COMMUNITY BANKING SYSTEM AND THE PROMOTION OF RURAL DEVELOPMENT
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COMMUNITY BANKING SYSTEM AND THE PROMOTION OF RURAL DEVELOPMENT
INTRODUCTION TO CHAPTER ONE
1.1. BACKGROUND OF THE STUDY
The foundation of this project effort is the identification of the responsibilities of the community banking system in the promotion of rural development in Nigeria.
There are currently numerous community banks located throughout the country. These banks’ services have greatly aided the government in meeting its goal of catering to the teeming population of economically disadvantaged individuals in a controlled manner.
A survey of the activities of the country’s community banks reveals that the system is less technical and easier for the rural public to understand, which has aided in the improvement of the banking habits of the entire rural citizenry.
So far, progress reports from the National Board for Community Banks, the Central Bank of Nigeria, monitoring reports,
and customer testimonies from various community banks have confined that the system has tremendously fulfilled the goal of promoting rural economic development through the provision of financial and banking services, as well as the rapid enhancement of productive activities in rural areas.
1.2. STATEMENT OF THE PROBLEM
Because community banking is a newcomer to the banking industry, their banking services are highly competitive with those of other banks. People have been inspired by these, and their presence has been felt.
How far they actually got in terms of encouraging rural development in the country.
1.3. OBJECTIVE OF THE STUDY
1. To learn about the many financial services provided by community banks, as well as their involvement in rural development.
2. To determine how effective they are in achieving their goals.
3. To determine the impact of promotional efforts on rural residents.
4. To give operational France work that will lead to efficient and successful promotional development of the rural populace through recommendation.
It is the researcher’s hope that by the end of this academic work, her results, conclusions, and recommendations will boost bankers’ morale in promoting rural development and assist people recognise the efforts and influence of community banks’ operations in their diverse places.
1.4. SIGNIFICANCE OF THE STUDY
The importance of the research is based on the fact that the establishment of community banks is a step in the right direction towards economic growth and an improved standard of living in both urban and rural communities.
Furthermore, the project would make it easier for the government and community banks to manage community banks across the country.
Aside from enhancing the development operations of community banks towards rural development and increasing public confidence in them, the project’s results and recommendations will be implemented in a local scale.
1..5 SCOPE OF THE STUDY
This project covers on every aspect of community banks’ development activities. It also covers the role that community banks play in fostering rural development.
The study also looked at the measures that banks might use to effectively achieve their goals. Furthermore, the research will critically analyse the origins and measurement of community banking in Nigeria, as well as the structure and organisation of the community banking system.
Furthermore, the research effort will determine who owns and controls community banks in Nigeria. Community banks’ goals and functions will also be discussed.
Finally, the researcher’s findings, conclusions, and recommendations for encouraging rural development in the country will be discussed.
1.6 DEFINITIONS OF TERMS
Banks: financial institutions that store money and other valuables for safekeeping.
Banking: The agency that inverts debt and credit and exchanges it between owners.
Banker: A person who is knowledgeable in banking operations.
Community bank: A self-sustaining bank owned and operated by communities with the goal of providing credits, deposits, banking, and other financial services to its gross root level customers.
Financial institutions include depository institutions such as banks, stock exchanges, clearing houses, insurance companies, and so on.
C.B.N: This is a government-owned bank or an exposed financial institution tasked with managing the cost volume available and directing money and credit in the economy in order to achieve desired economic goals.
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