WAEC Economics 2010 Theory — Question 20

Question 20 of 23 from the West African Examinations Council (WAEC) Economics 2010 Theory paper, with the correct answer and a full explanation.

9(a) What is a commercial bank? (4 marks)

Model answer

Commercial banks are joint stock banks (financial institutions) that accept deposits from the public for safe-keeping and also grant loans to borrowers. They also keep people's valuables.

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