Thesis Abstract

Abstract
Access to banking services in rural areas plays a crucial role in promoting financial inclusion and economic development. Despite the advancements in technology and digital banking, many rural areas around the world still lack adequate access to formal banking institutions. This research project aims to examine the need for banks in rural areas and the potential benefits that expanded banking services can bring to these communities. The lack of physical bank branches in rural areas often results in limited access to basic financial services such as savings accounts, loans, and insurance products for rural residents. This lack of access not only hinders the financial well-being of individuals in these areas but also limits their ability to invest in education, healthcare, and small businesses. Furthermore, without access to formal banking services, many rural residents are forced to rely on informal and often unreliable financial sources, perpetuating a cycle of poverty and financial exclusion. By establishing banks or mobile banking services in rural areas, financial institutions can help bridge the gap between urban and rural populations in terms of access to financial services. Providing banking services in rural areas can facilitate savings, improve access to credit for small businesses, and promote financial literacy among rural residents. Moreover, increased financial inclusion can contribute to overall economic development in rural areas by enabling households to invest in productive assets, access insurance against risks, and participate more actively in the formal economy. In addition to the economic benefits, the presence of banks in rural areas can also have social and environmental impacts. Access to banking services can empower women in rural communities by giving them control over their finances and enabling them to save for their families' future. Furthermore, promoting digital banking solutions in rural areas can reduce the need for long-distance travel to urban centers, thereby decreasing carbon emissions and promoting environmental sustainability. Overall, this research project will explore the multifaceted benefits of expanding banking services in rural areas and will provide recommendations for policymakers, financial institutions, and other stakeholders on how to increase financial inclusion in underserved rural communities. By recognizing the importance of banks in rural areas and taking steps to improve access to financial services, we can work towards building more inclusive and sustainable economies for all.

Thesis Overview

INTRODUCTION

1.1  STATEMENT OF THE PROBLEM AND PURPOSE OF THE STUDY

For many years ago government is running in low banking around the national and /study to look into it, and find out that, there is a needs for the government to establish more banks most especially in the rural areas in our country and further said if government can done that so as to bring banking activities near to the people in the rural areas. Mostly, of the problems that is facing some individuals in that areas is save and they find it too difficult to saved their money a home because of high rate of thefts in that areas (rural area) and there is some individuals who need to invest their funds in Banks in that area but there is know banks in there. So from this my study government will know the needs of banks mostly in rural areas of our country Nigeria, and through the needs to established banks in rural areas it will give some individuals/impetus to invest their funds for futuristic purpose.

PURPOSE OF THE STUDY

Every researcher has a purpose or objectives for carrying out a particular topic to study such an objective is as followed.

1. To know the need for banks in rural areas.

1.2   REASONS FOR THE STUDY

The reasons for the study is to know the need for banks in rural area in this our country Nigeria and some of the reasons is listed as follows:

1. To know the reason why government need banks mostly in rural areas in Nigeria.

2. To know the needs for community banks to prevail in rural areas.

3. To make sure people in rural areas saved their money through banks.

4. To increase banking customers in our country.

1.3  SIGNIFICANCE OF STUDY

In this course of study, through out the process I have acquired in my study which I have gone through I realized that government and banks mostly community banks will benefit from this my research work. I notice that many student in banking and finance department will derive more knowledge from this study and it will help the global world who may be in needs.

1.4 DEFINITION OF TERMS

The terms in the topic of study are simply defined thus:

Banking: It is a business activities of banks according to Obinna (2014) it’s an association of person authorized by law or incorporated that carried out financial services to the public.

Rural area: This is an association of differences families living in a giving area and called them community