The First Bank In Nigeria
You might have often wondered which bank is the first bank in Nigeria and the origin of the banking system. Well, there isn’t any need to wonder anymore as this article is designed to explain in clear terms the history and origin of the banking system in Nigeria as well as the first ever established bank.
The banking system is proven to be one of the significant sectors contributing to the growth of Nigeria’s economy. Over the years, this industry has witnessed tremendous growth in structure and activities.
HISTORY OF THE NIGERIAN BANKING SYSTEM
The origination of the Nigerian banking system can be traced back to the epoch of neocolonialism. The Neocolonial government at the time set up neocolonial banks in order to meet its profit-oriented objectives.
This system was launched in 1892, with the initiation and institution of British West Africa and African Banking Corporation ( which is now known as the First Bank of Nigeria since the year 1979 and 1991), as the first banking institution in Nigeria. Did you see the post that proves that the First Bank of Nigeria has actually lived up to its name? In case you missed it see here the Top 10 Banks In Nigeria.
THE HISTORY OF THE FIRST BANK OF NIGERIA
The First Bank of Nigeria was set up by Sir Alfred Jones, who was a shipping merchant from Liverpool, in England. Its head office was situated initially in Liverpool before the bank resumed business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BBWA).
In 1912, the Bank acquired its first major contender, which was the Bank of Nigeria (formerly called Anglo-African Bank), instituted in 1899 by the Royal Niger Company.
In 1966, getting along with its affiliation with Standard Bank, UK, the Bank derived the name Standard Bank of West Africa Limited.
In 1969 it was subsumed aboriginally as the Standard Bank of Nigeria Limited.
Further changes in the name of the Bank also occurred in 1979 and 1991 to First Bank of Nigeria Limited and First Bank of Nigeria Plc, respectively.
In 2012, the Bank again changed its name to First Bank of Nigeria Limited as an attribute of a reorganization coming through in FBN Holdings Plc.
Building on its substantial foundation, the Bank has invariably gained new grounds in the local commercial and finance sector for over a century and two decades.
The First Bank in Nigeria has continually stayed on track, catering to the unique needs of its customers, which comprise regulators, shareholders, investors, networks, workers, and several others. Through a dynamic modus operandi in executing plans, the first bank in Nigeria has stabilized its industry advancement by perpetuating its appeal across several generations.
Thus, the first bank in Nigeria has continuously increased its customer base, which cuts across all aspects in terms of structure, sectors, and sizes.
Building on its expertise transversing over a century of reliable services, the first bank in Nigeria only keeps on building networks and alliances with prominent sectors of the financial system that have proved to be formidable catalysts for the growth and development of the country.
With its tremendous asset base and monumental branch networks, as well as continued reinventing, First Bank is Nigeria’s accomplished banking establishment, sustaining market superintendence in all aspects of the nation’s financial services industry.
Obviously and without mincing words, this bank has lived up to its slogan, “….truly the first” as though old, continually seeks to improve the quality of its services to all of its customers.
Now, I’m sure we’ve thoroughly digested how the era of the banking system started and the first established bank in Nigeria and I believe all doubts have been cleared.
Thanks for reading and do join me next time for another exciting session on the blog. For more details about this bank, see here https://www.firstbanknigeria.com/.