The Very First Bank in History

Features The Very First Bank in History

Like most of us, you keep your money in a bank account.
Simple.
But have you ever wondered: what did people do with their money before banks came into existence?
Before we had such privileges, people stored all their money in kitchen pots and “pig jars”.Banking has been a part of life since the early days of human civilization as ancient merchants made loans of grain to farmers and traders who carried goods between cities.
This type of trading was known as the barter system and it was the precursor to the world’s earliest banks.Over time, banking institutions were founded, with the earliest modern banks arriving in Italy during the medieval and early renaissance period.
In fact, the word “bank” comes from the Italian term “branco”.
Some of the oldest banks in the world have been in continuous operation for several centuries.Banca Monte Dei Paschi di Siena is the oldest surviving bank in the world.
It was founded in 1472 in the Tuscan city of Siena, which at the time was a republic.
The bank was created to offer loans to “poor or miserable or needy persons”, and it soon expanded its operations throughout the entire country after Italy was unified.Download our app and learn all about the very first bank in history!