Commercial banks are different from development banks in that the latter

Assessment: WAEC SSCE - Economics - 2022 (Objective) Subject: Economics

Question 1 Report

Commercial banks are different from development banks in that the latter
Answer Details
Commercial bank is the bank organized to perform public utility banking services such as accepting deposits, lending of money etc. On the other hand, development bank refers to a multi-purpose financial undertaking set up to provide financial aid to the industrial and agricultural sector, to encourage development.

The difference is that raise funds from accepting deposit from the public while development banks borrow, grants and sells securities.
Read lesson note on Banking (JAMB)
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