ESTABLISHMENT OF COMMUNITY BANKS IN NIGERIA

Furthermore, on this need for establishment of community bank in Ohaozara Local Government Area, is based on research carried out between February 2012 to March 2012, in which some relevant data were collected, and they were made through interview with forty (40) communities which is made up of over 700.000 people whom are rural residence (farmers, artisans, student, petty traders, vehicle mechanics etc), the data were collectively gathered in the 3 major communities that make up Ohaozara which include, Uburu, Ugwulangwu, and Okposi, with her sub communities and also discovered that they lack bank and it is the most pressing need in the entire community of Ohaozara Local Government Area, in order to prevent the risk of  taking or carrying money about and other valuable and as well acquiring or securing credit facilities within the local government area, save time and energy, more investigation will be observe bellow.

PRODUCT

There is a need for bank existence, as bank is a financial institution, whose primary business and function is to collect valuables from the public and also invert in the financial asset like loams, mortgage stock, bond, leases and insurance policy.

They tend to obtain deposit from local individuals and businesses and lend them out to local borrowers finding around their location. Community bank is designed to getting people to look at moving their money to smaller independent community banks, and asset are held between N10 million and N1 billion .

The service rendering will be ensured by means of account creation, issuing of credit cards, cheques (mainly secured by customers passport) and all relevant deposition that could be needed by interested users and concerned customers.

Bank can also be seen as an organization or financial institution that has the regular practice of accepting deposits of value commodities i.e. cash, precious metal, document etc from general public with it returns on demand and for which interest is charged, or paid.