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However, the government policies have had little impact on people in the rural areas. The micro-economic factors that address real problems at grassroot levels have not been addressed with these reforms. That is where commercial banking in Nigeria comes in.
The impact of commercial banking in rural development in Nigeria has been immense. These commercial banks have concentrated in providing microfinance to rural Nigerians so that they can improve their socio-economic conditions. In addition, the commercial banks provide services like savings, loans, domestic funds transfer and other financial services that needed by the economically poor, and small and medium businesses.
The impact of commercial banking in rural development in Nigeria has only been recently felt. Many Nigerians who have been locked out of the system due to poverty are now starting on the path of economic progress and in time will manage to improve their lot.
However, for commercial banks to be sustainable, they also have to concentrate on being market driven. Political interests must be eliminated so that they are not exposed to manipulation by politicians. In addition, the regulatory bodies overseeing bank operations and those operating the commercial banks must be honest and dedicated so that the benefit is not just felt by the bank but also by the poor and rural communities of Nigeria.
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Many people do not know but it is quite possible to use surety bonds for commercial bank deposits. Basically a surety bond is an understanding by an independent third party to owner that contractor will perform according to the terms and conditions laid down in the contract. Hence, a surety bond is a three-party contract. 
