The Evolution of Banking in Sierra Leone
INSTITUE OF PUBLIC ADMINSTRATION AND MANAGEMENT/
UNIVERSITY OF SIERRE LEONE
MODULE: FINANCIAL REGULATION AND PRACTICES
COURSE: BSC (HONS) FINANCIAL SERVICES (YEAR 4)
ASSIGNMENT: DISCUSS THE EVOLUTION OF BANKING IN SIERRA LEONE
NAME: MOHAMED KHALIL KOROMA REG: 4606
NAME OF LECTURER: MR N’JAI
CONTENT 1. Introduction 2.1 Adam Smith and Modern Banking 2. Overview of Sierra Leone banking 3. Our Perception of Banking in Sierra Leone 4. Conclusion
INTRODUCTION
Mankind has always been seeking security and protection. This need has led him to scientific and tecological development on one hand and banking development on the other.
In modern times the banking has become so necessary that if is excluded from any economic system like ours in Sierra Leone the whole business and economic world will collapse like house of cards.
In this banking development the services of three groups of persons in the Sierra Leone economy cannot be ignored:
1. Money Lender
2. Merchants
3. Gold smiths
The Bank of Venice is perhaps the first ever regular bank in the banking history and was established in 1157 followed by these banks as under:
Bank of Barcelona in 1401
Bank of Genoa (Italy) in 1407
Bank of Amsterdam in 1609
With the exception of the extremely wealthy, very few people buy their homes in all-cash transactions. Most of us in Sierra Leone need a mortgage, or some form of credit, to make such a large purchase. In fact, many people in advance countries use credit in the form of credit cards to pay for everyday items. The world especially our Sierra Leone economy as we know it wouldn 't run smoothly without credit and banks to issue it. In this article we 'll, explore the birth of these two now-flourishing industries.
Adam Smith and Modern Banking
Banking was already well established in the British Empire when Adam Smith came along in 1776 with his "invisible hand" theory. Empowered by his views of a self-regulated
UNIVERSITY OF SIERRE LEONE
MODULE: FINANCIAL REGULATION AND PRACTICES
COURSE: BSC (HONS) FINANCIAL SERVICES (YEAR 4)
ASSIGNMENT: DISCUSS THE EVOLUTION OF BANKING IN SIERRA LEONE
NAME: MOHAMED KHALIL KOROMA REG: 4606
NAME OF LECTURER: MR N’JAI
CONTENT 1. Introduction 2.1 Adam Smith and Modern Banking 2. Overview of Sierra Leone banking 3. Our Perception of Banking in Sierra Leone 4. Conclusion
INTRODUCTION
Mankind has always been seeking security and protection. This need has led him to scientific and tecological development on one hand and banking development on the other.
In modern times the banking has become so necessary that if is excluded from any economic system like ours in Sierra Leone the whole business and economic world will collapse like house of cards.
In this banking development the services of three groups of persons in the Sierra Leone economy cannot be ignored:
1. Money Lender
2. Merchants
3. Gold smiths
The Bank of Venice is perhaps the first ever regular bank in the banking history and was established in 1157 followed by these banks as under:
Bank of Barcelona in 1401
Bank of Genoa (Italy) in 1407
Bank of Amsterdam in 1609
With the exception of the extremely wealthy, very few people buy their homes in all-cash transactions. Most of us in Sierra Leone need a mortgage, or some form of credit, to make such a large purchase. In fact, many people in advance countries use credit in the form of credit cards to pay for everyday items. The world especially our Sierra Leone economy as we know it wouldn 't run smoothly without credit and banks to issue it. In this article we 'll, explore the birth of these two now-flourishing industries.
Adam Smith and Modern Banking
Banking was already well established in the British Empire when Adam Smith came along in 1776 with his "invisible hand" theory. Empowered by his views of a self-regulated