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The Direction of Economic Growth and Transformation – The Banking System

Updated August 26, 2022

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The Direction of Economic Growth and Transformation – The Banking System essay

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The banking sector has become one of the most critical sectors in the economy with wide effect on the level and direction of economic growth and transformation and on such economic variables as the rate of unemployment and inflation which directly affect the lives of the people. The significance of the banking sector in any country stems from its role of financial mobilization from surplus to deficit unit 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 (Ogechukwu, 2013). Today the very integrity and survivability of these laudable functions of banks have been deteriorated in view of continual frauds and accounting scandals (Ogechukwu, 2013). Banking fraud has become a topical issue across the globe.

Banks across the world are losing billions of dollars through fraudulent activities. Fraud has led to the downfall of entire organizations massive investment losses and erosion of confidence in capital markets (TOMB, 2013). Fraud however has been defined by many scholars fraud as deceit or trick deliberately practiced in order to gain some advantages dishonestly (Olufidipe, 2014); Fraud as a deliberate falsification, camouflage or exclusion of the truth for the purpose of dishonesty stage management to the financial damage of an individual or an organization. (Idowu, 2013).It is also described as any premeditated act of criminal deceit trickery or falsification by a person or group of persons with the intention of altering facts in order to obtain undue personal monetary advantage (Boniface, 2014). In general, Fraud is the intentional misrepresentation, concealment or omission of the truth for the purpose of deception or manipulation to the financial loss of an individual or an organization (such as a bank) which also includes embezzlement, theft or any attempt to steal or unlawfully obtain, misuse or harm the asset of a bank.

(Adeduro, 2013; Bostley, Drover 2012).

The Direction of Economic Growth and Transformation – The Banking System essay

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