, were men and 11 women, representing 22%. The skewed result in
favour of men is primarily attributed to the purposive sampling method used for the selection of
the respondents. It should also be noted that, across all the institutions or sections of which the
sample was taken, were heavily male dominated. These statistics confirmed some belief that most
or majority of EcoBank customers in Sierra Leone are men.

4.1.2 Ages of Participants

The next demographic variable of the participants which the researchers found out about was
their age. The table below highlights the age distribution of participants.

Table 4.2: Ages of Respondents

Age Bracket Number Percentage (%)
10-19 Years 0 0%
20-30 Years 11 22%
31-40 Years 28 56%
41-50 Years 7 14%
50 Years and Above 4 8%
Total 50 100
Source: Researcher’s Field Work, Nov, 2022.

Table 4.2 above displays the various age brackets of the study participants. The age variable of
the participants indicated that, large proportion of the participants was in the age bracket of 31 –
40 years, representing 56%. This was followed by participants within age bracket of 20-30 years,

2
who accounted for 22% of the sample size. The next age bracket is 41 – 50 years with 14
percentage point. Interestingly the age bracket of 50 years and above had 8 percentage point with
age bracket of 10 – 19 years having 0 percent. These analyses indicated that majority of the study
population are aged over thirty-one years. According to Abu Shanab et al. (2007), ‘age is a
significant factor that positively influences the outcome of a study.

4.1.3 Assessment of Respondents’ Educational Level

Respondents were asked about their level of education in the administered questionnaires and
interviews conducted. Responses relating to participants’ academic qualification are presented in
the figure below.

Figure 4.1: Educational Level of Respondents

22.5 44%

17.5

12.5
22%
18%
7.5
10%
2.5 6%
0%
Primary Secondary Diploma Higher Na- University Post Gradu-
School School Grad- tional Graduate ate
Dropout uate Diploma
Academic 0 3 11 9 22 5
Qualifica-
tion of Re-
spondents

Source: Researcher’s Field Work, Nov, 2022.

Figure 4.1 highlights the educational level of the study respondents. As highlighted in the Figure
above, majority of the respondents selected are graduates with first degree. 22 of the
respondents, constituting 44% are university graduates; followed by 5 others, representing 10%
who hold post graduate qualifications. 9 of them with 18 percentage point hold qualification in

3
Higher National Diploma (HND). 11 are in the category of Diploma level qualification,
constituting 22% whilst 3 of them, accounting for 6% are holders of secondary school
certificates. None of the respondents is a primary school dropout. Possession of high academic
qualification by the respondents was anticipated, since majority of the study participants are
working in institutions which have required educational level as criteria for recruitment. All the
respondents are regular participants in the research scope of the study and provide significant
assessment basis for the study findings.

4.1.4 Occupational Grouping of Respondents

Table 4.3: Occupation of Respondents
Occupation No. of Respondent Percentage (%) of
Respondent
Student 8 16%
Bike Rider 5 10%
Trader 10 20%
Teacher 14 28%
Housewife 4 8%
Unemployed 2 4%
Others 7 14%
Total 50 100%
Source: Researcher’s Field Work, Nov, 2022.

Table 4.3 above presents the various occupations of the study respondents. Respondents were
asked to indicate their occupational status. The results indicate that respondents working in
teaching occupation, representing 28% outnumbered the rest of the occupational grouping of the
study participants. This is immediately followed by respondents in the occupation as traders or
business people, representing 20%. Occupation of student accounts for 16% whilst those of bike
rider, housewife, unemployed, and others respectively constitute 10%, 8%, 4%, and 14%. It can
be generalized from this analysis that majority of the study population are teachers.

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4.2 Institutional Distribution of Participants
Table 4.4: Institution of Respondents
Institution Number of Percentage (%)
Respondents of Respondents
Selected Selected
EcoBank (S/L) Customer Service Department Staff 15 30%
Commercial Banks Regulation Department of BSL 5 10%
EcoBank Customer Group 30 60%
Total 50 100%
Source: Researcher’s Field Work, Nov, 2022.

Figure 4.2: Institutional Representation of Respondents

30

60%
50%
40% 15
30%
20%
10% 5
0%
Institutional Representation of
Respondents

Source: Researcher’s Field Work, Nov, 2022.

As seen in table 4.5 and figure 4.2 above, the institutional distributions of the participants are
represented. It is examined that large proportion of the participants, representing 60%, belongs to
the group of EcoBank (S/L) customers. This was followed by participants working with

5
EcoBank at customer services department, which constitutes 30% whilst respondents working at
commercial banks regulation department of BSL represent 10%.

