Financial Institutions Overview

This lesson defines financial institutions and lists the types of banking and non-banking financial institutions. It also explains the key differences between these institutions and their functions in the economy.

• 03:25 “higher-purchase companies, building societies. Let's now define a bank. What is a bank? A bank is a commercial institution which performs various financial activities such as accepting and handling of deposits of its cus...”
• 09:10 “banker to the government that is it serves as banker to the government the government operates accounts with the central bank. Issues and control of currency they are the only bank authorized by law to issue currency and...”
• 14:24 “industries by giving out long term loans to such industries. Examples of development banks in Nigeria are Nigeria industrial development bank NIDB. Nigeria bank for commerce and industry NBCI and Nigerian agricultural an...”