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JAMB Economics 2003 Question 24

Question 24

Financial Institutions

Insurance companies, pension and provident funds and unit trusts are all examples of

  1. A.rural-based revenue mobilizers
  2. B.non-governmental orgnisations
  3. C.government financial agencies
  4. D.non-bank financial institutions
Show the answer and explanation

Answer: D (non-bank financial institutions)

Explanation

These bodies collect and invest savings but do not accept cheque deposits, so they are non-bank financial institutions.