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- Title
Indigenous Banks in Colonial Nigeria.
- Authors
Uche, Chibuike
- Abstract
The article discusses the history of commercial banking systems in Nigeria and explores reasons why indigenous, or local, banks established during the British colonial era often failed in comparison to banks developed by the colonial government. It provides an overview of the structure of the colonial banking system developed in the late 1800s and early 1900s, discusses reasons why the colonial banks focus on British commercial needs led to the development of local banks, and chronicles the failure of the first Nigerian indigenous bank, the Industrial and Commercial Bank, in 1929. It also describes how bank fraud and mismanagement contributed to the failure of local banks and examines how government intervention helped to stabilize some indigenous banks in pre-independence Nigeria.
- Subjects
NIGERIA; AFRICA; BANKING industry; COLONIAL banking industry; BANK failures; MISMANAGEMENT; COLONIAL Africa; NIGERIAN history, 1900-1960; HISTORY
- Publication
International Journal of African Historical Studies, 2010, Vol 43, Issue 3, p467
- ISSN
0361-7882
- Publication type
Article