Financial Sector
Define the financial sector
A part of the economy involved in financial business
money transactions, provision of finance
Who are encouraged to save in financial institutions
Firms and individuals
What are the parts of the financial sector?
The Central Bank
The Commercial Bank
Non-financial institutions
What is the benefit of depositing your money in a financial institution?
You can earn an interest on money saved
Give one example of a Commercial Bank
Republic Bank, FCB or Scotia Bank
What benefit does insurance have for a firm or an individual
It provides compensation for policyholders in the event of a loss
Give one example of a non-financial institution
Insurance companies, credit unions, stock markets
How can a business owner benefit from a financial institution
A business owner can have access to a loan