An examination of the impact of product and service quality perceptions on customer loyalty in rural banks in Ghana: the importance of social networks for nascent entrepreneurs

This study focuses on a national sample of customers who used commercial bank products/services in Ghana. The results demonstrate that social and cultural influences are important determinants of marketing practices of banking institutions in Ghana. Although, societal leaders are critical of the customer service and process components of bank products/services, these leaders encourage individuals to remain within the commercial banking system. Consumers who rely on these same societal leaders for financial advice remain with commercial banks for a longer period of time than other individuals who rely on surrogate advisors. Thus, in commercial bank relationships within Ghana, strategies should be tailored around instilling trust as reflected by the opinions of informal/formal societal leaders and family members. The results overall provide critical insight into how formal financial institutions may adapt their marketing practices in Ghana and other emerging African nations for long-term sustainability/customer retention.