THE PROBLEM AND PROSPECTS OF NEW GENERATION B BANKS IN NIGERIA. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
This is a comprehensive research work written by Miss NWANKWO AMALACHUKWU with registration number BK/N2003/197 on the problems and prospect of new generation banks in Nigeria
The research shows the activities of new generation bank, how they operate and how it improved in the rural area and business sector. Also how government restate the activities with various monetary police such as the minimum lending rate, acceptance deposit. And it treated the problems associated with new generation bank in Nigeria and recommended solution.
The banking act of 1960 defined banking as business. The business of receiving monies from outside sources as deposits, irrespective of the payment of interest, and the granting of money loans and acceptance of credits or the purchase of bills and cheque and sales of securities for accounts of others. Bank may define as any person or corporation, that provides the minimum banking services and which is licensed as bank by the federal government of Nigeria a banking institution.
1.1 BACKGROUND OF THE STUDY
The development of new generation bank in Nigeria can be traced back to merchant in the former west Africa colonies created, the need for locally base. Financial institutions for many has been replacing the old barter system, and the British silver currency was increasing used in business transaction, government and individual for investment. The need for new generation bank is to import these coins, distribute them and absorb any surplus.
Moreover, the story of financial institution in West Africa may be traced back to 1891, following an attempt imitated by the chairman of elder demister. & company, a shopping company which operated between West Africa and liver-pool.
In 1892, the Africa banking corporation was incorporated following by the bank of British West Africa in 1894 to serve the bankers aspiration of Nigerians. In 1916, the colonial bank was established and was take over in 1925, by Barcloys bank. Together with the Angjo Egyptian bank the national bank of South Africa, they were converted to the Barclays bank.