McDonaldization of Nigerian Banking Industry in the Post-consolidated Era: An Exploration of the Unavoidable Consequences

Abstract

This article explores the McDonaldization of banking operation in Nigeria. In doing so, it brings to light a critical analysis of the
increasing rationalization process in light of a developing economy. McDonaldization thesis has generated serious academic
debate since it was introduced by George Ritzer the American sociologist in 1993. However, it has received seldom attention
among Nigerian scholars and none to my knowledge has applied it to examine the banking industry which is invariably the
most McDonaldized sector in Nigeria. This article therefore, draws on the thesis to explore the increasing rationalization
process the sector is undergoing since consolidation and recapitalization exercises began in 2005. The article argues that the
sector is McDonaldized and this has engendered efficiency, predictability, calculability and control. The article further argues
that this McDonaldization process inevitably has led to increasing negative impacts of McDonaldization and concludes by
pointing out some remedies.