4.3 Analysis of Empirical Data Obtained from Questionnaire

Administration
The aim of this section is to present and critically analyse the views or perceptions of
respondents regarding financial intermediation challenges in Sierra Leone. The researchers
conducted customer satisfaction survey and EcoBank (S/L) is used as the case study area of the
study. A total of forty (40) closed-ended questionnaires were received from the sampled
respondent groups of the study. Thirty-five (35) valid questionnaires representing 88% of the
total received, were analysed and interpreted.

Table 4.5: Analysis of Responses Obtained from Valid Questionnaire

Respondents Group Number of Valid Number Percentage

Questionnaire of (%) Response
Administered Questionnaire Rate of Valid
Received Questionnaire
EcoBank (S/L) Customer Service
10 8 23%
Department
Commercial Banks Regulation
5 4 11%
Department of BSL
EcoBank Customer Groups
25 23 66%
Total
40 35 60%
Source: Researcher’s Field Work, Nov, 2022.

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Figure 4.3: Depiction of Response Rates Obtained from Valid
Questionnaires Administered to Respondents

Participants Response Rates (%)

23%
EcoBank (S/L) Customer Services
Commercial Banks Regulation
Department of BSL
EcoBank Customer Groups
11%
66%

S
ource: Researcher’s Field Work, Nov, 2022.

Table 4.5 and figure 4.3 show the number of questionnaires administered on-one-to-one basis to
the various sampled respondent groups of the study including the number of valid questionnaires
collected as well as percentage responses obtained from the valid questionnaires. As displayed in
table 4.5 and figure 4.3 above, it is examined that 25 questionnaires were administered to
EcoBank customers with 23 valid ones collected, representing 66% response rate. 10
questionnaires were administered to staff of EcoBank customer services department at the bank
head office in Freetown. Out of this figure, 8 valid questionnaires were collected, constituting a
response rate of 23%. Finally, BSL Commercial Banks Regulation Department personnel were
administered with 5 questionnaires of which 4 valid ones were collected, accounting for 11% of
response rate.

7
Level of Customers’ Satisfaction with the Services offer by
EcoBank.
After reviewing the filled customer questionnaires and interviews conducted with them, a five
service quality dimensions made up of thirty (30) closed-ended questionnaires were developed in
order to determine customers’ satisfaction level with EcoBank services. Each question was based
on a 5-point weighted likert scale as shown below:
1. Satisfied, 2. Strongly Satisfied, 3. Less Satisfied, 4. Strongly Less-Satisfied, 5. Uncertain.
The table below displays the major services offer by EcoBank S/L and customers’ response rate
obtained regarding satisfaction with the services.

Description Customers’ Perception and Response Rate

Satisfied Strongly Less Strongly Uncertain
Satisfied Satisfied Less-
Satisfied
Everyday 33% 40% 20% 3% 3%
Banking
E-Products 27% 47% 16% 7% 3%

Payment & 40% 27% 13% 20% 0%

Transfers
Cards & ATM 24% 27% 33% 13% 3%
Loans 17% 16% 33% 23% 10%
Hajj 30% 20% 23% 10% 17%
Investment 40% 33% 20% 7% 0%
Solutions
Microfinance 34% 27% 23% 13% 3%
EcoBank Services Offer and Customers’ Response Rate

Source: Researcher’s Field Work, Nov, 2022.

As depicted in Table, customers were administered with questionnaires in which their opinions
regarding their level of satisfaction with the services offer by EcoBank were sought. From the

8
table, 40% of customers responded as strongly satisfied with everyday banking. i.e, they are very
pleased with the bank’s policy of managing their accounts (current, savings, and fixed deposit
account). This was followed by another set of customers representing 33%, who also expressed
that they were satisfied with the everyday banking system. 20% said they were less satisfied
while one customer representing 3% indicated that he was strongly less-satisfied and another one
customer also representing 3% was uncertain. This indicates that there is high financial
intermediation at EcoBank and customers are very satisfied with the system. 47% of customers
said to have been strongly satisfied with E-products i.e, SMS and E-Alerts, E-Statements etc.
while 27% responded that they are satisfied, 16% and 7% respectively responded that they are
less satisfied and strongly less-satisfied. One customer, representing 3% was uncertain. Payments
and transfer services constitute of 40% of customers who said were satisfied, while 27%, 13%,
and 20% respectively expressed that they were strongly satisfied, less satisfied, and strongly less-
satisfied. 3% was uncertain. While 33% and 27% of customers were strongly satisfied with
investment solutions and microfinance services, it was clearly noticed that 24%, 17% and 30% of
customers were satisfied with the following services: Cards & ATM, Loans, and Hajj services.

