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CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGOUND OF THE STUDY
According to Adekanya F. (1984) Define Banking habit as the
degree as which member of the public patronize banks. The regularity
with which individual and corporate bodies in the society make use of
banking faculties.
As palne (1978), Rural banking scheme is a programme managed by
the central bank of Nigeria in the 1970 and it aims at bringing
banking facilities to the door step of rural dwellers.
The first approach used by the commercial bank of Nigeria was
mandating the commercial banks to open branches in the rural area, for
example in 1977 the central bank of Nigeria mandated the commercial
banks to open branches in the rural areas, for example to open 198
branches in the rural area within a period of three years July 1977 to
June 1980 unfortunately the commercial banks of Nigeria guidelines.
To ensure compliance the central bank of Nigeria used the power
it has under section 4 under the banking Act of 1969 tied the approval
for the opening of urban branches but all to no avail.
Promulgated the microfinance Bank decree no 46 of 1992 which provide for the establishment of microfinance bank.
The microfinance banking system is owned and managed by
community or a group of community for the purpose of providing deposit,
credit and other banking facilities for the members of the community.
The number of microfinance banks has increased greatly from
1991 to date. By the nature, microfinance bank therefore are self
sustaining financial institution owned and managed by the community or
group of people for the purpose of providing credit facilities deposit
banking and other financial services to its members at large on the
basis of their self recreation and credit worthiness.
In Nigeria, like in many African countries successive
government have implemented various agricultural and rural credit
schemes as a means to address perceived shortage of rural credit to
stimulate rural employment and productivity under the scheme
institutional resources programme efforts and government energies were
devoted, through parastatals based top button intervention
interventions, to imperial mostly supply financial development funds to
rural entrepreneur and small scale farmers ( Graham 1992, Yaron 1992).
STATEMENT OF THE PROBLEM
In Nigeria, economy has revealed that about 75% of the people
living in rural areas has been deprived access to banking facilities
Ijera M.O (1986).
And so far, in Nigeria, the problem of rural under development
and hence general economic stagnation of the overall economics of the
developing countries is inadequate flow of financial resources to the
rural areas as well as the channeling of the available resources from
the rural to the banking habit of the rural dwellers.
Mobilization and the utilization of owning financial resources
are the most important pre conditions for the mordernizing the rural
areas and improving the living standard of many.
Also, there is a total neglect of the rural community in the
scheme of banking expansion and the inadequate of banking expansion and
the inadequate of banking facilities generally. The government
establishment of rural banking scheme of diffused branch network of
bank to all in part of the country the develop banking habit among the
people and could build up a banking system that could sustain rapid
contribution and balanced development of the economy.
In Nigeria, the rural economy encompasses a substantial
propotion of the countries human and natural resources and therefore
require large amount of financial resources too in order to develop it.
Inspite of the effects with less than expected achievement,
rural borrower still encounter difficulties in accessing credit from
formal financial institution. It is thus necessary to provide a channel
for mobilizing and investing saving in the rural area.
Therefore, it was due to the nature of banks in Nigeria economy
as a whole coupled with the fact that the federal military government
initiated the Rural Banking Programme (RBP) by her geographical size
and population was under banked in term of banks and banking sector is
the most backward in terms of proportion of the economic unit passing
through the banking system (Stanstan 1994)
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