The different types of bank

[Jamoflondon]

Bank generally is a place where money is kept, I think that was the primary reason why the idea of having banks was brought into existence, well I am not saying that there are not other usefulness of it. To some people, they believe that the only way that banks can be used is just to keep money, which is not only for that

To start with, there are different kinds of bank. Well there are many but according to my research and speaking of the country that we are in, I think that these are some of them that I was able to know about.

1. Commercial bank
2. Microfinance bank

1. Commercial bank: These types of bank are basically created for helping people to save their money for future use. In nigeria, I think you can be allowed to open any of the two accounts under commercial banking which are current account and savings accounts. The current deals with one saving money for a longer period of time while the savings me you can always access your money whenever you need it.

2. Microfinance bank: These are mainly for business owners because you have access to request for loans without going through so much process.

 

[btaliat]

Banks are financial institutions that deal with how money are used for transaction. There are many different types of bank. And these type may vary from countries to countries. However, the major ones include the following:

Commercial Bank: this is the most popular among the types of banks. They are always many and serve as customers bank. Citizens are allowed to have some accounts which include saving, current, fixed and domiciliary accounts with them. Most time, they offer loans to their customers and advice them on some various financial matters. They are mostly owned by shareholders and they are always public limited liability which means individuals can also buy shares from them.

Central Bank: there is only central Bank im each country. They are responsible for the printing and minting of currency. They serve as banker's bank. Commercial Banks always run to the central bank whenever they are in dire need of money and they also save with central bank. Central bank is owned by the government to regulate the financial institutions of the country.


Development Bank: this type of banks are created for some development of some projects. A typical example I'm Africa is African development banks which always help in matters like agriculture.