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EFFECT OF
RURAL BANKING SCHEME ON THE ECONOMIC DEVELOPMENT OF EDO STATE
CHAPTER ONE
INTRODUCTION
BACKGROUND TO
THE STUDY
In West Africa before the advent of
the European, trade by barter was a phenomenon of the economy. The early stage
of monetary development in West African was characterized by crude or primitive
saving structures, where valuables are personally hidden in placed not easily
detected or kept with some money lenders for custody. Although the term
“banking” was not in use “savings: had already been a part of the community.
Thus, the idea of banking was not completely foreign to the West African
continent. The term “banking” come into existence in Nigeria, with the advent
of the European. The numerous advantages associated with the banking
institutions called for the rapid development of the banking industry.
According to Mobouway, Okaniyan, banks are important from then point of view of
economic development because they influence the thriftiness of the community,
assist in the mobilization of saving and channel the savings mobilized into
investment. Thus, as a result of this fast development, the primitive peasant
of West Africa economy was in no time transformed into a modernized and
commercialized economy. In view of banking advantages, both the federal and the
state budgets and policy speeches. The emphasis on the need to develop the rural
areas through the uses of rural banking in Ovia Local Government Area was
inaugurated in 1973 in other to help the rural dwellers who mainly used other
means of saving their money by lending it out to somebody. Another means is
that, they gather themselves and start paying any amount of money to one
particular person, this act is called “Osusu”. The rural banking development
programme is aimed at including the various commercial, merchant and
developmental banks to mobilize savings the fact that economic development in
the rural areas has been growing at a snail pace. Good enough, all of which one
factors in nation building. Taking a good look at the activities of Ovia Local
Government Area. This has to be in the mind of many people. The effect of banking
scheme in the rural areas. A careful study of the historical background of the
banking scheme will be a stepping stone into looking at the various ones of
activities performed by the bankers.
STATEMENT OF
THE PROBLEMS
Many people in the society have a
questionable thought about the impact ogf the rural banking scheme in the rural
areas. The researcher has the belief that banks one supposed to be the one of
the instruments of the government that is used in facilitating economical growth.
In this approach, the government is striving towards reviving the economy by
focusing attention on the rural areas of the country so as to promote
agricultural activities, which in turn will help to raise the standard of
living in the country. The overriding problem in Nigeria, which affects the
development of rural banking is the underdeveloped and poorly adopted financial
practices, which prevail the country, commercial banks in Nigeria have often
concentrated their business in the urban areas, they have not considered it
necessary to set up branches in the rural sector. Before the recent government
efforts to bring banking facilities to the rural areas, the alleged delay in
securing an approval to establish rural branches have not enhanced the provision
of rural banking facilities in Nigeria. The lack of banking facilities in the
rural areas has also concentrated a major obstacle in the way of rural banking
in the traditional way, using institutions such as the “Osusu” money lenders
and daily savings collection and so it has not been easy to develop orthodox
banking habit in them. The resulting effect shows that even after the
establishment of the rural bank branches, the volume of business activities
still remain low. These factors inevitably discourage bank from moving to the
rural areas. Finally, the infrastructural facilities such as pipe borne water,
electricity,. Good road network, modern houses and effective communication
facilities are either not available. Thus, the bank staff feels reluctant to
say in such area or places. There is a general death of skilled banking
personnel.
PURPOSE OF
THE STUDY
Nigeria like any other developing
countries of the world is paying more attention on how to accelerate the rate
of her economic development. As a means of achieving this purpose, there are
avenues opened to the government to expose its realization. Thus, the main
purpose of this work is to look at the effect of rural banking scheme in the
rural areas of the economic development in Edo State. The project is also
geared towards findings out how the rural commercial bank can mobilize savings
from rural dwellers. Furthermore, the project takes a look at the extent to
which rural banks have been able to meet the needs of the people through their
lending policy to finance projects like agricultures, small-scale indigenous
business and government projects. The sum up purpose of this research could be
seen as follows;
1. To determine the role of rural bank are
playing in the overall economic development of Edo State in all its
ramifications.
2. To determine the extent to which the
rural banks in Edo State fulfill the loan disbursement objectives in order to
facilitates economic activities in the state.
RESEARCH
QUESTIONS
1. For
how long have you been dealing with this bank?
2. What type of account do you operate with
the bank?
3. How long does it take you to open this
account from the day this bank was commissioned?
4. If it takes you a long time to open this
account what was responsible for the delay?
5. Have you ever asked the bank for a loan
or overdraft?
6. Was the loan granted?
SIGNIFICANCE
OF THE STUDY
Highlight of some of the major
areas of economic development in Ovia Local Government Area. Will provide the
background information to interested individuals such as ministries of economic
development. The study will also help in bringing about some of the problem
facing bank operation in the area relevant to staff in particular and the
customers in general. Finally, the findings of this study will serve as a take
off for subsequent researchers who would like to carryout similar studies.
SCOPE OF THE
STUDY
At the completion of this research
work, the researcher hops to successfully come up with solutions to the
following investigations.
1. To find out how successful the programme
has been executed.
2. To determine whether and to what extent
the scheme has promote the development of the rural areas economically.
3. Also the researcher will be able to
examine the various problems faced with this programmes and to suggest possible
solution.
DEFINITION
OF TERMS
These words or group of words have
been used in the course of writing the research. These words of the reader. So
to make the reading more meaningful the words have been defined especially as
it relates to the research topic.
Rural area:
underdeveloped area dominated by agriculture.
Banking:
This is the act of collecting saving of money and assisting people in terms of
facilitating financial exchange.
Scheme:
Systematic arrangement proposed for executing a plan of action.
Rural
banking scheme: A plan by the government, through the central bank to effect
the establishment of commercial banks in various local government area in the
country.
Money:
Anything, which is generally accepted in the exchange or for the settlement of
debt.
Barrier
economy: A society where there is a total absence of monetary transaction.
Economic
development: The total transformation of the mode of doing things both
economically and politically.
Economic
growth: If good and services production in a given period increased from year
to year when measured by the total goods and service produced in given period.
Indigenous
bank: banking institution owned and controlled by the citizen of the place in
which such a bank is located.
Alternatively
it is a banking institution where the majority of shares are owned by the
citizens of the place in which the bank is located.
Infrastructure:
Infrastructures refers to all installations usually found in bank in form of
technological development that will enhance the work performed as distinct from
all manual operations.
Rural
inhabitants: These are those people who make their living in the rural areas.
Standard of
living: It means the extent to which make their living in the rural areas. Also
one can satisfy its wants. But when only able to satisfy its basic needs such
as food and shelter
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