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WAEC Commerce 1997 Question 3

Question 3

Co-operative Societies

An association that mobilizes the savings of members and channels them to needy members is known as

  1. A.Consumer Co-operative
  2. B.Producer Co-oprative
  3. C.Thrift and Credit Co-operative
  4. D.Multi-purpose Co-operative
  5. E.Trade Union
Show the answer and explanation

Answer: C (Thrift and Credit Co-operative)

Explanation

Thrift and credit societies collect members' savings and lend them to members in need.