The system of Banking arose as a result of the development of paper money. In olden days when people were using system of exchange “Barter trade†where goods are exchanged for good. The British Gold smith formed the habit of keeping peoples valuables like gold and issue receipts, which were being stored by the Gold smith until later dates.
Nigerian banks have not performed up to its expectation over the years of its establishment. The system has experienced a lot of short falls, which will be highlighted in this write-up.
From these, the system of Banking started developing till it reached its stage now in the world.
In Nigeria, the first indigenous bank was National Bank of Nigeria (NBN) which started operation in 1933 which was after the establishment of Africa Banking Corporation (AB) in 1892. British Bank of West Africa (BBWA) was then established in 1893 and started operations in 1894.
Then this African continental Bank PLC (ACB) followed in 1947 before other bank started to exist.
The performance of banking industries in Nigeria cannot be over emphasized but it has contributed a lot in the development of Nigerian business.
Nigerian banks have not performed up to its expectation over the years of its establishment. The system has experienced a lot of short falls, which will be highlighted in this write-up.
Due to changing economy of the nation, banking system is expected to play a vital role in the Nigerian business economy.
The consumers of this project will understand the development of Nigeria banking system, the problem facing it, cause of the problems and also means of preventing future problem in the system.
Source:- Airbary
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