My Friend the Shylock’
Money-Lenders and their Clients in South-Western Nigeria
Bibliographic Data
| ID | 8978339 |
|---|---|
| Authors | Toyin Falola (0000-0002-2457-2930, The University of Texas at Austin, corresponding author) |
| Year | 1993 |
| Volume | 34 |
| Issue | 3 |
| Pages | 403-423 |
| Publication date | 1993-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of African History (JOURNAL) |
| Journal identifiers | ISSN: 0021-8537 • E-ISSN: 1469-5138 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0021853700033739 |
| OpenAlex | W2123031941 |
| Language | EN |
| Citations received | 3 |
| References cited | 1 |
As older ways of raising credit declined or were re-defined, the acquiring of loans from a specialized group of money-lenders flourished in colonial Western Nigeria. Money-lenders charged exorbitant interest and insisted on loan repayment at a fixed date. Borrowing from the modern banking system, the money-lenders prepared legal documents and required surety. Debt recovery was generally painful to defaulters; they were humiliated, harassed, and had their property confiscated. The practice generated many conflicts. The debtor was generally unhappy, especially if the money was used for consumption. Lenders cheated with high interest rates and other charges and promoted for their own ends indiscriminate lending to poor and vulnerable people. To minimize conflicts and protect debtors, the colonial administration decided to regulate the trade with ordinances, especially the Moneylenders' Ordinance of 1938 which set limits to interest and forced lenders to obtain licences. In general, lenders subverted the ordinance, creditors and debtors became more cunning as documents were falsified to protect lenders, and those who needed money continued to accept harsh terms
Business · Colonialism · Creditor · Debt · Debtor · Economics · Financial system · Interest rate · Loan · Money Laundering · Political science · Surety · African history and culture studies · African studies and sociopolitical issues · Finance · Law
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,11 |
| Citation span | 1999 - 2025 (27) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |