ROLES OF BANKING IN THE NIGERIAN ECONOMY

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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 CHAPTER ONE

INTRODUCTION

1.1     BACKGROUD OF THE STUDY

The reason for banks striving to improve their profitability are obvious and varied. In this era of competitions, there is need for organizations, banks business enterprises churches, clubs etc. to evolve procedures to improve their performance to the benefits of their consumers and kowing fully well that times have change and also the creams of cutomers.

For bamks the need as more pronounced especially when they are faced with what we call institution and inter bank competition, which a times head to the declining profit margin of many banks consequent upon some factors as inflation and tight money supply measures of the permanent. The needs for competitions among banks and other public relations programs geared towards building good corporate image for their respective banks. Nigeria banks have recognized that effective public relations has become the integrating force which interprets their environment to the bank management, defines objective and building good will through good deeds. In furtherance of these objectives, many banks in Nigeria have introduced extra incentive such as credit cards, weekend banking organization all in attempt to provide exceptional services for their customers and to retain old customers, attract potential depositors and win public understanding. These banks adopting to change trends by creating effective public relations department as a tool to boost cooperate image are currently experiencing increases.

• HISTORICAL ROLES OF BANKING IN THE NIGERIAN ECONOMY

Banks can be defined as an institution in which individuals keeps, exchange and transact money. Banking as an industry is impossible in a non-monitored economy. The growth of banks in the former British west Africa (Nigeria inclusive) did not start until the introduction of the British coinage and currency system in late 19^th century.

Banking business was first introduced in Nigeria in 1892. the first bank in Nigeria was the African Banking Corporation from 1892 banking activities started striving with life competition between rival banks. This was free banking era. It was characterized by non existence of banking legislation. Any body could set up bank provided he is registered under the provision of companies ordinance. The ordinance prohibited formation of a banking company unless it was registered as a company.

This period witnessed the establishment of the banks of British west Africa (BBWA), Barday Bank, Dominion Colonial and oversea bank, British and French banks, National bank of Nigeria and African continental bank limited.