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One profitable form of business undertaken by the commercial banks is

Economics
WAEC 2011

One profitable form of business undertaken by the commercial banks is

  • A. the issuing of cheques
  • B. the payment of standing order
  • C. lending money to borrowers
  • D. accepting cheques from customers
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Correct Answer: Option C
Explanation

Lending money to borrowers is one profitable business undertaken by the commercial banks. These banks lend money to borrowers and charge interest for the amount lend for the duration of the loan. The interest paid by borrowers is the lender's (bank) is the profit.

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