It is more important or convenient to trace the origin of banking and it meaning before moving into the causes of bank distress in Nigeria economy. Banking originated in England through the activities of the Gold Smiths, who by often keeping money in safes for their customers realized that they could make gain with it by lending to other people on the order hand, they realized that they could cover for unexpected demand by paying interest to depositors.
The process soon attract many depositors and borrowers and this formed the genesis of banking business fully develop England; it was transplanted to West African during colonialism.
There has not been any acceptable definition of what a bank is or who is a banker. Several attempt have been made to offer a comprehensive of acceptable definition of the term banker.
J.W.Gilbert defined a banker as a dealer in capital or more properly a dealer in money. He is an intermediate between the borrower and lender.
He borrows from one party and lends to another.
This definition emphasis on two traditional functions of bank, which is mobilization of deposit and granting of loans and advances.
In Nigeria the banking enacted in 1952 defined banking as the business of receiving from the public, on current account money which is to be repayable on demand by cheque and of making advances restricted the establishment of banks and practice of banking to companies with valid licenses.
From these definitions, one can say that a banker is any person or corporative that provides the minimum banking services and which is licensed as bank from federal government of Nigeria as a banking institution.
These minimum banking includes:
Receiptance of deposit from customer, making payment locally or outside, Nigeria, granting loans and advances, trading in securities clearing cheques and fimilar institutions.
The rules to be followed for this establishment of a bank are contained in a banking decree
1996 (Section 2 ) which is now replaced by decree No 24/28 of 1991, which gave the CBN the power to license banks”.
The banks are Nigeria can be grouped into three commercial banks, merchant banks and Development bank with the central bank of Nigeria as the Apex bank. Each of these groups renders different types of services to the public as conferred on them by the CBN.
Infact, commercial banking in a recent development, most of them are off-shorts of large foreign commercial banks with headquarters in Europe. America and Asia.
Indigenous banking in Nigeria is still in its infact stage. The history of commercial banking in Nigeria data to 1892, when the African banking corporate in London opened a branch in Lagos in 1894 the bank of British west Africa (BBWA), now the first bank was established in Lagos and it took over the African banking ltd.
In the indigenous sector, the national banks of Nigeria (NBN) was established on 11th February 1933. This was followed by Africa continental bank ltd.
Others are: The British and French bank ltd, now united bank for (UBA) plc which was established in 1949: co-operative and commercial bank (CCB) ltd wema bank ltd; orient bank ltd etc.
The period to 1962 was an epoch of bank proliferation in Nigeria.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR BANKING FINANCE PROJECTS AND MATERIALS
A CRITICAL ANALYSIS ON THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT This project work is carried out to examine the contribution of micro finance banks to the development of Small and medium scale enterprises in Nigeria. The Brass micro finance bank is used a...Continue reading »
A STUDY ON THE ACCEPTANCE AND ADOPTION OF THE CBN CASHLES POLICY IN PORT HARCOURT, NIGERIA
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND TO THE STUDY One of the prerequisites for the development of national economy according to Ajayi et al, 2006 is by encouraging a payment system that is secu...Continue reading »
A STUDY ON THE IMPACT OF BUDGETARY CONTROLS ON THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIDELITY BANK PLC)
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY AND PROFILE OF THE ORGANIZATION Following the uncertainties prevailing in the Nigerian business environment today, managers and stakeholders mu...Continue reading »
ANALYZING PERFORMANCE APPRAISAL TECHNIQUES IN UNION BANK NIG PLC
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY In any evaluation of the condition necessary for the growth and survival of an organization, the role of performance appraisal is a strategic f...Continue reading »
AUDIT INDEPENDENCE: ENHANCING ACCOUNTABILITY AND TRANSPARENCY IN CORPORATE ORGANIZATIONS
CHAPTER ONE INTRODUCTION 1.1. Background of the study The subject of transparency and accountability in modern day corporate organizations has continued to receive attention as never before. It has b...Continue reading »
CREDIT MANAGEMENT AND ISSUES OF BAD DEBTS IN COMMERCIAL BANKS IN NIGERIA
The article on this topic (credit management and issues of bad debts in commercial banks in Nigeria) is an extract from literature review of the project material. The complete project work would be ma...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
71,937 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
52,224 people found this useful
IMPACT OF E-LEARNING ON THE ACADEMIC PERFORMANCE OF UNDERGRADUATE STUDENTS (A CASE STUDY OF NATIONAL...
50,090 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
48,313 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
47,290 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
44,485 people found this useful