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WAEC Economics 2014 Question 45

Question 45

Financial Institutions

A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as

  1. A.Merchant Bank.
  2. B.Development Bank.
  3. C.Central Bank.
  4. D.Insurance Company.
Show the answer and explanation

Answer: A (Merchant Bank.)

Explanation

Merchant banks accept bills of exchange, arrange equipment leasing and help firms raise capital.