Growth of Bank Frauds and the Impact on the Nigerian Banking Industry
Banks all over the world have through their unique position in an economy, contributed immensely to the economic growth and development of a nation. The significance of the banking sector in any country stems from its role of financial mobilization from surplus to deficit units of any economy, provision of a competent payment system and facilitation of the implementation of monetary policies. In intermediation, banks mobilize savings from the surplus units of the economy and channel these funds to the deficit unit, particularly private business enterprises, for the purposes of expanding their productive capacity. As intermediaries to both suppliers and users of funds, banks are effectively situated in a continuum that determines the pulse of the economy.