Service Quality Dimensions of EcoBank S/L Ltd.

In order to measure the level of service quality delivery by EcoBank and to assess customers’
satisfaction, the five dimensions: tangibility, empathy, responsiveness, reliability and assurance
developed by Parasuraman et al (1988) was used. The performance of the services delivered was
measured by the customers’ expectation and perception of the SERVQUAL dimensions, a
descriptive statistics on the responds from the customers were used to undertake the needed
measurements. The quality gap according to Parasuraman et al (1988) is the difference between
perception (P) and expectation (E). (Q= P-E). When Q is positive it implies customers are
satisfied and when negative dissatisfied.

Tangibility Dimension
Tangibility deals with the appearance of physical facilities, equipment, personnel appearance,
and communication materials. Descriptive statistics were taken based on the expectation and the
perception of the customers of the bank.

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Descriptive Statistics on Tangibility Dimension
Tangibility Expectation Tangibility Perception
No Item Mean Std. No Item Mean Gap
Dev.
1 The bank should 4.74 .443 The bank has up-to-date 4.31 -0.43
have modern looking equipment
equipment
2 The bank’s physical 4.61 .546 The bank’s physical 4.30 -0.31
facilities should be facilities are visually
visually appealing appealing
3 The employees 4.64 .524 The employees are well 4.31 -0.33
should be well dressed and neat appearing
dressed and neat-
appearing
4 Materials associated 4.61 .532 Materials associated with 4.38 -0.23
with the service, the service, such as
such as booklet, booklet, cheque book and
cheque book and statements should be
statements should be visually appealing
visually appealing
Average 4.650 Average 4.325 -1.27
Source: Researcher’s Field Work, Nov, 2022.

From Table 4.2, the average scores (mean) are so high in relation to the scale of measurement.
This means that customers consider visually appealing physical facilities, efficient equipment
and good-looking workers. Out of the items, customers are very much interested in the
equipment used to deliver the services. With tangibles, the mean results of the items in Table 4.2
indicate that customers agree that ECoBank has modern looking facilities to perform the banking
services. Among the tangibles the item, ‘materials and equipment for service delivery are
modern and efficient’ produced the highest mean.

10
This is consistent with the quality service practices of the bank where ATMs are constantly
checked for efficiency. The grand mean 4.33 is also on the high, indicating that customers agree
that tangibles of ECoBank S/L are modern, efficient and aesthetically appealing. Irrespective of
the various means of the factors for both expectation and perception, mean score for the
expectation were found to be relatively higher than its perception for each of the factors
considered.

Figure 4.3: Analysis of Service Dimension Gap for Tangibility

Chart Title
4.7

4.65
4.6

4.5
Tangibility
4.4

4.3 4.33

4.2

4.1
Expectation Perception
S
ource: Researcher’s Field Work, Nov, 2022.

Clearly, it has been shown from Figure 4.3 that, in terms of tangibility, as the customers were
expecting the bank to provide a service quality level of 4.650 representing 93%, the bank are
rather providing a service quality level of 4.325 representing 86.5% with a gap of 0.325 (6.5%)
lower than the expectation of the customers. This was in agreement with Rubinstein (2010), who
found out that because corporate world is moving across borders, tangibility of corporation has
increased dramatically across all service delivery. This finding may be attributed to that fact
since banks are in a competition for customers; items on tangibility were expected to be higher.
However this was not so, since perception falls short of the expectation of the customers, which

11
also can be attributed to the fact that, respondents were having a higher expectation thereby
leaving it in such underscore for its perception on the tangibles.

Reliability Dimension
Reliability dimension of a corporate entity is the ability to perform the promised service
dependably and accurately, in this study, the researcher deals with the promise of executing a
task, solving customers’ problems and taking sincere interest in the problems solving and others.

Table 4.3: Descriptive Statistics on Reliability Dimension

Reliability Expectation Reliability Perception
Item Mean Std Item Mean Std
Dev Dev
When the bank promises 4.64 .498 When the bank promises 4.31 -0.33
to do something by a to do something by a
certain time, it does it certain time, it does it
When a customer has a 4.50 .543 When a customer has a 4.32 -0.18
problem, the bank should problem, the bank shows
show sincere interest in sincere interest in solving
solving it it
The bank should perform 4.48 .543 The bank performs its 4.32 -0.16
its service right the first service right the first time
time
The bank should provide 4.46 .593 The bank provides its 4.49 -0.03
its services at the time it services at the time as
promises to do so promised
The bank should keep its 4.69 .466 The bank insists on 4.54 -0.15
record accurately and free accurate and error-free
from errors record
Average 4.554 Average 4.396 -0.85
Source: Researcher’s Field Work, Nov, 2022.

