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Abstract

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Introduction

It is universally acknowledged that the banking including play a catalytic role in t he process of economic growth and development. This acknowledgement is reinforced by contemporary conceptualism to the effect that banks are a veritable vehicle for mobilizing resources from su7plus units and tempting same to deficit unit. Banks constitute perhaps the most important segment of the financial market and played and a dominate vote in not mobilizing savings, but also allocating them for investment purposes.

In Nigeria, domestic savings rate is relatively low compared to most other developing counties with the same for capital income level. In the past, investment rates were high and hence there was no problems for raising funds.

Under the present economic dispensation, the companions or the drive for savings deposit has been stepped up by banks and non- bank financial institutions. It is Hoover not sufficient because the range and type of financial assets available are equally important. There is a wide range of saving instruments offered banks and non – bank financial institutions in Nigeria today.

However, most of the voluntary and non – contractual financial savings consist of savings and time deposit. Although other types of deposit such as savings certificate, premium savings bonds play any a miner rate, banks and non – bank (Moncial Institutions are today competing strongly among them instruments including additional frame benefits almost banks are now offering contractual forms of savings aimed at persuading depositors to invest in long term deposits.

Another area some banks are foreseeing to mobilize funds today is the montage saving: because large number of Nigerians need accommodation of their own but fund it difficult with their meager income. Interest payment a demand deposits accounts has also some positive impact on the propensity to save. Bank have also been allowed by the government to open domaliary account for Nigerian exporters in which proceed of experts can be paid or saved until when they are needed. Transaction costs related to operating a new accounts and making deposits and withdrawals are now be coming relatively easier particularly for small savers. There is also the pension scheme which seeks to induce depositors to invest small sums of money over a specified period of time in the hope of receiving a stream of benefits upon reacting the age of retirement.