1.1 Background of the study
In the past, when there no defined legal tender that can be used for exchange of goods and services, exchange were through trade by barter system.
The disadvantage of the barter system of trade leads to the evolution of money materials like tobacco, shells and cigarette.
Gradually, coin and paper money come into being. The development of bank notes is closely connected with the history of banking.
Banking started with the goldsmith. As people began to deposit there money and valuable things with the goldsmith, they were issued with receipt which gave the right to withdraw their deposits when need arises.
The goldsmith soon discovered that the money deposited was likely to be held by them for sometime, they find out that they could lend . This to other people without running the risk of immediate request for the return of the money.
The development of commercial banks in Nigeria dated back to the 19th century. It started as a means of facilitating the British shipping business.
Due to the advantages that would accrue to the shipping interest, a bank branch was opened in Nigeria in 2004 incorporated as the bank of British West African (B.B.W.A.)which was later changed to standard bank of Nigeria plc which also change to spring now. The activities of foreign banks of Nigeria Promoted the establishment of indigenous banks.
The Success Story of Indigenous banks attempts includes National Bank of Nigeria (N.B.N.) 2003, the Agbomagbe Bank (A.C.B.)2004 now Wema Bank plc and Bank of the North (2006) from independence indigenous banks have witnessed tremendous growth in the country’s banking industry.
Finally, Spring Bank is a widely spread financial institution across Nigeria e.g. Spring bank PLC, Akure,Spring Bank Owo Spring Bank Idanre and in Ondo state.
1.2 STATEMENT OF THE PROBLEM
Inspite of the numerous roles played by commercial banks in socio economic development of Ondo State in general and Akure in particular, it is noted that the economy of Ondo State is yet to be out of financial Problems. The researcher therefore focus her attention on the role of commercial bank in Ondo state. This research work will be useful to know which of the working class of people have an added advantage of receiving loan from the bank to improve socio-economic condition of the people in the studied area. As most of the people in Ondo State , They are given loan opportunity the more they will be able to generates money for the improvement of Ondo State.
Also the Study will help to know the management and operational System of spring Bank and civil Servant.
How to get complete project materials
Step 1: make payment of N3000 to any of the bank below
NAME: JOLLERTEX GLOBAL SERVICES
BANK: WEMA BANK PLC
ACCT NO: 0124522105
NAME: TITUS AYANI SOLA
BANK: FIRST BANK
ACCT NO: 3111741042