On the issue of reliability of the services delivered by ECoBank, five items were measured. The
mean scores of the items in Table 4.3 for both expectation and perception indicate that the
services of ECoBank are reliable. Customers are provided with the services as promised and
when there are problems, the bank shows interest and the preparedness to deal with the problems

12
customers are encountered with. Out of the five items measuring service reliability, the bank
insists on ‘accurate and error free records’ which yielded the highest mean score of 4.54 for its
perception. This means that ECoBank keeps proper records of transactions and provides as
accurate as possible financial statements and other data on transactions of its customers.
Cumulatively, irrespective of the higher means for both expectation and perception, the
cumulative mean score were 4.554 and 4.396 respectively.

Figure 4.4: Analysis of service dimension gap for reliability

Perception, 4.396, Expectation, 4.554, Expectation

87.92% 91.08% Perception

Source: Researcher’s Field Work, Nov, 2022.

As shown in Figure 4.4, as customers were expecting a service quality level of 4.554 (91.08%),
the bank was rather delivering a service quality level of 4.396 (87.92%) with a service gap of
1.158 (3.16%) falling short of the expectations of the customers. This indicates that, service
delivery was unsatisfactory to the customers in terms of service quality dimension on reliability.
This finding is in total agreement with Hussar (2000) who stated that the increasing rate of
technology growth, has affected the expectations of customers from their service providers
thereby affecting service quality.

13
Responsiveness Dimension
Responsiveness is the willingness to help customers and provide prompt service and others such
as making information available to customers and not appearing too busy to respond to request.

Table 4.4: Descriptive Statistics on Responsiveness Dimension

Responsiveness Expectation Responsiveness Perception
Item Mean Std Dev Item Mean Std
Dev
Employees should give 4.64 .512 Employees should give 4.44 -0.2
prompt service prompt service
Employee should make 4.56 .512 Employee should make 4.39 -0.17
information easily information easily
obtainable obtainable
Employees are always 4.44 .602 Employees are always 4.33 -0.11
willing to help you willing to help you
Employees should not be 4.62 .569 Employees should not be 4.39 -0.23
too busy to respond to too busy to respond to
your request your request
Average 4.565 Average 4.389 -0.71
Source: Researcher’s Field Work, Nov, 2022.

Evidently, all the mean score for the expectation and perception were recorded with a mean
indicating 4.0, which shows the seriousness of which the company deals with its responsiveness
dimension. Out of the four items, the item ‘employees give prompt service’ gave the highest
mean score of 4.44 for its perception, however it was relatively lower than the expectation of the
customers. This means that customers waiting time is minimal at the banking hall. The grand

14
mean yielded 4.138 for its perception indicating that customers agree that ECoBank is responsive
to its services.

Figure 4.5: Analysis of service dimension gap for Responsiveness

Responsiveness Gap

4.6
4.565

4.55

4.5

4.45

4.389
4.4

4.35

4.3
Expectation Perception

Source: Researcher’s Field Work, Nov, 2022.

By and large, the total service quality level of the responsiveness fails to meet the expectation of
the customers of bank as well. As shown in Figure 4.5, as they were expecting a service quality
level of 4.565 (91.30%), the bank was delivering a service quality level of 4.389 (87.78%) which
falls short of 0.178 (3.56%) on the expectation of the customers and represents an unsatisfactory
level of service delivery for the dimension on the descriptive analysis.

15
Table 4.5: Descriptive Statistics on Assurance Dimension
Assurance Expectation Assurance Perception
Item Mean Std Item Mean Std
Dev Dev
The behaviour of 4.68 .513 The behaviour of 4.34 -0.34
employees should instil employees inspires
confidence in customers confidence in customers
Customers should feel safe 4.60 .492 Customers feel safe in 4.30 -0.3
in doing business with the transacting business with
bank the bank
Employees should be 4.66 .506 Employees are polite to 4.29 -0.37
polite to customers customers
Employees should be 4.54 .555 Employees are 4.31 -0.23
knowledgeable to answer knowledgeable to answer
your questions your questions
Average 4.620 Average 4.310 -0.64
Source: Researcher’s Field Work, Nov, 2022.

