History of Nigerian banks and the banking sector to date

Nigerian banks and banking sector History to date

Before the banking industry reached where it has today, there is a history that cannot and should not been forgotten. The history of banning in Nigeria dates back to 1892 and has developed presenting 118 years of complete banking history.

Right from the establishment of the foundation banks in Nigeria, the Banking Corporation and the Bank of British West Africa took the first attempt as an indigenous bank in Nigeria in 1929 up until the establishment of the Central Bank on Nigeria in 1959.

The Nigerian banking industry which is regulated by the Central Bank of Nigeria, is made up of; deposit money banks referred to as commercial banks, development finance institutions and other financial institutions that include; micro-finance banks, finance companies, bureau de changes, discount houses and primary mortgage institutions.

Essentially the industry consists of 24 commercial banks, 5 discount houses, 5 development finance institution, 50 class A bureau de change, 598 bureau de change, 98 Primary Mortgage Institutions, 84 finance companies and 914 Micro-finance institutions.

The development of the banking sector in Nigeria can be attributed to the many sectors that boost the economy staring from the industry sector to the agricultural sector as well as other artistic sectors for example that of film. The banks in the country have had an exchange of management with the aim of seeking better and more efficient services and governance.