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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Indigenous banks in colonial Nigeria
Author:Uche, ChibuikeISNI
Year:2010
Periodical:International Journal of African Historical Studies (ISSN 0361-7882)
Volume:43
Issue:3
Pages:467-487
Language:English
Geographic term:Nigeria
Subjects:banks
economic history
colonial period
External link:https://www.jstor.org/stable/23046821
Abstract:Nigeria was the only country among the pre-independence British African colonies that developed an indigenous banking system alongside the colonial banking system. The shortcomings of the foreign bank-controlled Nigerian financial system led to the emergence of these indigenous banks. The first indigenous bank in Nigeria was established in 1929, and by 1960, at least 27 local banks had been established, of which 21 had failed. This paper examines the socioeconomic conditions that led to the establishment of these banks, the banks' management, the various challenges they faced, and the survival strategies they adopted. Attention is also paid to the political support for these banks from the African-run regional governments. The paper shows that the absence of regulation provided fertile ground for some Africans with little knowledge of banking, who were sometimes unscrupulous, to establish banks. The consequence of this was that many banks were characterized by poor capitalization, management and staffing, as well as fraud. The advent of the 1952 Banking Ordinance helped ensure that many of the indigenous banks collapsed. Most of the indigenous banks that survived had government support. Notes, ref. [ASC Leiden abstract]
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