Financial Institutions – Definition
Economics SSS 1 Third Term
WEEK 3
Financial Institutions – Definition
Performance Objectives
Student should be able to:
- Explain the meaning and segments of the financial system.
- Identify the features of banking and non-banking financial institutions
- State the functions of each institution and its importance.
Content
A financial institution is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange. Financial institutions encompass a broad range of business operations within the financial services sector including banks, trust companies, insurance companies, brokerage firms, and investment dealers. Virtually everyone living in a developed economy has an ongoing or at least periodic need for the services of financial institutions.
Financial institutions may be divided into two major groups; banking and non-banking financial institutions.
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