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WEEK 3
TOPIC: Banking
CONTENT: (a) Specialized Banking
Sub-topic 1: Development Bank
Development Banks are specialized financial institutions which provide long term credit or loans to other enterprises for capital projects. They provide loans for projects in the area of agriculture, commerce, and industry. Examples of development banks in Nigeria are; Nigeria Industrial Development Bank, Nigeria Bank for Commerce and Industry and Nigeria Agricultural and Cooperative Bank.
FUNCTIONS OF DEVELOPMENT BANKS
Sub-topic 2: Mortgage Bank
Mortgage banks are financial institution that specialise in granting loans to individual and corporate bodies for building purposes. Such loans are repaid by instalments and can be spread over several years.
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