which financial institution in Nigeria act as savings institutions and provide loans on favourable interest rates to their members.Question 2Answera.None of the Aboveb.Achieve healthy population in Nigeriac.Can be beneficial to agric development in rural areasd.addition
Question
which financial institution in Nigeria act as savings institutions and provide loans on favourable interest rates to their members.Question 2Answera.None of the Aboveb.Achieve healthy population in Nigeriac.Can be beneficial to agric development in rural areasd.addition
Solution
The financial institution in Nigeria that acts as a savings institution and provides loans on favourable interest rates to their members is known as a Credit Union or a Cooperative Society. These institutions are member-owned, meaning they are controlled and operated by the members, who are also the owners. They are created and operated by their members to provide a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one another. The interest generated from these loans is then returned to the members in the form of dividends or improved services.
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