Development of credit facilities in sierra leone

All commercial banks are headquartered in Freetown. Accounts can be held in foreign and domestic currencies.

Development of credit facilities in sierra leone

Overview[ edit ] Through a progressive sequence of regimes the British imposed Crown Colony government on the area of West Africa which came to be known as Nigeria, a form of rule which was both autocratic and bureaucratic.

After initially adopting an indirect rule approach, in the British merged the small Lagos Colony and the Southern Nigeria Protectorate into a new Colony of Southern Nigeria, and in that was combined with the Northern Nigeria Protectorate to form the Colony and Protectorate of Nigeria.

The essential basis of this system was a money economy —specifically the British pound sterling —which could be demanded through taxation, paid to cooperative natives, and levied as a fine.

Adam Smith wrote in that the African societies were better established and more populous than those of the Americas, thus creating a more formidable barrier to European expansion.

Local leaders, cognizant of the situation in the West Indies, India and elsewhere, recognised the risks of British expansion. A chief of Bonny in explained that he refused a British treaty due to the tendency to "induce the Chiefs to sign a treaty whose meaning they did not understand, and then seize upon the country".

This rate rose to 20, per year in the last quarter of the century. The slave trade was heaviest in the period —, with an average of 76, people taken from Africa each year between and At first, the trade centred around West Central Africa, now the Congo.

But in the s, the Bight of Benin also known as the Slave Coast became the next most important hub. Ouidah now part of Benin and Lagos were the major ports on the coast. From —, predominantly British slave traders purchased 1,—2, slaves each year in Lagos alone.

The trade subsequently continued under the Portuguese. Britain subsequently lobbied other European powers to stop the slave trade as well. It made anti-slavery treaties with West African powers, which it enforced militarily.

Some of the treaties contained prohibitions on diplomacy conducted without British permission, or other promises to abide by British rule. Britain withdrew from the slave trade when it was the major transporter of slaves to the Americas. The French had abolished slavery following the French Revolution, although it briefly re-established it in its Caribbean colonies under Napoleon.

France sold Louisiana to the United States inthe same year that it gave up on trying to regain Saint-Domingue. By the end of the Napoleonic Warsit ended slavery in its possessions. Between them, the French and the British had purchased a majority of the slaves sold from the ports of Edo.

The economy suffered from the decline in the slave trade, although considerable smuggling of slaves to the Americas continued for years afterwards.

Lagos became a major slave port in the late s and into the s. Much of the human trafficking which occurred there was nominally illegal, and records from this time and place are not comprehensive.

British and French traders did a large share of this business untilwhen they were replaced by Portuguese and Spanish.

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By — the British Royal Navy was intervening significantly with Lagos slave exports. Several churches were built to serve the Edo community and a small number of African converts. When direct Portuguese contacts in the region were withdrawn, however, the influence of the Catholic missionaries waned.

Development of credit facilities in sierra leone

By the eighteenth century, evidence of Christianity had disappeared. Although churchmen in Britain had been influential in the drive to abolish the slave trade, significant missionary activity for Africa did not develop until the s.

For some time, missionaries operated in the area between Lagos and Ibadan. Other Protestant denominations from Britain, Canada and the United States also opened missions and, in the s, Roman Catholic religious orders established missions.Enterprise Development Services Ltd (EDS) –Company Profile Page 1 of 22 Introduction TO EDS EDS was established in as a consultancy company, amalgamating the knowledge and.

Sierra Leone’s banking system is overseen by its central bank, the Bank of Sierra Leone and twelve commercial banks operate in the country. All commercial banks are headquartered in Freetown. Accounts can be held in foreign and domestic currencies.

While automatic teller machines are available in Freetown, credit cards are not widely accepted.

Development of credit facilities in sierra leone

In , Sierra Leone will hold its sixth democratic elections since the end of conflict and is ranked 39 out of countries on the Global Peace Index. This relative peace may, however, be put to a real test in the months leading to and following the March presidential and parliamentary elections, based on the current situation and.

Ready to apply for admission to Midway University? We have organized important application information into easy to follow categories of Undergraduate, Evening & Online Undergraduate and Graduate Programs.

* Copy & Paste your Resume [Please paste inside the following box using the keyboard (Ctrl+V)]. In Sierra Leone evidence points to gender imbalance in accessing these facilities a situation with far reaching implications and economic consequences for the national economic growth of the country.

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