JAMB - Commerce (2024 - No. 67)
The association that encourages savings for the benefit of its members is known as
Consumer association
Credit and thrift co-operative society
Consumer co-operative society
Producer co-operative society
Wyjaśnienie
A credit and thrift co-operative society is an organization that promotes savings and provides credit facilities to its members. It operates on the principle of pooling members' savings and using those funds to offer loans and other financial services to the members. The primary objective of a credit and thrift co-operative society is to encourage thrift and savings among its members and provide them access to affordable credit.