ECONOMICS

Money market can be defined as a market for short-term loan. The market consists of institutions or individuals who either have money to lend or wish to borrow on a ...

The traditional financial institutions came into existence several years before the establishment of modern banking system in many countries in the West African subregion. It involves the coming together of ...

Insurance companies are financial institutions that are concerned with insurance. Insurance may be defined as a contract between an insurer and an insured, under which an insurer promises to indemnify ...

Mortgage banks are financial institutions that specialise in granting loans to individuals and corporate bodies for building purposes. Such loans are repaid by instalments and can be spread over several ...

Merchant banks are financial institutions which perform specialised functions, such as acceptance of bills of exchange, issuance of loans for foreign trade transactions, issuance of new shares, and provision of ...

Development banks are specialised financial institutions which provide long-term credit or loan to other enterprises for capital projects. They provide loans for projects in the area of agriculture, commerce and ...

Bank clearing house is an institution established by member banks to simplify exchanging and obtaining of payments for the cheques that are paid into bank branches throughout the country. The ...

Central bank is the highest financial institution in a country which carries out the monetary policy of the government. It is the sole authority in the banking industry which acts ...

The Bill of Exchange Act defines a cheque as: "A bill of exchange drawn on a banker payable on demand." In other words, a cheque is an order written by ...

Banks can act as agent of lending by means of loan, overdraft and discounting bill of exchange. Commercial banks act as agent of lending through the following ways: 1) Loan: ...