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ABSTRACT
Community banks were established in Nigeria to help remedy the rural
development problem that has been facing Nigeria since after World War
II.
The fundamental concepts of a community bank is of a self
sustaining financial institution, owned and managed by community or a
group of communities for the purpose of providing credit deposit,
banking and other financial services to its members.
The objectives
of the research work therefore covered the pace of providing financial
and banking services and other facilities to communities that were
inadequately supplied with such services, the rapid enhancement of the
development of productive activities in rural areas, the promotion of
emergence of an effective integrated national financial system that
responds to the need of the whole economy from individual and grassroots
community level through level of local government areas and states to
the national level.
The study also covered the problems encountered
by these banks in carrying out their functions and then the
recommendations of the possible solutions.
CHAPTER ONE
INTRODUCTION
1.1 BACKGOUND OF THE STUDY
The
federal government of Nigeria in 1990 budget speech decided to establish
community banks in order to strengthen its programmes of grassroots
economic development.
The fundamental concept of a community bank is
of a self-sustaining financial institution, owned and managed by a
community or a group of communities for the purpose of providing credit,
deposit banking and other services to its members largely on the basis
of their self-recognition and credit worthiness. This is in
contradiction to the near total reliance by the orthodox banks on viable
and negotiable collaterals as the basis for giving credit.
It is
designed to ensure that a community or group of communities may
establish a community bank for the purpose of promoting rural
development through the provision of finance and banking services,
improving the economic status of small-scale producers both in the rural
and urban areas, enhancing the rapid development of productive
activities especially in the rural area to support desirable and
sustainable rural economic growth in Nigeria.
A bank licensed under
the community bank decree shall accept from persons various types of
deposits including savings and time deposits. Receive or collect on
behalf of its customers, money or proceeds of banking instruments,
provide ancillary banking services to its customers, maintain and
operate various types of accounts with other banks, and perform such
none banking functions as may promote grassroots development within the
banks geographical areas and also operate equipment leasing facilities
designed to ensure access of its customers to form inputs purchase on a
consignment basis for group of client.
Community banks in Nigeria
banking system dates back to 1990 when budget speech was delivered by
the president, commander in-chief of the armed forces, General Ibrahim
Babangida. Since them each state of the federation now has a minimum of
at least twenty (20) community banks. Even the federal capital Territory
has four. These banks are in all part of the country.
National board
for community banks is established for monitoring, promotion,
development and general supervisions of the community banks. Hence the
banks are under the control of national board for community banks (NBCB)
and the Central Banks of Nigeria.
As we move into the 21st century,
community banks all over the world realize that only those that overhaul
the whole of their service delivery systems and operations are likely
to survive and prosper in the new millennium. This is due to the
pressure of globalization, consolidation, delegation and rapidly
changing technology. In order to properly place themselves in favourable
positions for competition and be one of the corporations to be reckoned
within the new century, community banks are making use of information
technology (IT). They have not only started ensuring that their PC per
capital use is one for every staff, they have also started bringing PCS
together to form local and wide area networks.
Many community banks
have installed a modern computer inter-connectivity backbone that would
enable them achieve community of data and multimedia over intranets,
extranets, and with the whole world, over the Internet. They also
realize that they have to achieve not only management/staff wide
computer literacy, but what could e called information literacy, i.e.
knowing how to locate, analyse, store and use information. All staff and
managers in a modern community banks need to be able to search and
gather data from several different types of sources, analyse them,
select the relevant ones and organize them in such a manner to allow
them to make decisions based on the organized data.
Community banks
of the future realize that the banking of tomorrow requires more of
electronic manipulation and shuffling of bits-based money and other
banking transactions, instead of paper.
1.2 STATEMENT OF THE PROBLEMS
The fact that the
rural areas are under developed when compared to the urban areas in true
and the fact that there are untapped material and financial resources
in these rural communities is also true. The major problems therefore is
how to harness these abundant resources for the development of the
rural area through the improvement of banking services based on staff
important bearing in mind that these resources are minutely held by the
vast population of the rural dwellers.
