JAMB Economics 1999 Question 36

Question 36

Financial Institutions

Non-bank financial intermediaries do not

  1. A.provide credit facilities
  2. B.accept deposits
  3. C.accept demand deposits
  4. D.sell shares.
Show the answer and explanation

Answer: C (accept demand deposits)

Explanation

Non-bank financial institutions lend and may take savings or time deposits, but they do not operate current (demand) accounts on which cheques are drawn.