Commerce
JAMB 2022
A business unit in which savings of members are lent to others is a
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A.
consumer cooperative society
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B.
producer cooperative society
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C.
credit and thrift society
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D.
wholesale cooperative society
Correct Answer: Option C
Explanation
Credit and Thrift society is an association of low income earners who joinlty pool large resources or fund together by contributing on a weekly or monthly basis. This type of society encourages savings habits among their members grant loans to the members out of the accumulated fund.
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