The banking sector as the
prime mover of the nations economic life is seen as the most viable
sector to make this dream a reality. But then, given the Nigerian
situation especially Enugu Metropolis with vast area of land and low
income base, the task before the community bank are quite enormous with
the problem of ignorance and illiteracy of the majority of people whom
the banks are dealing with and also the problem of infrastructual
facilities which includes good roads, water, electricity, office
equipment and residential accommodation for the bank staff who work in
these rural areas.
But perhaps the most delicate of these problems
is the lack of banking habit among the rural dwellers who still use old
traditional ways of savings mobilization like the daily savings method
or the “ISUSU” of the social meetings. How can the bank make the rural
dwellers less apprehensive of the bank and use the services provided by
them to enhance their welfare?
Among the problems include:
1. Effects of these bank in national economic development.
2. Lack of modern equipment in the community bank.
3. Poor level and quality of services provided by this Ohha community Bank.
4. It is difficult to know the extent discrimination of services has gone in the banking service.
5. The contribution to growth of small scale industries in Enugu Metropolis.
6. It is also difficult to know the extent of alleviating the urban economic development problems.
1.3 OBJETIVE OF THE STUDY
The objectives of this
study is to analyse the techniques of improving banking services in Ohha
Community bank. These objectives includes:-
1. To find out the effect of community bank in the national economic developments.
2. To ascertain the extent to which lack of modern equipment effects banking services.
3. To find out the extent to which the poor quality of services effect Ohha community bank.
4. To ascertain the extent to which discrimination effects banking services in Ohha Community bank
5. To determine to what extent contribution of Ohha Community bank to small scale industries in Enugu Metropolis.
6. To ascertain the extent to which these developments effect in urban economic development problems.
1.4 SCOPE OF THE STUDY
This research work was
chosen with the intention to analyse the techniques of improving banking
services but with particular reference to Ohha Community bank, Enugu.
This is with the view to determining how the bank has been able to
change the economic situation of the people around the area.
In the
analysis, attention will be focused on the contribution of this bank to
the growth of small scale industries. The study covers ascertaining from
the bank all necessary information and requirement that will be of help
in achieving customers satisfactions.
1.5 RESEARCH QUESTIONS
The following research questions have been designed for analysis:
1.
To what extent does the establishment of community banks in Nigeria
especially the Ohha Community bank affect national economic development?
2. To what extent does lack of modern equipment affects banking in Ohha Community bank?
3. To what extent does poor services affect the banking services of Ohha Community bank?
4. To what extent does discrimination of services affect Ohha Community bank?
5. To what extent are contributions to growth of small scale industries in Enugu Metropolis?
6. To what extent does these services affect the urban economic development problems?
1.6 SIGNIFICANCE OF THE STUDY
This research work
will be of immense help to the government especially the rural
development authority as it will give them the opportunity to access
their performance in rural banking development. It will also be of great
value to the community banks to access their performance in the area of
services to their customers and improve in the area of poor
performance. Hence it will be beneficial to the generality of the
public. It will also be of great importance to people carrying out
research in related topics.
To the economy at large, this study is of
great value since rural economic development involves providing these
social amenities in the urban areas to the rural areas. This will e some
extent restrict the usual movement of rural dwellers to urban areas.
The
movement restriction will lead to massive agricultural and industrial
production, the promotion of rural financial and banking services and
the promotion of emergence of an effective and integrated national
financial system that responds to the need of the whole economy.
1.7 DEFINITION OF TERMS
BANKER:
The bills of
Exchange Act of 1882 defined a banker as a body of persons whether
incorporated or not, who carry on the business of banking and having
duly made a return to the commissioner of inland revenue, and also any
savings bank certified under the Acts relating to savings bank and also
any post office savings bank.
COMMUNITY BANKS
A community bank is a
financial institution established to cater to the saving and credit
needs of small scale producers throughout the country.
BANK SERVICES
Bank
service is a professional service, professional service marketing
involves all organized activities and programme by professional services
designed to retain present customers and attract new ones by sensing,
serving and satisfying their needs through the delivery of appropriate
service on a paid basis in a manner consistent with creditable
professional goals and norms.
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