There were two major reasons why people needed a place where they could store money. The first was the fact that some found it difficult keeping money with them. Whenever they had money, they were always tempted to spend it. Thus, it was easier keeping the money with someone and begging the person not to ever return the money to them before a particular time or only after they have given a satisfactory reason on what they want to use the money for. They could request that the money should only be given back to them when it has gotten to a particular amount because they would want to use it to build a house or start a business among others. The second reason was the fact that criminals were taking advantage of the fact that people had nowhere to keep money and their precious items. As a result, people who were reputed to be rich or had good businesses regularly had thieves visiting them to collect their money. There are incidences where a client would pay a business owner and inform thieves about the payment and the amount.

Some of these people that had become effective with helping others to keep their money decided to start helping a higher number of people with keeping their money and those could easily be regarded as the first banks. However, considering how volatile and tempting money is, there were also instances of some of these people losing the money, claiming to lose the money or suddenly disappearing with the money either because they lost the money or they had other plans for the money. With time, the government understood the importance of the role these people play as well as the risks and fears of those who put their money into the hands of these people or would have loved to but decided not to because of the risk. The government subsequently decided to regulate the sector and banks were officially founded.

However, for most of these early years, you could only withdraw money from the same bank you deposited money in and most banks only had a single branch. The implication was that robbers knew that they could no longer rob people at home because their money is in the bank but they knew they could rob people on the road while traveling because they would be forced to travel with the money they would need during the duration of their journey.

The advent of computers and the Internet further changed all of those. Now, with just a small card (credit or debit card), it is possible to make payments and withdraw money from any part of the world that you are. It is also possible to use platforms like Worldremit to send money from one country or even one continent to the other easily. Thus, you can send money to yourself or others as you need it. The Internet is quickly taking the world to a place where in the future, there might be no need for physical money as every transaction might become electronic.