History of banking Among many other things, the Code of Hammurabi from BC recorded interest-bearing loans. Banking began with the first prototype banks of merchants of the ancient world, which made grain loans to farmers and traders who carried goods between cities and this system is known as a barter system. This began around BC in Assyria and Babylonia.
April 1, by articles 11 Comments Origin of Nigeria Banking System Orjakor— holds that the organ of the Nigerian Banking system dates back to the colonial period. The activities of the extra territorial merchants in the former West African colonies and the establishment of settle territorial government created need.
For locally based financial institutions inthe banks for British West African was established in Lagos mainly to facilitates commerce between Nigerians and their British counterparts in business. The Barclays banks followed by and in the national bank of Nigeria Ltd.
The structural network of institutions that offer financial services within a county. The members of the banking system and the functions they typically perform include: (1) commercial banks that take deposits and make loans, (2) investment banks which specialize in capital market issues and trading, and (3) national central banks that . The Automated Teller Machine ATM Banking System is a banking application developed to perform different banking services through the Automated Teller Machines. SunTrust Online Cash Manager makes business banking easy with cash management, fraud protection and access to information online and via a mobile device.
The first indigenous banking institution that survived the followed in is the African Continental bank. These indigenous bank were left to operte in periphery of banking business even the state governments owned banks that were established within the last ten years, were anxious to stay in the big cities where they could generate profitable business quickly, rather than see themselves as vehicle for rapid transformation an development of the rural sectors of the estates that owned them.
In the anxiety to survive, the indigenous Banking system have host sight of the objectives of their founders in the direction of serving the needs of the rural population and instead focused their strategy on the big cities like the foreign banks who have always been out to promote the interest of the metropolitan headquarters, while some of the estate banks were pressured politically to extend their operations to some semi urban area.
Most of the rural areas in the state or origin did not receive the slightest consideration of banking service that was the background of the state of affairs, in which by April after over three quarters of century of banking — there existed only banks branches to serve a vast population.
But I defined banks as a place where money and other valuable are kept for safe until when they are needed. Incidental to or in connection with receiving deposit and loans, there are many services that banks render which are fundamental importance to the normal functioning to our complex economic system.
For example, banks provide a safe place for the deposit of funds, which temporarily are not needed by their owner. Through the banks services in changing money, individuals may obtain currency or coin, in the dominations desired. Also through cheques, depositors can pay their bills, reducing carrying of money from place to place, thereby minimizing risks.
The banks also assist in the bookkeeping operations of his depositors record of both cash and creditor founds received and disbursed and equally rendering receipts in the form of cancelled cheques for bills discharged.
The types of operation of this banks vary from country to country.
Generally they include the following: It is usually a government own bank established to take care of two major groups — the government and the banks. To the government it serves as a banker and financial advertise. That is, the government keeps money with the central bank and also borrows from the bank when the need arises.
But more importantly, the Central bank also serves as a financial adviser to the government. It is also advices the government on monetary policy and on other economic policy matters.
To other banks commercial, merchant bank and others the central bank acts as a banker and lender of last resort, it keeps money for other banks just like these other banks keep for individuals and business firms.Reliable, proven and competitively priced core system which can be tailored for a bank’s specific needs.
Mar 15, · But, if the Chinese start to throw around money in the same fashion that Americans do, it will push the banking system to breaking point.
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1; June 1. Feb 21, · Opinions expressed by Forbes Contributors are their own. I write about the political economy of China and its major industries Although China's rapidly rising debts have been a reporting staple. The Missed Small Business Banking Opportunity – Why Banks Must Optimise Digital Capabilities, or Risk Losing Customers.
This is a great article but sadly these appear to be examples of the powerful incumbents attempting to usurp blockchain so as to keep themselves in the middle (Bank of America’s patents – actually, patents are a good use case for blockchain) rather than the powerful incumbent reinventing themselves.