19th century
British West Africa
The Bank of British West Africa began operations in 1894 and became one of the dominant banking institutions in British West Africa during the colonial period. Alongside Barclays Bank after 1926, it controlled banking activity in the region. The excerpt emphasizes that colonial banks invested funds in England, discriminated against African entrepreneurs in lending, and restricted African access to training and experience in banking.
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The Story
The expansion of European currency in British Africa was accompanied by the establishment of banking institutions. The Bank of British West Africa began operations in 1894, making it the first bank identified in the passage as operating in West Africa. Its emergence followed the colonial drive to replace older forms of exchange and to organize economic activity around cash crops, wages, taxation, and imported manufactures.
The bank later operated alongside Barclays Bank, which appeared in 1926. Together, these institutions completely dominated banking activities in British West Africa throughout the colonial period. Their regional position reflected the broader concentration of financial power in institutions connected to the colonial economy rather than to African commercial initiative.
The banking system had restrictive consequences for African economic development. Funds, including African savings, were invested in England; lending policies favoured British and Asian populations over African entrepreneurs; and banking became an overwhelmingly European preserve, denying Africans opportunities to obtain training and experience in the sector.
19th century
British West Africa
The Bank of British West Africa began operations in 1894 and became one of the dominant banking institutions in British West Africa during the colonial period. Alongside Barclays Bank after 1926, it controlled banking activity in the region. The excerpt emphasizes that colonial banks invested funds in England, discriminated against African entrepreneurs in lending, and restricted African access to training and experience in banking.
Continue exploring
The Story
The expansion of European currency in British Africa was accompanied by the establishment of banking institutions. The Bank of British West Africa began operations in 1894, making it the first bank identified in the passage as operating in West Africa. Its emergence followed the colonial drive to replace older forms of exchange and to organize economic activity around cash crops, wages, taxation, and imported manufactures.
The bank later operated alongside Barclays Bank, which appeared in 1926. Together, these institutions completely dominated banking activities in British West Africa throughout the colonial period. Their regional position reflected the broader concentration of financial power in institutions connected to the colonial economy rather than to African commercial initiative.
The banking system had restrictive consequences for African economic development. Funds, including African savings, were invested in England; lending policies favoured British and Asian populations over African entrepreneurs; and banking became an overwhelmingly European preserve, denying Africans opportunities to obtain training and experience in the sector.
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