TRADITIONAL FINANCIAL INSTITUTIONS AND THEIR FUNCTION

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            TRADITIONAL FINANCIAL INSTITUTIONS

The traditional financial institutions came into existence several years before the establishment of modem banking system in many countries in the West African sub-region.

TRADITIONAL FINANCIAL INSTITUTIONS  AND THEIR AIMS

 It involves the coming together of a group of people with common interest in the same place of work or community who mutually agree to pool their resources together mender to save, lend and manage money.

Define money and capital market.

  Identify the types and functions of the institutions.

  Explain the types and features of securities.

  Explain the process of and requirements for accessing the capital market

  List the benefits of the capital market.

Demonstrate the understanding of the meaning, transaction and trading methods in the secondary market.

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These traditional financial institutions usually take the form of co-operative societies known as credit and thrift co-operative societies, which are given different names in different places, e.g.

 “ESUSU” or “NSUSU” in Yoruba, or “ETIO-UTU” in Igbo. It takes the form of association of people in the village, office, market, etc. who have mutually accepted to pool their resources together so as to save, manage and lend such money to its members when the need arises.

Functions of traditional financial institutions

  1. It encourages savings: Members, through the pooling of their resources together, are encouraged to save.
  2. Assists members to borrow: Members who are in need of money for whatever reason are permitted to borrow.
  3. It ensures proper management of funds: The saving and lending of funds to members assist the institution to manage their funds properly.
  4. Promotion of investment: Traditional financial institutions may decide to invest in viable business that can yield profit to the organizations
  5. Assistance to members in time of need: Traditional financial institutions can assist members when they air difficulties.

  1. economic tools for nation building
  2. budgeting
  3. factors affecting the expansion of industries
  4. mineral resources and the mining industries
  5. demand and supply
  6. types of demand curve and used
  7. advertising industry
  8. factors of production
  9. entrepreneur
  10. joint stock company
  11. public enterprises
  12. private enterprises
  13. limited liability companies
  14. migration
  15. population
  16. market concept
  17. money market
  18. shares
  19. how companies raises funds for expansion
  20.  

WEED AND THEIR BOTANICAL NAMES
1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2. DISEASES
3. 52. SOIL MICRO-ORGANISMS
4. ORGANIC MANURING
5. FARM YARD MANURE
6. HUMUS
7. COMPOST
8. CROP ROTATION
9. GRAZING AND OVER GRAZING
10. IRRIGATION AND DRAINAGE
11. IRRIGATION SYSTEMS
12. ORGANIC MANURING
13. FARM YARD MANURE
14. HUMUS
15. COMPOST
16. CROP ROTATION

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38.
39. PROCESSES IN COCOA CULTIVATION
HOLING AND LINING
40. YAM
41. LAND PREPARATION FOR YAM
42. DEPT OF PLANTING
43. SPACING OF YAM
44. PLANTING DEPT OF YAM
45. STORAGE OF YAM
46. STAKING OF YAM
47. HARVESTING OF YAM
48. COWPEA
JUTE
49. FORAGE CROP AND PASTURE
50. FORAGE GRASSES
51. SILAGE
52. PASTURE
53. TYPES OF PASTURE
COMMON GRASSES AND LEGUMES
54. GRASSES
55. LEGUMES
56. ESTABLISHMENT OF PASTURES
57. 201. FORAGE PRESERVATION
58. v

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