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Business Plan In Nigeria
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Nigerian Business Plans
Sole Account Holders – A Sole account is opened in the name of the person who owns it or just one individual. Holders of these types of account ranges from the poor peasant farmers and students to top company executives and other high ranking civil savants.
Savings deposit account are account mainly used by small savers for transactions and savings, they keep money in banks on the basis that they will leave it with the bank for some time before they come to withdraw it.
Joint Account Holders – There are two or more people who may decide to open an account to be jointly operated by them. People who have a common interest for which they would like to save may open such account either for the purpose of starting a business or other reasons.
Liabilities Of A Paying Banker -When paying a customer’s cheque on a customer’s account that has been assigned by him/her, usually as a security for the customer’s debt, the bank will refuse to pay cheques drawn on that account.
Account For A Loan – When a loanable fund is approved for a customer, a separate account for the loan is opened for the customer, this is considered as standard procedure applicable by any bank.
Duties of relationship manager revolves around the ability to develop as well as to implement some processes that will enable the smooth running of the firm or to enhance operational efficiency.
Commercial Banks – Assets And Liabilities The balance sheet of Commercial Banks is a statement in its assets and liabilities at a particular time. The liabilities of the bank as shown below are the items, which are to be paid by the bank either to its shareholders or to the depositors.
Credit Contraction Or Destruction – Formula for Deposit Creation Credit Contraction is the opposite of credit creation and for the banking system, operates on identical principles when cash is lost or removed from the banking system.
Quasi Money theory – Some people contend that outside legal tender money, nothing else can serve as money. Note however that in our definition we accepted that anything can function as money, for example demand deposit or other objects.
Major Problems With The Gold Standard Generally The smooth operation of the gold standard depends on the flexibility of prices and the general operation the country’s economy.
The Bimetallic Standard – Advantages Of This Standard A bimetallic standard is one which the monetary unit defined in terms of two metals (for example Gold and silver) at a legally fixed ratio for one another.
Categories Of Bank Customer – The customers that a bank relates to falls into two broad categories, the personal customers and business customers.
Loans and advances – Broadly speaking, banks have two major groups of customers base on the debtor creditor relationship. The first group is the depositors, the depositors are those customers who keep money with a bank on the basis that they are either repayable on demand or after a period of notice.
Bad Debts Management And Advances recovery Techniques – Bankers stock in trade is money that savings customers deposit with a view to earn interest. The banker on the other hand lends this fund to business customers in forms of loans and advances.