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What is the impact of universal banking on nigeria economy
Political corruption.
The banking sector reform in Nigeria refers to the current changes that is taking place in Nigeria. These changes are aimed at streamlining the banking operations in Nigeria.
how is universal banking system operted/
Because it's banking.
The effectiveness of ATM in Nigeria is one of the easy banking
Yes, Universal banking is commercial banking itself. However, Universal bank does more than a commercial bank. Universal Bank are what we call the "expanded commercial bank" (EK). Commercial banks are limited to allied banking only whereas a universal bank does allied and non-allied banking transactions.
Banking in Nigeria started in 1892 but they did not have an official bank. The first attempt of a bank in Nigeria opened in 1929 before the Central Bank of Nigeria opened in 1959.
evolution of commercial banking in Nigeria
Acitivity of a bank, besides conducting core banking activities, also undertakes marketing other financial instruments issued by other entities, then such banking activity is known as universal banking.
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One of the disadvantages of universal banking is the offering of a large number of products that follow different sets rules and regulations. Since this is done by large banks, it may affect the banking system when it fails. Universal banking may also lead to monopoly and harm the economy of a country.