THE EFFECT OF COMMUNITY BANKS IN RURAL DEVELOPMENT (A CASE STUDY OF ULI COMMUNITY BANK ULI).

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ABSTRACT

This project work is a study of the impart of Community Banks in Rural Development: case study Uli Community Bank Ltd, Uli.

In carrying out the research, questionnaires were used,  which the researcher made available to the manager, staff and customers of Uli Community Bank.

Information for this research was collected from primary, secondary and oral interviews.

The data were analyzed using tables and evaluation of data using percentages. The study reveals Uli Community Bank has a lot of impact in the development of its local area (Uli,Ihiala LGA,  Anambra State), and these include:  inculcating banking habits on the rutal dwellers,  and to generate employment in the areas where it is located; and as well, granting  loans to the rural dwellers; a ready medium for quick cash transfers for people whose relations are abroad and within.

The researcher also found out that Uli Community Bank does not only provide financial services to the rural dwellers, but also guarantees employment to the masses in their local and granting loans to the rural dwellers without adhering strictly to the collateral requirements Uli Community Bank even goes the extent of limiting the use of collateral to only making use of a third party qyarabtir.  The researcher also noticed that the main problem facing Uli Community Bank is that it  has a lot to do in the growth of economic activities in the rural areas.

The recommendations were made the banks should be adequately funded by the federal government to beef  up their capital base.

Since it was established to promote productive activities in her rural area, this will go a long way in helping the bank to meet her enormous demands in development of the rural areas.

Government should also allow the community bank to be involved in foreign exchange transactions and also to process her cheques directly with the central bank and not through correspondent

commercial banks.  This could be possible only if community bank are allowed to have branches and are accepted no clearing house.

Finally, Uli Community Bank should be allowed to establish other branches in her rural areas and beyond.  If all these recommendations are implemented, it will go a very long way to developing the rural community which is among the objectives for establishing community banks.

TABLE OF CONTENTS

CHAPTER ONE

Introduction                                                                       1

• Background of the study 1
• Statement of the problem 6
• Objective of the study 7
• Significance of the study 9
• Research Questions 10
• Scope of the study. 10

CHAPTER TWO

• Review of related literature. 11

2.1 Historical developments of community banks             11

• Related roles of development institutions and banks 19
• The role of central bank of Nigeria in the establishment

of community banks                                                            23

• Rural development programmes and community banks 30

CHAPTER THREE

• Research methodology 36
  • Research design 36
  • Population of the study 36
  • Sample and sampling techniques 36
  • Methods of Data collection 37
  • Method of Date Analysis. 37

CHAPTER FOUR

• Data Presentation and analysis. 38

CHAPTER FIVE

• Discussion of result 49
  • Summary of findings 49
  • Conclusions 51
  • Recommendations 52
  • Suggestion for further study 53
  • Limitation of the study. 54

References                                                                         55

Appendix A                                                                       57

CHAPTER ONE

 

Introduction

• BACKGROUND OF THE STUDY

The establishment of community banking in Nigeria was consequent to 1990 budget speech by the president.

Owing to this, the first community bank was established at Alheri Local Government Area of Kaduna State in December, 1990.

A community bank from definition standpoint is a bank for the community purely set up for the development of the rural community.  To this extent, the bank is a rural development bank.  It is also a self-sustaining financial institution owned and managed by a community or group of communities to provide financial services to that community.

To establish a community bank, a minimum equity share capital of N250, 000 = is required by the community banks implementation committee to process applications for its establishments.

Community banks were established mainly to promote productive activities in rural areas specifically.

They are meant to facilitate the programmes of the Directorate of Foods, Roads and Rural infrastructure by providing easy access to credit of rural producers.  Consequently, the Directors of community banks will be expected to take very special interest in knowing about and understanding the details of these programmes and encouraging their customers to enhance their productive capacity through participating in these programmes.

Part of our experience in rural development has clearly shown that efforts are expanding the economic base of the rural area is always backward because of scarcity and restrictive access to loan able funds.  In solving this problem, previous government in their economic policies had relied on development banking and rural branch banking of the orthodox banks.

It was however, observed that the sophisticated mode of operation of conventional banks, their legalistic insistence on collaterals and their very limited/geographical coverage rendered them inadequate or incapable of dealing with the unsophisticated rural dwellers and less privileged in our society.

It was the unsatisfactory outcome of the banking systems that prompted Babangida administration to conceive other more appropriate systems of credit delivery, hence, the introduction of community banking in 1990.

The law establishing community banks made it a unit banking institution.  This means that it is prohibited from haring branches.  Community banks render all banking scheme services except foreign exchange transactions restricted by the law establishing it.

It is also restricted to other lower financial institutions.

Indeed rotating savings and credit association `Isusu` dominated the informal credit system of poor, rural and urban inhabitants and provided a viable structure upon which community banks were built.

The `Isusu`, though it has potentials for providing a viable basis for the evolution of a rural banking system was so tedious and crude.  As much, community banks were meant to replace this, and inculcate disciplined banking habits in the rural population.

It was not only that the banking habit of the populace is underdeveloped and naïve, the community banks were reluctant to establish branches in the rural areas, perhaps due to lack of essential amenities. It was this commercial banks non-developmental approach that led to the government’s policy on rural banking programmes.

The programmes made rural banking of conventional banks mandatory.  This idea was to compel orthodox banks to open branches in the rural areas of economic development.

Economic development means the process of improvement of the wealth of a country or on its regrinds e.g. by increasing the production of food, etc. building new roads, railways etc. the shift of emphasis to grass root development is a matter of necessity.  At the present stage, of our development, projects and programmes cannot achieve any appreciable improvement or impact until they focus on those overall areas.

Otherwise, the masses who are rural based but poverty ridden will continue to weigh down any development aspiration of government.  In effect, it is imperative that we lift up the rural low-income segment of the society.  If society is to undergo true economic transformation.

Therefore, it is the government’s intent and desire that every Nigerian who is engaged in a productive economic activity must have access to loanable funds irrespective of the size of that desire.

In order to bridge the gap between the conventional banking system and the peoples bank, community banking was put in place.

 

 

 

• STATEMENT OF PROBLEM

Though, much effort are being put by government in the formulation of policies which are geared towards improving upon the economic status of the rural people, certain factors militate against it. The essence of community banking is to enhance development in the rural communities, but from operational standpoint community banks show little or no effort to this affect.  Funds  are granted to customers, collaterals  are required from them by comme