The descriptive statistics on the assurance shows that, the expectation of the customers as well as
its perception was all recorded a mean far above 4.0, this show that customers agree that there is
an assurance to transact banking business with ECoBank S/L Limited. An item the behaviour of
employees inspires confidence in customers’ yielded the highest mean score of 4.34 for the
perception factor. Meaning employees of ECoBank exhibit professionalism in their dealings with
customers, because they know their work. The grand mean score of 4.31 is also an indicator of
customers having assurance in ECoBank S/L.

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Figure 4.6: Analysis of Service Dimension Gap for Assurance

Chart Title

4.625

4.575

4.525

4.475

4.425

4.375

4.325

4.275

4.225

4.175
Expectation Perception
Assurance Gap 4.62 4.31

Source: Researcher’s Field Work, Nov, 2022.

On the gap analysis for satisfaction, respondents were expecting a service quality level of 4.62
(92.40%); they were of the opinion that, they were receiving a service quality of 4.31 (86.20%),
a service quality gap of 0.310 (6.20%) lower than their expectation. This shows a general
dissatisfaction on the assurance dimension.

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Empathy Dimension
Empathy Dimension deals with the caring, individualized attention the firm provides to its
customers.

Table 4.6: Descriptive Statistics on Empathy Dimension

Empathy Expectation Empathy Perception
Item Mean Std Item Mean Std
Dev Dev
The bank should give 4.48 .529 The bank gives individual 4.24 -0.24
individuals customers customers attention
attention
The employees should 4.53 .555 The employees offer 4.39 -0.14
offer customers personal customers personal
attention attention
Banking hours should be 4.40 .666 Banking hours are 4.28 -0.12
convenient to all convenient to all
customers customers
Employees should 4.44 .590 Employees understand 4.26 -0.18
understand the specific your specific needs
needs of customers
The bank should have 4.31 .624 The bank has customers’ 4.19 -0.12
customers’ best interest at best interest at heart
heart
The bank should have 4.34 .630 The bank is conveniently 4.11 -0.23
convenient branch located
locations
It is very easy to get in and 4.47 .651 It is very easy to get in and 4.23 -0.24
out of the bank quickly out of the bank quickly
Average 4.424 Average 4.243 -1.27
Source: Researcher’s Field Work, Nov, 2022.

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For empathy dimension, seven items were used. Generally, the results shows a higher mean
score for perception and expectation which indicate that customers are treated as ‘king’.
ECoBank understands the needs of its customers and tries all effort to give equal attention to all
customers without any partiality as shown by the item ‘employees offer customers personal
service’ with the highest mean score of 4.39 for its perception. By aggregation, the grand mean
4.24 also confirms that customers agree that ECoBank has its customers at heart.

Figure 4.7: Analysis of service dimension gap for Empathy

Empathy Gap

Perception
49% Expectation
51%

Source: Researcher’s Field Work, Nov, 2022.

As indicated in Figure 4.7, customers were expecting a service quality level of 4.424 (88.48%),
they were rather giving a service quality level of 4.243 (84.86%), falling short of 0.181 (3.62%)
of their expectations.

Comparison of Overall Service Delivery Gaps of Service Quality to obtain one of the objectives
for the study, it was the need to find the service delivery gaps of both the expectations and the
perceptions of the respondents in the bank in order to establish the trend of the gap analysis for
each of the service quality dimensions.

19
Figure 4.8: Comparison of General Expectations and Perception of
Customers
4.7
4.65
4.62
4.6
4.554 4.565

4.5

4.424
4.396 4.389
4.4

4.325
4.31
4.3
4.243

4.2

4.1

4
Tangibility Reliability Responsiveness Assurance Empathy

Expectation Peception

Source: Researcher’s Field Work, Nov, 2022.

The service delivery gaps for the perception and expectation of service delivery among the
dimensions were somehow significant by the use of the pictorial representation but such
significance can only be established with a statistical method. As shown in Figure 4.8, the gap
for tangibility, reliability, responsiveness, assurance, and empathy were insignificant since all
dimensions were having a perception mean value more than an average of 4.0. This performance
of the service quality by the measuring of the perception indicates the seriousness of which the

20
bank attached to its service delivery to be able to compete keenly in the market for expansion of
customers which agrees with Beerli et al. (2004) which describes customer satisfaction as the
measure of the extent a bank fulfils the general expectations of a customer and how far and/or
close does the existing bank come to the customers’ ideal bank in his mind.

Summary
This chapter provides a comprehensive presentation, analysis and interpretation of both empirical
and theoretical data accumulated from the field. Generalizations were made regarding findings
emerged in the course of the data analytical process. The subsequent chapter, which is the final
chapter of this study, will provide the abridged findings and conclusion of the study, from which
recommendations and summary of all the findings emanated from the data analysis and
interpretations will be highlighted.

21