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WAEC Commerce 2004 Question 5

Question 5

Co-operative Societies

The main aim of credit and thrift societies is to

  1. A.settle disputes among members
  2. B.educate their members
  3. C.secure loans for members
  4. D.encourage savings among members
Show the answer and explanation

Answer: D (encourage savings among members)

Explanation

Thrift and credit societies mainly encourage members to save (and then lend to them).