Bank Operation System in Nigeria and Location/ Check Here
This article concerned about the bank and how they operate in Nigeria, At the end of reading this article someone will be able to identify the types of account and the benefit involved.
In Nigeria, the first banking legislature came into existence in 1952 following a series of bank failures that characterised that period. The ordinance 1952 was the result of the paton commission set up in 1948. The commission defined banking as the business of receiving from the public on current account money which is to be repayable on demand by cheque and of making advances to customers.
Before the enactment of the banking Act 1979, it was necessary to consider what service an institution provided and how other institutions regarded it to determine its status as a bank.
Recruitment Online Click Here
- To receive money, cheques and other instruments for collection and subsequent credit to the customer’s account.
- To paycheques and other withdrawal authorities properly drawn by the customer during banking hours at the branch where the account is kept or elsewhere as agreed, Essure: genuine signature and mandate.
- To maintain security concerning the customer’s account and other affairs.
- To give reasonable notice before closing his account especially a credit account.
- To ensure the safety of customer’s money and pay agreed interest on deposits.
- To avoid wrongful dishonour of customer’s cheques.
- To keep accurate records of account and render statements of account to the customer periodically or upon request.
- To exercise proper care and skill in carrying out any business he has agreed to transact for his customer.
- Duty to maintain accounts separately held as such.
- Duty to exercise reasonable care in drawing his cheques and other payment instructions so that
- fraud or forgery will not be facilitated.
- bank will not be misled.
Types of Bank of Account:
- Current Account and the Benefit Click here
- Fixed Deposit Account and the Benefit Click here
- Saving Account and the Benefit Click here
- Deposit Account and the Benefit Click here
Meanwhile, we have listed the instruction code of all banks that can be used to transfer money to other banks.
Transfer Code of All banks Click Here
Bank Location in Nigeria Click Here
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