The Influence of Colonial Culture on the Banking Systems of Countries in Sub Saharan Africa

This study was carried out to investigate the influence of colonial culture on the banking systems of countries in Sub Saharan Africa. The objectives were to find out the elements of colonial culture inherited by countries in Sub Saharan Africa, to assess how colonial culture influenced the banking systems of French speaking and English speaking countries in Sub Saharan Africa and the points of convergence and divergence between the culture and banking systems of French and British colonies in Sub Saharan Africa. This study adopted the qualitative research strategy and content analysis. The results of the study showed that the three main elements of colonial culture inherited by countries in Sub Saharan Africa are language, religion and the legal system. The African countries were converted from their local languages to English and French languages, from African traditional religion to Christianity and adopted the civil and common law from France and Britain. All these elements of colonial culture influenced the banking systems of the countries. Points of convergence were that both countries used hierarchical administrative structure for their colonies and banking institutions, focused on economic philosophy during colonialism and after WW II introduced reforms to better administer their territories and business entities in Africa, including their banking institutions. However, the points of divergence were integration versus assimilation, direct versus indirect rule, civil versus common law, as well as forced labour versus recruitment. The study concluded that colonial culture has an influence on the banking systems of countries in Sub Saharan Africa.