PROBLEMS OF MONEY TRANSMISSION IN NIGERIAN BANKSA CASE STUDY OF UNITED BANK FOR AFRICA PLC
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1 Statement of problem
Objective of study
Significant of study
Scope and delimitation
Definition of terms
Organization of work
CHAPTER TWO
Literature review
2.1 Payment system in Nigeria
Channel of money transmission
Money transmission instrument
Cheque
Draft
Mail and telegraphic transfer
Money gram and western union
Money and postal orders
Standing orders
Credit transfer
Problems of money transmission in Nigeria banks
CHAPTER THREE
Methodology
3.1 Sample size and sample method
Method of data collection
Interview format
Method of data analysis
Limitation of the study
CHAPTER FOUR
Presentation/analysis of data
4.1 Interpretation of data
CHAPTER FIVE
Conclusion
5.1 Recommendation
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
The banking decree of 1969 in defining the banking business incorporated all the functions of the institutions. However, in terms of what services banks offer to the public, three stand out distinctly deposit and payment mechanism, finance and credit and money creation.
The role the banks play by facilitating payments for goods and services without the need to hold hand to hand currency cannot be overemphasized. By the use of the deposit and payment by cheques the settlement of debts by means of coins and note have become unnecessary. In the definition of money supply, demand deposits are distinguished from time deposit because cheques are in most societies, generally accepted means of payment.
Consequently, in a system where the payment mechanism does not allow for the force and full use of cheques, it becomes unnecessary and anomalous to distinguish between demand deposit, and hand to hand currency on the one hand and time deposit on the other hand.
The next role-played by banks and which is of tremendous interest to businessmen is that of providing finance and credits for business the bank serve as intermediaries between lender and borrower.
In the process of lending banks creates money by borrowing to investors who pay interest on these funds given to them. How much a bank can create money depends on their reserve ratio. Banks increase and decrease the quantity of money in circulation through their actions.
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