Banking & Finance – History

Brief history of Banking and Finance department

The Department of Banking and Finance started in August 1962 as the Department of Finance. It is one of the two foundation departments of the Faculty of Business Administration, University of Nigeria Nsukka. At inception, it admitted candidates for a degree programme, not in Finance but in Accountancy. This continued up to the end of the 1972/1973 academic session. During that session however, the faculty of Business Administration was reorganized and split into four departments namely, Accountancy, Banking and Finance, Management, and Marketing. Department of Finance started a new four-year Bachelor of Science (B.Sc) degree programme in Finance from the 1973/1974 academic session. In compliance with the recommendations of the accreditation visitation panel of the National Universities Commission (NUC) in May 1988, the name of the department was changed to Department of Banking and Finance.

Philosophy of Banking and Finance department
Our philosophy is anchored on our values of honesty, transparency, sound moral character, discipline and professionalism. The broad philosophy is to cultivate the mind of the students on theoretical and practical knowledge in banking and finance to enable the students imbibe the basic work ethics and discipline required in the global economy which will result in self reliance and self-actualization.

Objectives of Banking and Finance department
The departmental academic programme is targeted at the following specific objectives:

1. To equip the students with the necessary financial tools that will enable them occupy managerial positions in government and private sector establishments such as banks, insurance companies, finance and investment companies, brokerage firms, commerce and industry, as well as succeed in self employment.

2. To help students acquire the knowledge of research procedure for investigating issues and problems in banking and finance and in the entire field of social sciences generally.

3. To help students acquire proficiency in computer applications so as to enable them participate meaningfully in business in this era of globalization.

Scope

The programme provides indepth knowledge in the following core areas of banking and finance: Introduction to finance, Principles of Insurance, Monetary theory and practice, Financial Management, Marketing of financial services, Banking Laws and Regulations, Law, Ethics and Corporate Governance, Practice of banking, Capital Market and Portfolio theory, International finance, Investment banking, Bank lending and Credit Administration.

Job Opportunities
The graduates of the Department of Banking and Finance are known to enjoy a broad spectrum of employment opportunities in both the public and private sectors of the national economy. They serve and occupy positions of responsibility in institutions of higher learning in which a good number of our products have pioneered the establishment of the discipline in newer institutions. There are job opportunities in the international labour market in the United Nations agencies, ECOWAS as well as in institutions of higher learning abroad. We also have highly qualified managers in areas of Banking and Finance. They are trained to be employed by the labour market or to be self-employed by starting and managing their own businesses. They are also employed in the Federal, State and Local Government parastatals.
They also gain employment in the universities, other institutions of higher learning, Banking industry, insurance services, the hospitality industry, the oil companies, hospital administration, local Governments, Foreign Services, Charitable organizations, NGOs and International organizations. In these days of high unemployment, graduates of Banking and Finance should begin to try their hands at establishing Small and Medium Scale Enterprises (SMEs). Though the exposure and experience can be very rewarding and the pay-off in the long-run fantastic, it requires a lot of patience and business ingenuity.

Vision Statement
To advance the frontiers of research and education in the perspective of banking and finance by developing high level manpower that could fill the gaps in the relevant sectors of the Nigerian economy, Africa and the world at large.

Mission Statement
1. To teach the core areas of banking and finance and disseminate the knowledge of problem solving that will offer solutions to problems that may arise from technologically changing financial environment.

2. To prepare students for career opportunities in these areas requiring high level of technical knowledge and skill.

3. To develop and administer programmes which serve the needs of the industry.

4. To promote and encourage active research in the areas of banking and finance and allied disciplines.