EFFECT OF MANAGEMENT AND CONTROL OF CASH IN THE BANKING SECTOR
(A Case Study of First Bank of Nigeria Plc (FBN) Kachia Road, Kaduna)
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ABSTRACT
Cash is the backbone of any financial institution which allows it to stand on it feet. Roughly one half of all started ups go out of business mainly due to inadequate financial planning in the name of cash management. A good cash management plan strives to minimize or even eliminate the guessing game of unpredictable events and to make all aspects of the bank fully predictable. In business good opportunities can present themselves to you at any time, but if you are not prepared to take advantage of them, the best one may be lost forever consequently, you could loose customer market share and even your ability to compete globally. However, the research work consist of fine chapters, one contain the history of the bank and the statement of the general problems of cash management and control, objectives and significance of the study. The second chapter deals with the review, third chapter deals with the procedures and analysis through which the writer data were collected. The forth chapter deals with data presentation and how the data was analyzed. The final chapter comprises of summary, conclusion, limitations and recommendations.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Banking is generally known to have started by seventeenth century goldsmith, since they has volt facilities. As individual keep their gold coins with the goldsmith, the business expanded and an association was formed. This gives rise to the emergence of merchant and private banks.
Banks have been accused of taking too much risk in unexplored new instrument and line of business. The advice being given to bank is to avoid further exposure of risk in the activities.
The main focus of this research project which is effect of management and control of cash by the banking sector. This topic is very important taking into consideration the fact that cash is the most liquid of the current assets of the bank. Cash is the live wire of banking business, this means that without it there is no way the business can live or proper.
According to van Horne (1980), management of cash deals with “managing the monies of the bank firm in order to attain maximum cash availability and maximum interest income in any idle funds”. In other hand, cash management and control involves the power or ability to guide or decide the way in which cash work, so that it could be available when needed at the right quantity and time as well as having the idle cash invested in order to enable the bank have maximum possible return on it. That is to say that proper management and control of cash will enable the bank to be in a better position to achieve profitability, liquidity and stability. This is the essence of the banking sector to be both profitable and liquid at all times.
1.2 Statement of the Problem
The First Bank of Nigeria is expected like all other banks to provide quick and efficient service to both customers and interested parties. The bank should know the value of time and should try as much as possible to discharge its customer in the shortest possible time. This is so because the customers are the business of the bank and that is why they are regarded as the asset of the bank. It is objective of the bank to safeguard the cash and other valuable deposited to them by their customer.
The primary question that come to a customer’s mind is; does the bank have enough and adequate security to protects and safeguard the cash and other valuable of its customers.
How does this bank manage and control its cash? These are some of the question that comes to any potential customer mind.
The study intends to investigate and find possible solution to the above question.