THE TECHNIQUES OF IMPROVING COMMUNITY BANKING SERVICES IN NIGERIA
(A CASE STUDY OF OHHA COMMUNITY BANK NIG LTD)
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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.
- Background of the study 1
- Statement of problem 4
- The purpose/objective of the study 6
- Scope of the study 7
- Research questions 8
- Significance of the study 9
- Definition of terms 10
REVIEW OF LITERATURE 12
- Origin of Community Banks 12
- Nature and scope of Community Bank 17
- Objectives of community banks and
functions of community banks 22
- Techniques of improving community banking service 32
- Summary of related literature 36
RESEARCH METHODOLOGY 37
- Research design 37
- Area for the study 37
- Population for the study 37
- Sample and sampling procedure 38
- Instrument for data collection 38
- Validity of the instrument 38
- Reliability of the instrument 38
- Method of administration of the instrument 39
- Method of data analysis 39
DATA PRESENTATION AND RESULTS 41
- Summary of results 45
SUMMARY OF FINDINGS, CONCLUSIONS, RECOMMENDATION AND SUGGESTIONS FOR FURTHER STUDY 47
- Discussion of results 47
- Conclusions 48
- Implications of the results 50
- Recommendations 50
- Suggestions for further study 53
- Limitation of the study 53
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:
- Effects of these bank in national economic development.
- Lack of modern equipment in the community bank.
- Poor level and quality of services provided by this Ohha community Bank.
- It is difficult to know the extent discrimination of services has gone in the banking service.
- 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