Evaluation of Internal Control System of Money Deposit Bank: a Case Study of Gtbank, Abuja

This study delves into the evaluation of internal control within money deposit banks, focusing specifically on GTBank Abuja as a case study. Employing a survey method for data collection, a structured questionnaire was utilized to gather qualitative data from employees of GTBank. Both primary and secondary sources were tapped into for data collection, with primary data gathered through questionnaires and interviews, while secondary data was sourced from various publications and libraries. The study population consisted of employees from GTBank, selected through systematic random sampling, with a sample size of 50 out of a total workforce of 12,000. Data analysis was conducted quantitatively, employing techniques such as frequency counts, percentages, and tables. The findings reveal insights into the efficiency of internal control activities, their impact on bank performance, and the relationship between internal control systems, customer satisfaction, and overall bank performance. The study found that internal control activities effectively identify and mitigate risks (74%), provide timely and accurate information for decision-making (84%), and contribute significantly to the bank's performance (94%). Furthermore, the study highlights the importance of internal control systems in enhancing customer satisfaction and the bank's overall performance. All respondents (100%) agreed on the interconnectedness between internal control systems, customer satisfaction, and bank performance. Based on the findings obtained and the analysis carried out using Z-score, H01 was accepted since =1.131.645. However, the study also identified limitations such as time constraints, geographical limitations, and financial constraints, which may have influenced the depth of the research. The study concludes that a well-established internal control framework is crucial for ensuring stability, operational effectiveness, and risk management within money deposit banks. Recommendations include implementing automated systems, strengthening segregation of duties, prioritizing customer feedback, providing ongoing training to employees, and developing a robust risk management framework.